黑电份额与盈利提升，4+N业务扩展边界

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 25.74 CNY based on a 13x PE for 2024 [3][5]. Core Insights - The company is a leader in the "big display" era, focusing on the research, development, and sales of display industry products, with a strategic "1+4+N" layout that includes smart display terminals, laser display, commercial display, cloud services, and chips [2][12]. - Despite a declining black goods market in 2023, the company achieved growth through market share gains, leveraging a multi-brand strategy domestically and global expansion efforts [2][36]. - The company is expected to enhance profitability through high-end product offerings and a stable panel price environment, with a focus on vertical integration and horizontal business expansion [2][3]. Summary by Sections Company Overview - The company transitioned to a multi-shareholder structure after a mixed reform in 2020, enhancing its governance and market vitality [16]. - The "1+4+N" strategy aims to expand its business into various display scenarios, including office, education, and automotive applications [12][20]. Financial Performance - The company reported a revenue of 53.62 billion CNY in 2023, a 17.2% increase year-on-year, with a projected net profit of 2.1 billion CNY [4][20]. - Forecasted net profits for 2024-2026 are 2.58 billion CNY, 2.95 billion CNY, and 3.34 billion CNY, respectively, indicating a positive growth trajectory [3][4]. Market Position - The company holds a significant market share in the domestic television market, with a sales increase of 2.76% in 2023, while its international sales grew by 11.64% [36][37]. - The global TV market is experiencing a decline, but the company has positioned itself as the second-largest player worldwide, following Samsung [29][31]. Business Strategy - The company is focusing on high-end product development and expanding its presence in emerging markets, with overseas revenue accounting for 55.91% of total sales in 2023 [20][22]. - The integration of advanced technologies like MiniLED is expected to enhance the performance and lifespan of LCD products, maintaining their relevance in the market [34][36].