海外及新产品逐步放量，Q1收入增长稳健

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.95 CNY per share, based on a 20X PE for 2024 [4][34]. Core Insights - The company reported a revenue of 20.173 billion CNY in 2023, a decrease of 3.90% year-on-year, and a net profit of 1.370 billion CNY, down 33.89% year-on-year. The decline in revenue is attributed to a weak macroeconomic environment and a slowdown in customer demand recovery [2][24]. - The company has a three-year shareholder dividend plan (2024-2026), committing to distribute at least 30% of the annual distributable profits as cash dividends [2][22]. Summary by Sections Business Performance - The company's revenue from liquid crystal display main control boards decreased by 12.13% to 6.691 billion CNY in 2023, primarily due to a decline in TV customer shipments. The home appliance business, however, saw a significant growth of 60.50% to 1.079 billion CNY [13][16]. - The education business revenue was 5.538 billion CNY, down 8.81%, influenced by fiscal budget constraints and market demand [16][18]. - The enterprise service business grew by 2.34% to 1.625 billion CNY, with MAXHUB's market share in the domestic IFPD meeting market increasing to 29% [18][22]. - The overseas business experienced a decline of 1.56% to 3.722 billion CNY in 2023, but showed a strong recovery in the second half of the year with a growth of 40.25% [22]. Financial Performance - The company achieved a revenue of 44.95 billion CNY in Q1 2024, a year-on-year increase of 19.64%, while the net profit was 1.78 billion CNY, down 37.18% [24][27]. - The overall revenue forecast for 2024 is 22.328 billion CNY, with net profits expected to reach 1.681 billion CNY, reflecting a recovery trend [32][34]. - The company plans to increase its R&D and marketing expenditures, which have already risen significantly [24][32]. Profit Forecast and Investment Recommendations - The company is expected to generate revenues of 22.328 billion CNY and 24.554 billion CNY in 2024 and 2025, respectively, with net profits projected at 1.681 billion CNY and 2.278 billion CNY [32][34]. - The report emphasizes the company's leading position in the board card sector and anticipates further consolidation of its market share as the high vocational education market expands [34].