视频图像显控领域龙头，MLED前瞻布局持续拓展公司收入边界

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for investment [34]. Core Insights - The company specializes in video image display control and has experienced rapid growth, becoming a competitive player in the global LED display solutions market [2][9]. - The revenue structure for 2023 is composed of 47.2% from LED display control systems, 41.7% from video processing systems, 5.2% from cloud-based information publishing and management systems, and 4.8% from accessories and others [2][45]. - The company has established strong relationships with industry leaders, creating significant entry barriers and customer loyalty [8][52]. Summary by Sections 1. Focus on Video Image Display Control - The company has been dedicated to research and application of core algorithms in video and display control since its establishment, leading to its growth as a competitive LED display solutions provider [2][52]. - The company has a rich case history, including major events like the 2008 Beijing Olympics and the 2022 Winter Olympics, showcasing its expertise in high-profile projects [52]. 2. Rapid Revenue Growth and High Profitability - From 2020 to 2023, the company's revenue grew from 0.985 billion to 3.054 billion yuan, with year-on-year growth rates of -18.8%, 60.8%, 37.2%, and 40.5% respectively [2][68]. - The net profit for the same period increased from 0.111 billion to 0.607 billion yuan, with growth rates of -53.4%, 91.1%, 45.7%, and 97.0% [2][68]. 3. Expanding Application Scenarios and MLED Development - The market for LED displays is expanding due to the increasing demand for ultra-high-definition and MLED technologies, which enhance application scenarios [60][77]. - The company is well-positioned to benefit from the growth of the LED display market, which is projected to reach 63.4 billion yuan by 2024 [60][77]. 4. Leadership in Video Image Display Control - The company holds a leading position in the LED display control sector, with a market share that has increased from 22.9% in 2020 to 62.8% in 2023 [14][68]. - The development of ultra-high-definition video processing equipment is expected to further enhance the company's market position [11][20]. 5. Profit Forecast and Valuation - The company is projected to achieve revenues of 42.67 billion, 57.69 billion, and 76.59 billion yuan from 2024 to 2026, with corresponding net profits of 9.07 billion, 12.87 billion, and 18.15 billion yuan [34][26]. - The report anticipates a continued increase in market share and profitability due to the company's strategic positioning and technological advancements [34][26].