CVTE(SZ:002841) Minsheng Securities·2024-05-14 06:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 32.58 CNY and projected PE ratios of 13x, 12x, and 10x for 2024, 2025, and 2026 respectively [4]. Core Insights - The company is experiencing steady growth due to the expansion of new and overseas businesses, with a focus on interactive smart panels and robotics. The company has over 600 patents related to robotics and is enhancing its product competitiveness through AI technology [2][3]. - The interactive smart panel business has a strong domestic market position, with market shares of 50.2% for the Xiwo brand and 29% for MAXHUB. Although there was a slight decline in overseas revenue, a recovery is expected in the second half of 2023, with a projected growth of 40.25% [3]. - The company is also focusing on the development of new businesses, including life appliances, which saw a revenue increase of 60.50% in 2023. The financial forecasts predict net profits of 1.699 billion CNY in 2024, 1.945 billion CNY in 2025, and 2.353 billion CNY in 2026 [3][4]. Financial Forecasts - The company’s total revenue is projected to reach 20.173 billion CNY in 2024, with a growth rate of -3.9% in 2023, followed by 12.3% in 2024, 10.2% in 2025, and 9.8% in 2026 [4][7]. - The net profit attributable to shareholders is expected to be 1.699 billion CNY in 2024, with a growth rate of 24% compared to 2023 [4][7]. - The earnings per share (EPS) is forecasted to be 2.42 CNY in 2024, increasing to 3.36 CNY by 2026 [4][8]. Business Segments - The interactive smart panel segment is expected to maintain its leading position in the domestic market, while overseas markets are anticipated to recover and grow significantly [3]. - The liquid crystal display main control board business faced a decline in 2023 but is projected to recover in 2024, with an increase in the proportion of smart TV main control boards [3][7]. - The life appliance segment is expected to continue its rapid growth, contributing positively to the overall revenue [3].