鸿合科技：海外自有品牌加速拓展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.15 yuan [22] - The 6-month rating is "Buy" (maintained) [22] Core Views - The company's overseas self-owned brand, Newline, has accelerated its expansion, becoming a new driver for performance growth [17] - The company has achieved steady development by actively responding to market changes and seizing opportunities [11] - The company's education service business has steadily expanded, with the "Honghe Three Points Companion" business signing contracts in over 170 districts and counties nationwide [21] Financial Performance - In 2023, the company's revenue was 3.929 billion yuan, a year-on-year decrease of 13.6%, while net profit attributable to the parent company was 322.58 million yuan, a year-on-year decrease of 18.6% [4] - In Q1 2024, the company's revenue was 551 million yuan, a year-on-year decrease of 15.6%, while net profit attributable to the parent company was 25 million yuan, a year-on-year increase of 9.4% [4] - The company's gross profit margin in 2023 was 31.93%, an increase of 2.8 percentage points year-on-year, and the net profit margin was 9.6%, an increase of 0.1 percentage points year-on-year [17] Regional and Product Breakdown - In 2023, domestic revenue was 1.953 billion yuan, a year-on-year decrease of 11.9%, accounting for 49.7% of total revenue, while overseas revenue was 1.98 billion yuan, a year-on-year decrease of 15%, accounting for 50.3% [5] - In 2023, IWB product revenue was 2.81 billion yuan, a year-on-year decrease of 17.6%, accounting for 71.5% of total revenue, while other smart interactive products revenue was 867 million yuan, a year-on-year decrease of 0.6%, accounting for 22.1% [16] Cost and Expense Analysis - In 2023, the company's total expense ratio was 20.4%, an increase of 1.7 percentage points year-on-year, with sales expense ratio at 11.4%, management expense ratio at 6.0%, and R&D expense ratio at 4.8% [6] - The increase in management expenses was mainly due to increased employee compensation, while the decrease in financial expenses was due to interest income and exchange gains/losses caused by exchange rate fluctuations [6] Strategic Developments - The company's Newline brand became the first IFPD product globally to pass Google EDLA certification, significantly impacting the IFPD industry and widening the gap with second and third-tier brands [6] - The company launched the LED all-in-one product, further enriching its product line and meeting customer demand for large-size displays [6] - The company's "Honghe AI Classroom" brand focuses on building a "cloud-integrated smart teaching platform" for higher vocational education, promoting digital campus ecosystems [7] Future Outlook - The company is expected to achieve net profits attributable to the parent company of 530 million yuan, 666 million yuan, and 810 million yuan in 2024, 2025, and 2026, respectively, with EPS of 2.25 yuan, 2.83 yuan, and 3.44 yuan per share [26] - The company's revenue is expected to grow by 26.97%, 21.79%, and 19.01% in 2024, 2025, and 2026, respectively [27]