汇创达：公司事件点评报告：深耕消费电子领域，新能源领域CCS及FPC模组业务打造第二增长曲线

Investment Rating - The report assigns a "Buy" rating for the company, Huichuangda (300909.SZ) [2][21]. Core Views - The company achieved significant revenue growth in 2023, with operating income reaching 1.356 billion yuan, a year-on-year increase of 63.85%. However, net profit decreased by 26.75% to 94 million yuan due to rising operating costs and increased expenses [2][21]. - The diversified business structure and innovative development strategy are expected to drive continuous revenue growth [2][21]. - The company is actively expanding into the new energy sector, particularly in CCS and FPC module production, with an investment of 565 million yuan aimed at producing 12 million CCS modules and 39 million FPC modules annually [3][21]. Summary by Sections Business Performance - In 2023, the company reported a notable revenue increase, with the sales revenue from signal transmission components and modules rising by 376.88% to 521 million yuan, while OEM business revenue grew by 124.86% to 319 million yuan [2][21]. - The company is focusing on the backlight module industry and expanding its new energy business, particularly in CCS and FPC modules [2][3]. Financial Forecast - The forecast for 2024 indicates a revenue of 2.604 billion yuan, with a growth rate of 92%. The net profit is expected to rebound to 261 million yuan, reflecting a growth rate of 177.9% [5][21]. - The projected earnings per share (EPS) for 2024 is 1.51 yuan, with corresponding price-to-earnings (P/E) ratios of 14.6 for 2024, 11.1 for 2025, and 8.6 for 2026 [5][21]. Market Trends - The global Mini LED market is projected to expand significantly, with a compound annual growth rate (CAGR) of 147.92% from 2018 to 2024, indicating strong growth potential for the company's Mini LED backlight products [2][21]. - The company is also capitalizing on the growing demand for precision connectors and switches in various sectors, including consumer electronics and new energy vehicles [20][21].