CVTE(SZ:002841) 光大证券研究·2025-07-23 08:58Core Viewpoint - The company maintains a leading position in the global liquid crystal display (LCD) main control board market, with a focus on continuous growth in revenue and expansion of its smart terminal business [3][5]. Group 1: LCD Main Control Board Business - The company provides core components and customized solutions for LCD main control boards, consistently ranking as a market leader. The global shipment volumes for LCD TVs in 2022, 2023, and 2024 are projected to be 20,364.86 million, 19,947.68 million, and 20,575.18 million units, respectively. The company's shipments of LCD TV main control boards for the same years are 6,722.06 million, 5,623.50 million, and 6,732.48 million units, representing 33.01%, 28.19%, and 32.72% of the global market share [3]. Group 2: Smart Terminal Business - The company's educational interactive smart panels serve as a core digitalization tool in classrooms, integrating large-size high-definition displays, interactive touch, and audio amplification. The Seewo interactive smart panel has been recognized as a national champion product by the Ministry of Industry and Information Technology. Additionally, the MAXHUB conference interactive panel, which integrates high-definition display, computing storage, interactive writing, and network connectivity, has also received national champion product status. This smart terminal business is expected to provide long-term growth momentum for the company [4]. Group 3: Revenue Growth - In 2024, the company achieved a revenue of 22.401 billion, representing a year-on-year growth of 11.05%. However, the net profit attributable to shareholders decreased by 29.13% to 0.971 billion. In Q1 2025, the company reported a revenue of 5.005 billion, with a year-on-year increase of 11.35%, while the net profit attributable to shareholders decreased by 9.23% to 0.162 billion [5]. Group 4: Share Buyback - The company has been actively pursuing a share buyback program, with a total of 5.06698 million shares repurchased by June 30, 2025, accounting for 0.73% of the total share capital, with a total transaction amount of 150 million (excluding transaction fees). This buyback is seen as a move to enhance the company's confidence in its development [6]. Group 5: H-Share Issuance - The company submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange on June 17, 2025. This move is expected to broaden the company's financing channels and support its long-term development [7].