空间计算时代即将到来，创维XR 大有可为。创维MR 产品PANCAKE 2 采用Micro OLED 屏，拥有单眼4K 双眼8K 分辨率，带来低延时、低畸变的高清RGB VST（彩色透视）体验，同时还支持手势识别，顺应“去手柄化”趋势。过去8 年，创维聚焦B 端应用，基于MR VST 功能的软硬件一体的企业解决方案已实现规模化落地，且已有海外订单。MR 新品PANCAKE 2即将发布，产品矩阵逐步完善；未来，随着硬件升级以及产品功能与应用生态进一步丰富，创维MR 有望在C 端起量。Event: Skyworth Digital releases its 2023 Annual Report. In 2023, the company achieved operating income of 10.627 billion yuan, -11.50% year-on-year, and realized net profit of 602 million yuan, or -26.85% year-on-year.
Demand is weak, putting pressure on full-year results. In 2023, the company's smart terminal/professional display/operation services achieved revenue of 78.63/24.07/324 million yuan, respectively -17.91%/+12.79%/+37.65%. The main reason for the decline in revenue from the smart terminal business is the year-on-year decline in unit sales prices and insufficient consumer demand in the market.
Domestic set-top box operators have surpassed expectations, and overseas shares have steadily increased, and AI empowerment is expected to bring new momentum for growth. The company's digital smart set-top box domestic operator procurement projects were all in line with or above the target; overseas orders as a whole can achieve stable supply and delivery, and the market coverage and market share of mainstream overseas telecommunications or integrated operations are steadily increasing. In addition, the company pioneered the integration of major models such as Microsoft, ChatGPT, and Baidu Wenxin, to add AIGC capabilities to existing products and actively explore new product forms. It obtained technical verification in products such as smart OTT boxes and projectors, and initially implemented the technical implementation of commercialized AI application solutions.
The era of spatial computing is coming, and Skyworth XR has great potential. Skyworth MR's PANCAKE 2 uses a Micro OLED screen with a monocular 4K binocular resolution, bringing a high-definition RGB VST (color perspective) experience with low latency and low distortion. At the same time, it also supports gesture recognition, in line with the trend of “decontamination”. Over the past 8 years, Skyworth has focused on B-side applications. Enterprise solutions integrating software and hardware based on MR VST functions have been implemented on a large scale, and overseas orders have been placed. The new MR product PANCAKE 2 is about to be released, and the product matrix is gradually being improved; in the future, with hardware upgrades and a richer product functionality and application ecosystem, Skyworth MR is expected to launch on the C side.
Investment advice: We forecast the company's 2024-2026 revenue of 121.43 billion yuan, 138.41 billion yuan, and 15.56 billion yuan, respectively, and net profit to mother of 737, 8.29, and 1,039 billion yuan respectively. We are optimistic about Skyworth Digital's layout in the MR field and maintain the company's “buy” rating.
Risk warning: the risk that demand for set-top boxes falls short of expectations; the risk that operators' 10GPON tenders will not progress as expected; supply chain risks; VR industry development falls short of expectations.
