需求逐步恢复，营收同环比增长。公司主要从事LED 超高清显示及LED 照明业务，主要产品包括超高清显示大屏、智慧会议交互显示系统、智慧教室教育交互显示系统、超高清家庭巨幕等。2024 年Q1 市场需求逐步回暖，2024Q1 毛利率为24.36%，同比下降1.26%，环比提升3.87%；净利率为1.20%，同环比均转正。Incidents:
The company released its report for the first quarter of 2024: revenue for the first quarter of 2024 was 304 million yuan, up 13.13% year on year, up 6.69% month on month; net profit to mother was 0.2 billion yuan, turning losses into profits year on month.
Comment:
Demand gradually recovered, and revenue increased year-on-month. The company is mainly engaged in LED ultra-high-definition display and LED lighting business. The main products include large ultra-high-definition display screens, smart conference interactive display systems, smart classroom educational interactive display systems, and ultra-high-definition home screens. Market demand gradually picked up in Q1 2024. 2024Q1 gross margin was 24.36%, down 1.26% year on year, up 3.87% month on month; net margin was 1.20%, all positive year on month.
COB ultra-high-definition energy-saving cold screens, glass-based micro LEDs can be expected in the future. The inverted COB and pixel engine technology independently developed by the company has achieved innovative breakthroughs at the hardware and software levels, achieving the dual goals of cost reduction and resolution improvement. This technology is used in the company's various COB display products to help develop the market for Micro LED display products. The PM-driven glass-based Micro LED display launched by the company has the characteristics of high flatness, low operating energy consumption, fast heat dissipation rate, and higher color fidelity and contrast. The company plans to accelerate the development and improvement of glass substrate products with smaller spacing in 2024, accelerate the development of glass-based application products, and promote the commercialization process.
Expanding the field of LED display applications, overseas markets are expected to open up room for growth. With the development of digital display technology, LED displays are expected to expand applications in AI, metaverse, immersive interaction, XR virtual shooting, and naked eye 3D. The company continues to promote product technology innovation, continuously reduce product production costs, and enhance competitiveness, and is expected to fully benefit from the growth in the ultra-high-definition video display industry. The company's overseas sales market has expanded to nearly 100 countries and regions. In the future, it will continue to improve its global sales network and expand its market share and brand influence. In the field of micro LED display products based on COB packaging technology, the company's market share is expected to continue to increase.
Profit forecast and investment rating: The company is deeply involved in LED integrated packaging technology, LED display design and intelligent control technology, and its business performance is expected to achieve rapid growth. The estimated revenue for 2024-2026 is 12.90, 15.82, and 2,006 billion yuan, and net profit to mother is 0.43, 0.64, and 88 million yuan, corresponding to PE, 52, 35, and 26 times, respectively. Covered for the first time, a “gain” rating was given.
Risk warning: Competition in the industry intensifies, and downstream demand, profit forecasts and valuations fall short of expectations
