Guangzhou Shiyuan Electronic Technology Company Limited(002841) tracking report 6: internationalization strategy drives the rapid growth of China's intelligent display interaction leader

\u3000\u3000 Guangzhou Shiyuan Electronic Technology Company Limited(002841) (002841)

Guangzhou Shiyuan Electronic Technology Company Limited(002841) : China's leading enterprises in the field of intelligent display interaction actively explore overseas markets. Intelligent display interaction includes television, education, conference, home, Internet of vehicles and other fields. In 2020, the scale of China's and global intelligent display interaction market is about 160 billion and 300 billion yuan. As a leading enterprise with the largest share of the global LCD main control board, the company has laid out the global education information market through the "Xiwo" interactive intelligent tablet and the global conference information market through the maxhub conference tablet. It has also become the company with the first market share in China in the two interactive intelligent tablet fields. According to the company's performance express, in 2021, the company realized a revenue of 21.223 billion yuan and a net profit attributable to the parent company of 1.686 billion yuan. The business expansion of vision in overseas markets has achieved initial results. In 2021, the overseas revenue of interactive smart tablets and other products was about 6 billion yuan, an increase of 100% year-on-year.

Guangzhou Shiyuan Electronic Technology Company Limited(002841) business 1: Educational interactive intelligent tablet business: China's leader in educational informatization. (1) China business: the company's "Xiwo" series tablet leads China's education market. From 2012 to 2020, it has won the title of market share of China's interactive intelligent tablet industry for nine consecutive years. The market share of sales in 2021h1 is 44.7%, which continues to rank first in China. In 2021, SiVo and Intel launched a new comprehensive solution for digital colleges and universities, focusing on developing the higher education market. In 2021, the company's revenue from education related businesses such as SiVo interactive intelligent tablet, recording and broadcasting system, personal learning terminal, audio and video peripheral products and software increased by 21% year-on-year. In the future, colleges and universities, preschool education and 2C sales will be the main development direction of the company. (2) overseas one: one belt, one road, and other countries will continue to use the ODM brand to sell the market.

Guangzhou Shiyuan Electronic Technology Company Limited(002841) Business II Conference interactive intelligent tablet business: China's leader in conference informatization. Maxhub returns to the demand starting point of users' office scenes, analyzes the general office scenes of enterprises, such as personal office and multi person co creation, and establishes the product R & D idea of double coverage of General Co creation scenes and vertical industry scenes. It should not only provide general software and hardware product series for enterprises in different industries, but also provide vertical industry scenes such as party and government, finance Provide comprehensive solutions for medical and new retail. (1) China business: in 2021, the revenue of enterprise service business represented by maxhub in China increased by 25% year-on-year. The conference tablet maxhub has high cost performance. The classic version has a minimum of 8699 yuan. The sales market share in the first half of 2021 is 27.2%, ranking first in the market. (2) Foreign business: the company has set up subsidiaries in Southeast Asia, Europe and the United States, and will make active efforts in the future.

Component / controller business of Guangzhou Shiyuan Electronic Technology Company Limited(002841) business 3: LCD main control board card ranks first in the world, and actively layout white power and other controller businesses. In the first half of 2021, the company shipped 28.5682 million LCD TV master cards, accounting for 29.05% of the global TV master card shipments in the first half of the year, and continued to maintain a market leading position. In addition, the company actively expanded the business of intelligent white light display. The revenue of household electrical components, supply chain services, IOT modules and other businesses increased by 121% year-on-year in 2021, becoming a new fulcrum of the company's rapid development. Performance forecast, valuation and rating: we maintain the forecast of Guangzhou Shiyuan Electronic Technology Company Limited(002841) 2021-2023 net profit of RMB 1.686 billion, 1.998 billion and 2.460 billion, corresponding to pe35 / 30 / 24x, and maintain the "buy" rating.

Risk tip: the income of LCD board card decreases, the expansion of interactive smart panel is less than expected, and the exchange rate fluctuates.

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