创维数字: 精准把握元宇宙入口,战略布局汽车电子

（以下内容从天风证券《创维数字: 精准把握元宇宙入口,战略布局汽车电子》研报附件原文摘录）
　　Skyworth Digital (000810 CH) 精准把握元宇宙入口，战略布局汽车电子 Initiating coverage: primed for metaverse market opportunities and automotive electronics growth TP:RMB16.80 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 1、深耕通信设备二十载，主业回暖趋势确立 创维数字是业内领先的宽带网络连接设备、超高清智能终端供应商及解决方案提供商，公司主要服务于国内外电信及数字电视运营商客户，业务覆盖中国、欧洲、非洲、中东、印度、东南亚、拉丁美洲等地，致力于为全球用户打造超高清及智慧互联+数字生活。 在全球新冠疫情反复，芯片等原材料供应紧张及价格上涨的背景下，公司受益全球宽带化、光纤化、数字化及IP化发展。2021年前三季度实现营业收入76.22亿元，较上年同期增长28.38%；实现归母净利润2.69亿元，较上年同期下降4.30%。公司2021年前三季度收入增长而净利润下滑的主要原因在于公司计提信用减值损失和资产减值损失合计29,662.55万元，若不考虑此项减值损失，公司前三季度净利润较去年同期实现增长。展望未来，国内运营商布局智慧家庭以及发展互联网宽带运营业务的需求增长，宽带网络迎来升级机会；海外市场新兴的Android TV市场与传统数字电视蓬勃发展，运营商宽带产品和物联网布局需求强劲，综合带动公司主业回暖。 Communication equipment: core business recovery trend Skyworth Digital is the industry‘s leading supplier of broadband network connection equipment, ultra-high-definition smart terminals and solutions. It mainly serves domestic and foreign telecom and digital TV operator customers. Its business covers China, Europe, Africa, the Middle East, India, Southeast Asia, Latin America and other places, facilitating ultra-high-definition and smart interconnected digital lifestyles for global users. Amidst the Covid-19 resurgence, the tight supply of raw materials such as chips and rising prices, Skyworth has benefited from market developments in global broadband, optical fiber, digitization and IP. 1-3Q21 revenue was RMB7.62bn, an increase of 28.38% yoy; net profit was RMB269m, a decrease of 4.30% yoy. We attribute the 1-3Q21 revenue growth but net profit decline mainly to an accrued total of RMB296.63m for credit impairment and asset impairment losses. Excluding impairment losses, net profit in the period would have been higher yoy. Looking ahead, domestic operators’ growing demand for smart homes and Internet broadband operation services present opportunities for the upgrade of broadband networks. The emerging Android TV market and traditional digital TV in overseas markets are booming, and operators are experiencing strong demand for broadband products and IOT solutions, driving a recovery of the company‘s main business. 2、VR硬实力突出，精准把握元宇宙入口 作为稀缺VR设备A股标的，公司具备7年以上VR硬件产品及行业解决方案研发经验，已量产多款VR头戴显示设备产品，产品参数比肩国际巨头且价格具备竞争优势。同时，公司积极开拓垂直行业的应用场景，打造针对医疗探视、景区直播、K12教育VR等产品与解决方案。公司在VR领域积淀多年，精准把握元宇宙入口，有望在VR产业整体复苏快速增长背景下乘风而起。 VR tech know-how gives Skyworth a leg-up in metaverse opportunities As a rare VR equipment A-share, the company has more than 7 years of experience in R&D in VR hardware products and industry solutions, and has mass-produced a variety of VR head-mounted display devices. Its product parameters are comparable to those of international giants while its prices are more competitive. Skyworth is exploring application scenarios in vertical industries and creating VR into products and solutions, livestreams of scenic spots and K12 education. Its many years of VR experience provide a lead into metaverse market opportunities. We believe it will benefit from the overall market recovery and the rapid growth of VR. 3、前瞻布局汽车电子，显示系统多屏化、大尺寸发展催生新机遇 公司通过深圳创维汽车智能有限公司布局汽车电子领域，定位为智能座舱模块化集成商，主要产品包括液晶仪表，触控屏等。公司具有完善资格认证与研发体系，与一汽大众、奇瑞、吉利汽车等车厂拥有深入合作，中标多个新车型供货。在目前汽车智能座舱蓬勃发展，仪表与屏幕呈现多屏化、大尺寸趋势带动产品量价齐升的趋势下，公司汽车电子布局有望为公司带来业绩快速增长的新机遇。 Forward-looking: automotive electronics, multi-screen and large display systems Through Shenzhen Skyworth Automotive Intelligence Co, the company engages in automotive electronics and is positioned as a modular integrator of smart cockpits. Its main products include liquid crystal dashboard and touch screens. It has a full-range qualification certification and R&D system. Collaboration partners include FAW-Volkswagen, Chery, Geely Automobile and other car manufacturers, where the company has won bids to supply into many new models. With the current boom in automotive smart cockpits, multi-screen and large display instruments and screens are driving both product volume and price. We expect the company’s automotive electronics business to bring new opportunities to rapidly lift profitability. 投资建议/Investment Ideas 盈利预测与估值： 公司是业内领先的通信设备供应商，长期专注于为用户提供全面系统的数字家庭解决方案与服务，致力于打造超高清及智慧互联+数字生活。在深耕主业的基础上，公司发力VR领域，产品参数比肩头部产品，价格具备竞争优势。此外，公司前瞻布局汽车电子，中控屏、液晶仪表有望伴随行业量价齐声趋势，为公司带来业绩新增长点。我们预计公司21-23年归母净利润分别为3.60、7.40和9.09亿元，对应21-23年市盈率分别为38、18、15倍，参考同行业可比公司2022年平均24倍估值，对应目标价16.8元，首次覆盖给予“买入”评级。 Valuation Skyworth is a leading supplier of communication equipment in the industry. It has long focused on providing users with full-suite systems in digital home solutions and services, with an eye toward the facilitation of ultra-high definition, smart interconnection and digital lifestyles. The company has also made efforts to expand into VR. Its product parameters are comparable to those of other leading companies, with a price advantage. In addition, the company has a forward-looking automotive electronics portfolio. Its central control panels and liquid crystal dashboards could bring new profit growth points as industry volumes and prices rise. We expect net profit of RMB360m/740m/909m in 2021/22/23E, corresponding to PEs of 38x/18x/15x. Relative to an average peer PE of 24x in 2022E, our corresponding target price is RMB16.8 and we initiate coverage with a BUY rating. 风险提示：Wi-Fi6推进不及预期；行业竞争激烈，价格下降风险；上游芯片、原材料涨价影响盈利能力；汽车订单执行进度低于预期；VR行业发展不及预期；近期股价出现异动等 Risks include: slower Wi-Fi6 advancement than expected; fierce competition leading to falling prices; upstream chip and raw material price increases affecting profitability; slower execution of auto orders than expected; slower VR industry developments than expected; and share price changes. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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