Analysis of Overseas Revenue Share Growth and Profitability Quality Improvement of CVTE (002841.SZ)

CVTE (002841.SZ) is a company focusing on

and as core businesses, with well-known brands such as MAXHUB conference panels and Seewo educational devices. In recent years, the company has actively promoted its internationalization strategy, and the revenue share of overseas business has continued to increase.

年份	海外收入占比	同比变化
2020	15.2%	—
2021	18.5%	+3.3pp
2022	22.3%	+3.8pp
2023	28.7%	+6.4pp
2024	35.2%	+6.5pp

The overseas revenue share shows a continuous upward trend, increasing from 15.2% in 2020 to 35.2% in 2024, a growth of over five years, with a compound annual growth rate (CAGR) of .

指标	2020年	2022年(底部)	2024年	变化趋势
毛利率	26.8%	23.6%	26.1%	V型回升
净利率	8.5%	6.3%	8.9%	显著改善
ROE	18.2%	13.8%	16.8%	回升趋势
经营现金流/净利润	1.15	0.95	1.25	持续改善

Correlation analysis based on financial data [0]:

Variable Relationship	Correlation Coefficient	Interpretation
Overseas Revenue Share vs Net Profit Margin	+0.361	Moderate Positive Correlation
Overseas Revenue Share vs Profitability Quality	+0.484	Strong Positive Correlation
Overseas Revenue Share vs Gross Profit Margin	-0.108	Weak Negative Correlation

• Overseas markets usually have higher
  product premium space
  , especially in the fields of educational informatization and corporate conferences
• When the overseas revenue share reached 35.2% in 2024, the net profit margin rebounded to 8.9%, an increase of
  2.6 percentage points
  from the low in 2022.

• Expansion of overseas business scale brings
  fixed cost dilution effect
• Global supply chain layout helps reduce the risk of raw material cost fluctuations.

• The operating cash flow/net profit ratio increased from 0.95 in 2022 to 1.25 in 2024
• Overseas customers (especially European and American enterprises) have more standardized payment cycles, and
  accounts receivable quality is high
  .

• Although initial overseas expansion may be accompanied by price competition leading to a short-term decline in gross profit margin (dropped to 23.6% in 2022)
• With the improvement of brand awareness and product structure optimization, the gross profit margin has recovered to
  26.1%
  in 2024.

• Overseas revenue share shows
  positive correlation
  with profitability quality, and the strategic direction is correct
• The overseas market penetration rate of interactive smart panels still has large room for improvement
• Cash flow quality continues to improve, and financial risks are controllable.

• Exchange rate fluctuation risk (the increase in overseas revenue share amplifies the impact of exchange gains and losses)
• Overseas geopolitical uncertainty
• The weak correlation between gross profit margin and overseas share indicates that price competition pressure still exists.

The increase in CVTE’s overseas revenue share , mainly reflected in the rebound of net profit margin and the improvement of cash flow quality. However, this improvement is more and needs to rely on the improvement of product competitiveness and brand premium capacity, rather than overnight. It is recommended to continue to pay attention to the trend of gross profit margin changes and market share growth of the company’s overseas business [1][2].

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[0] Jinling AI Financial Analysis Database - CVTE (002841.SZ) Financial Analysis Data

[1] Sina Finance - CVTE Interactive Smart Panel Business Analysis Chart (https://n.sinaimg.cn/)

[2] Industry Research Report - CVTE Overseas Market Performance Data (https://static.timesmedia.com.cn/)