Based on the method of equivalent schemes, theoretical analysis is performed of operating a composite magnetoelectric piezotransformer under the action of magnetic field. A maximum direct magnetoelectric susceptibility of the device is predicted. The frequency dependence of the magnetoelectric susceptibility is plotted, which closely agrees with the experiment. We have theoretically confirmed the presence of resonance frequencies that are caused by combined action of the mass-elastic interactions in the constituent sections of the device.