社会服务 社会服务 烟火气回归家常菜崛起，潮玩&创作者经济赛道景气 2025 年 07 月 13 日 投资评级：看好（维持） ——行业周报 | 行业走势图 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 初敏（分析师） 李睿娴（分析师） 程婧雅（联系人） chumin@kysec.cn liruixian@kysec.cn chengjingya@kysec.cn | | | | | 社会服务 | | 沪深300 | | | | | | 60% | | | 证书编号：S0790522080008 证书编号：S0790525020004 证书编号：S0790123070033 | | | | | 48% | | |  潮玩/创作者经济：6 月线上基数提升增速平稳，非音乐内容强化平台议价能力 | | | | | 36% | | | 潮玩：6 月久谦潮玩类目销售额 13.5 亿/yoy+17%（VS 3 月、4 | 月、5 | | 月为 | | 24% 12% | | | 86%/16%/17%），2024 高基数阶段已逐步消化。 ...

证券代码：001308 证券简称：康冠科技 公告编号：2025-053 深圳市康冠科技股份有限公司 关于 2023 年股票期权激励计划第二个行权期 采用自主行权模式的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： （如遇节假日提前至最后一个交易日止）。截至本公告日，中国证券登记结算有 限责任公司深圳分公司的手续已办理完成。 <深圳市康冠科技股份有限公司 ensp="ensp" 年股票期权激励计划="年股票期权激励计划" 草案="草案"> 及其摘要的 议案》《关于 <深圳市康冠科技股份有限公司 ensp="ensp" 年股票期权激励计划实施考="年股票期权激 励计划实施考"> 核管理办法>的议案》以及《关于提请公司股东大会授权董事会办理公司 2023 年股票期权激励计划相关事宜的议案》。公司独立董事对此发表了独立意见。 个行权期可行权的股票期权数量共计 7,098,108 份，行权价格为 21.36 元/份。 限为：2025 年 4 月 28 日至 2026 年 3 月 12 日。实际可行权期限为：自中国证券 登记结算有限责任公司深圳分公 ...

证券代码：001308 证券简称：康冠科技 公告编号：2025-054 深圳市康冠科技股份有限公司 关于 2024 年股票期权激励计划第一个行权期 采用自主行权模式的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、2024 年股票期权激励计划期权简称：康冠 JLC3，期权代码：037446。 2、2024 年股票期权激励计划符合本次行权条件的 2,086 名激励对象在第一 个行权期可行权的股票期权数量共计 1,050.3786万份，行权价格为 25.74元/份。 3、本次行权采用自主行权模式。 4、公司 2024 年股票期权激励计划共三个行权期，第一个行权期可行权期 限为：2025 年 6 月 30 日至 2026 年 6 月 26 日。实际可行权期限为：自中国证券 登记结算有限责任公司深圳分公司的手续办理完成之日起至 2026 年 6 月 26 日止 （如遇节假日提前至最后一个交易日止）。截至本公告日，中国证券登记结算有 限责任公司深圳分公司的手续已办理完成。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 2 202 ...

证券代码：001308 证券简称：康冠科技 公告编号：2025-053 深圳市康冠科技股份有限公司 关于 2023 年股票期权激励计划第二个行权期 2、2023 年股票期权激励计划符合本次行权条件的 1,048 名激励对象在第二 个行权期可行权的股票期权数量共计 7,098,108 份，行权价格为 21.36 元/份。 3、本次行权采用自主行权模式。 4、公司 2023 年股票期权激励计划共三个行权期，第二个行权期可行权期 限为：2025 年 4 月 28 日至 2026 年 3 月 12 日。实际可行权期限为：自中国证券 登记结算有限责任公司深圳分公司的手续办理完成之日起至 2026 年 3 月 12 日止 （如遇节假日提前至最后一个交易日止）。截至本公告日，中国证券登记结算有 限责任公司深圳分公司的手续已办理完成。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 2023 年 2 月 23 日，公司召开第二届董事会第五次会议，审议通过了《关于 <深圳市康冠科技股份有限公司 2023 年股票期权激励计划（草案）>及其摘要的 议案》《关于<深圳市康冠科技股份有限公司 2023 年股票期权激励计划实 ...

Core Viewpoint - The company is strategically focusing on innovative display products, particularly in the AI and new display sectors, which are expected to drive significant growth and enhance brand value [1][2][3] Group 1: Company Performance - The KTC brand performed exceptionally well during the 618 shopping festival, ranking among the top five display brands on JD.com, indicating strong market recognition [1] - KTC's products, such as the H27T22S-3 and M27T6S, achieved the highest sales and revenue in the 2K/2K Mini LED gaming monitor category, surpassing competitors by 47% and 60% respectively [1] - The company’s innovative display business generated revenue of 1.519 billion yuan in 2024, marking a 58% year-on-year increase, with shipment volume growing by 111% [2] Group 2: Product Innovation - The company launched AI interactive glasses at the ByteDance Volcano Engine Spring Conference, featuring advanced capabilities such as "always-on chat" and "AI memory" [3] - The introduction of innovative products like mobile smart screens and smart beauty mirrors is expected to enhance product value through AI integration [2][3] - The KTC brand's strategic push into overseas markets is anticipated to be a major growth driver, particularly in high-margin segments [2] Group 3: Financial Projections - The company forecasts net profits of 1.06 billion yuan, 1.24 billion yuan, and 1.47 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 27%, 17%, and 19% [3] - The expected price-to-earnings ratios for the same years are projected at 15x, 12x, and 10x, indicating a favorable valuation outlook [3]

证券研究报告|公司深度研究报告 [Table_Date] 2025 年 06 月 26 日 [Table_Title] 智能电视及交互显示业务稳健，创新类显示业务打造新增长极 [Table_Title2] 康冠科技(001308) ► 智能电视：定位新兴市场，柔性供应链优势突出，有 望充分享受增长空间 智能电视业务稳健增长，构成公司营收基本盘，2024 年康冠电视 出货量排名全球前三；全流程软硬件定制化研发设计，小批量、 多型号柔性化制造优势突出，快速响应小批量客户的差异化定制 需求，获得稳定增长；采用差异化策略，智能电视业务主要服务 于国际知名品牌中小区域市场及各区域市场本地龙头品牌客户， 毛利率相对稳定。 ► 智能交互显示：核心客户稳定，政策驱动下增长可期 公司智能交互平板产品主要销往欧洲、北美等主流市场及新兴市 场国家，以服务全球前十大品牌客户为主，主要客户包括智能交 互显示产品全球首创企业 SMART、全球前三大教育显示品牌企业 普罗米休斯等；据公司招股书，SMART、普罗米休斯占公司 2021 年收入比重分别为 10.16%与 3.92%。据群智咨询，2022 年，普罗 米休斯与 Smart 以 1 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2]. Core Views - The company has shown strong performance during the 618 shopping festival, with its KTC brand ranking among the top five in the display category on JD.com, indicating significant market recognition [1][5]. - The strategic focus on innovative display products and AI integration positions the company as a typical case of "technology + consumption" convergence, resonating with new consumer experiences [1]. - The launch of AI glasses is expected to catalyze valuation growth, as the company aims to capture market share in this emerging segment [1][5]. Financial Data Summary - The total revenue for 2025 is projected to be 17.457 billion yuan, with a year-on-year growth of 12% [6]. - The net profit attributable to the parent company for 2025 is estimated at 1.059 billion yuan, reflecting a 27% increase compared to the previous year [6][11]. - The company’s return on equity (ROE) is expected to improve from 11.4% in 2024 to 14.8% by 2027 [10]. Product Performance - KTC's products, including the H27T22S-3 and M27T6S, achieved top sales in their respective categories during the 618 festival, with the former surpassing its closest competitor by 47% in sales volume [5]. - The company’s innovative products, such as the mobile smart screen and AI beauty mirror, have been recognized in various industry rankings, showcasing the effectiveness of its R&D investments [1][5]. Market Positioning - The company is strategically enhancing its overseas market presence, which is expected to be a significant growth driver due to higher profit margins [1]. - The report emphasizes the importance of the company's product structure optimization and the increasing share of overseas business in driving overall profitability [1].

证券代码：001308 证券简称：康冠科技 公告编号：2025-052 敬请投资者注意相关风险。 深圳市康冠科技股份有限公司 一、担保情况概述 关于为全资子公司提供担保的进展公告 深圳市康冠科技股份有限公司（以下简称"公司"、"上市公司"或"康 冠科技"）于 2025 年 3 月 21 日、2025 年 4 月 15 日分别召开了第二届董事会第 二十四次会议、2025 年第一次临时股东大会，审议通过了《关于 2025 年度公司 及子公司提供担保额度预计的议案》，同意公司为子公司提供担保、子公司之 间互相担保及子公司对上市公司提供担保额度总计不超过等值人民币800,000.00 万元。担保额度有效期为自审议本议案的股东大会决议通过之日起 12 个月。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 公司及下属全资或控股子公司担保金额（均为公司合并报表范围内主体之 间的担保）超过上市公司最近一期经审计净资产 50%。 其中，公司下属全资子公司深圳市康冠商用科技有限公司（以下简称"康冠 商用"）获审通过的担保额度为 270,000.00 万元人民币。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment based on its growth potential and market position [5][7]. Core Viewpoints - The company is recognized as a leader in smart display technology, with a diverse product portfolio driving new growth momentum. It has established a strong presence in various key sectors, including AI-enabled office, education, medical, and entertainment applications [5][14]. - The company has a stable shareholding structure, with the actual controllers holding a significant portion of shares, which reflects confidence in future growth [5][19]. - The company is expected to see substantial growth in its net profit from 2025 to 2027, with projected figures of 10.24 billion, 12.47 billion, and 14.59 billion RMB, respectively, indicating a compound annual growth rate of approximately 22.92% [7][30]. Summary by Sections Company Overview - The company, established in 1995, integrates R&D, design, production, and sales of smart display products, with a rich product matrix covering various applications [14][18]. - It has received multiple national honors, including "National Manufacturing Single Champion Enterprise" and "National Green Factory" in 2024, showcasing its commitment to quality and sustainability [5][14]. Business Segments - The smart interactive display segment is experiencing robust growth, driven by AI technology and increasing demand in education and corporate sectors. The company ranks first globally in shipments of interactive flat panel displays [5][48]. - The smart TV business is focusing on emerging markets along the "Belt and Road" initiative, with a projected revenue growth of 23.47% in 2024 [5][9]. - The innovative display segment has shown significant growth potential, with a revenue increase of 57.94% in 2024, driven by new product developments and market expansion [5][30]. Financial Performance - The company’s revenue is projected to grow from 15.59 billion RMB in 2024 to 19.03 billion RMB in 2025, reflecting a year-on-year growth rate of 22.09% [6][30]. - The net profit is expected to recover from a decline in 2023, with a forecasted increase in profitability due to improved revenue structure and cost management [30][39]. Competitive Advantages - The company maintains a strong R&D capability with over 1,315 patents and software copyrights, enabling it to meet diverse customer needs and enhance product differentiation [5][39]. - Its flexible manufacturing capabilities allow for rapid production adjustments, catering to various customer demands while maintaining quality and cost control [5][39]. Market Outlook - The global market for smart interactive displays is anticipated to grow significantly, with projections indicating a rise in shipments to 347.2 million units by 2029 [48][51]. - The company is well-positioned to capitalize on the increasing demand for smart displays in both domestic and international markets, particularly in education and corporate sectors [5][51].

Group 1 - The core viewpoint of the report is that Kangguan Technology is a leading player in the smart display industry, with diverse products and strong technological foundation, and is rated as a "buy" for investment [1][3] - The company has established a comprehensive product matrix covering key scenarios such as "AI + Office," "AI + Education," "AI + Medical," and "AI + Entertainment," and has received accolades such as "National Manufacturing Single Champion Enterprise" and "National Green Factory" in 2024 [1][2] - Kangguan Technology's business model primarily focuses on OEM while also developing its own brands, including "KTC," "Hao Li Horion," and "FPD," which allows it to meet various customer needs [1][2] Group 2 - The smart interactive display business is experiencing steady growth, with the company ranking first in global shipments of smart interactive panels in 2024, driven by AI technology [2][3] - The esports monitor segment is also growing rapidly, with a 38.5% year-on-year increase in sales in the Chinese online esports monitor market in 2024, and KTC brand products seeing a 179% increase in sales in Q3 2024 [2][3] - The company has a strong international presence, with 86.24% of its revenue coming from overseas markets in 2024, and it serves major global brands across various regions [3] Group 3 - Kangguan Technology has a robust R&D capability, holding 1,315 valid patents and software copyrights as of the end of 2024, and employs over a thousand R&D engineers [3] - The company operates smart manufacturing centers in Shenzhen and Huizhou, covering approximately 520,000 square meters, which enhances its production flexibility and cost control [3] - Profit forecasts indicate a net profit of 10.24 billion, 12.47 billion, and 14.59 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 22.92%, 21.70%, and 17.01% [3]