Core Insights - The company reported a revenue of 15.587 billion yuan for 2024, reflecting a year-on-year growth of 15.92%, while the net profit attributable to shareholders decreased by 35.02% to 833 million yuan [1] - The company increased its investment in self-owned brands, leading to a 44% rise in sales expenses to 394 million yuan due to higher advertising, overseas e-commerce platform costs, and exhibition expenses [1] Revenue and Profit Analysis - In Q4 2024, the company generated revenue of 4.195 billion yuan, down 14.12% year-on-year and 12.43% quarter-on-quarter, with a net profit of 275 million yuan, a decrease of 34.12% year-on-year but an increase of 84.31% quarter-on-quarter [1] - The overseas revenue proportion increased by 2.27 percentage points to 86.2% in 2024 [1] Business Segment Performance - The revenue breakdown for 2024 shows that smart interactive display products accounted for 23.96%, smart TVs for 61.13%, and innovative display products for 9.74% of total revenue [1] - The company’s smart TV business saw a revenue increase of 23.47% in 2024, with significant growth in the Americas and Southeast Asia markets [2] Self-Owned Brand Development - The sales volume of the company's self-owned brands, including KTC, Haoli, and FPD, experienced rapid growth, with innovative display products' sales volume increasing by 110% and revenue rising by 57.94% to 1.519 billion yuan [2] - The company is focusing on expanding its self-owned brand market and enhancing product applications in various scenarios, leveraging both domestic and international e-commerce platforms [2] AI Technology Integration - The company is leveraging AI technology to create a diversified product matrix that spans various applications, including office, education, healthcare, and entertainment [3] - New products include AI-enabled medical all-in-one machines and smart beauty mirrors, with plans to launch AI interactive glasses [3] Future Outlook - The company anticipates a net profit growth of 24.1%, 24.5%, and 12.7% for 2025-2027, reaching 1.035 billion, 1.289 billion, and 1.452 billion yuan respectively, with corresponding PE ratios of 15.3, 12.3, and 10.9 [3]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 28.60 CNY, down from a previous forecast of 32.00 CNY [2][22]. Core Views - The company's innovative display business shows strong growth, particularly in emerging application areas such as automotive displays, medical displays, and AI glasses, injecting new growth momentum [3][22]. - Despite the impressive revenue growth, the company's gross margin is under short-term pressure due to an increase in the proportion of lower-margin businesses [22]. Financial Summary - For 2024, the company achieved a revenue of 15,587 million CNY, a year-on-year increase of 15.92%, while the net profit attributable to the parent company was 833 million CNY, a decrease of 35.02% [5][16]. - The earnings per share (EPS) for 2025-2027 are projected to be 1.43 CNY, 1.65 CNY, and 1.80 CNY, respectively, with year-on-year growth rates of 21%, 15%, and 9% [22]. - The company's gross margin for 2024 is reported at 12.77%, down 5.06 percentage points year-on-year, while the net margin is 5.33%, down 4.22 percentage points [18]. Revenue Breakdown - The revenue from smart interactive displays was 37.35 million CNY, down 2.76% year-on-year, while smart TV revenue was 95.28 million CNY, up 23.47% year-on-year [17]. - The innovative display segment generated 15.19 million CNY in revenue, reflecting a significant year-on-year increase of 57.94% [17]. - Component sales accounted for 8.05 million CNY, down 13.13% year-on-year, with a gross margin of 4.87% [17]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of 240 million CNY for 2024, a decrease of 7.53% year-on-year [19]. - A cash dividend of 1.80 CNY per 10 shares was declared, totaling 126 million CNY, with a dividend payout ratio of 15.13% [21].

Core Insights - The company experienced steady revenue growth in 2024, with total revenue reaching 15.59 billion yuan, a year-on-year increase of 15.9%, while net profit attributable to shareholders decreased by 35% to 833 million yuan [1] - The decline in Q4 revenue was attributed to a high base in Q4 2023 and the impact of some orders being delivered in Q1 2025, leading to a revenue recognition delay [1] - The company is focusing on market share expansion through price adjustments, which has temporarily affected profitability [1] Revenue Breakdown - In 2024, revenue from smart interactive displays, innovative displays, smart TVs, and components was 3.74 billion, 1.52 billion, 9.53 billion, and 810 million yuan respectively, with year-on-year changes of -2.8%, +57.9%, +23.5%, and -13.1% [2] - The gross margins for these segments were 19.9%, 12%, 10.8%, and 4.9%, showing year-on-year declines of 5.49 percentage points, 2.05 percentage points, 4.31 percentage points, and 4.39 percentage points respectively [2] Sales Volume and Pricing - In 2024, the sales volumes for smart interactive displays, innovative displays, and smart TVs were 1.84 million, 1.47 million, and 9.93 million units, with year-on-year changes of -7%, +110.6%, and +25.4% respectively [2] - The average selling prices were 2,031.8 yuan, 1,030.7 yuan, and 959.3 yuan, with year-on-year changes of +4.6%, -25%, and -3.8% respectively [2] Regional Performance - In 2024, domestic and international revenues were 2.15 billion yuan and 13.44 billion yuan, with year-on-year changes of -0.4% and +19% respectively [3] - The gross margins for domestic and international sales were 10.8% and 13.1%, reflecting year-on-year changes of -3.97 percentage points and -4.99 percentage points respectively [3] Expense Management - The expense ratios for sales, management, R&D, and financial expenses in 2024 were 2.5%, 2.2%, 4.2%, and -0.9%, with year-on-year changes of +0.5 percentage points, -0.26 percentage points, -0.43 percentage points, and -0.3 percentage points respectively [3] - Increased sales expenses were primarily due to new advertising and e-commerce platform service fees aimed at market expansion [3] Inventory and Future Outlook - By the end of 2024, inventory levels for smart interactive displays, innovative displays, and smart TVs were 149,000 units, 391,000 units, and 727,000 units, reflecting year-on-year increases of 112.5%, 212.9%, and 210% respectively [4] - The company is leveraging AI technologies to expand its innovative display offerings and plans to seek deep collaborations with automotive companies to broaden application scenarios for display products [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term profit pressure, but there is a significant increase in orders at the end of the year, which is expected to drive high growth in 2025 [1][6] - The revenue for 2024 is projected to be 15.59 billion yuan, representing a year-on-year increase of 15.9%, while the net profit attributable to shareholders is expected to be 833 million yuan, a decrease of 35% year-on-year [6] - The company maintains its profit forecasts for 2025-2026 and introduces a new forecast for 2027, expecting net profits of 1.09 billion, 1.36 billion, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30.9%, 24.9%, and 21% [6][9] Financial Performance Summary - In 2024, the company's revenue was 15.59 billion yuan, with a gross profit margin of 12.8% and a net profit margin of 5.3% [6][9] - The fourth quarter of 2024 saw a revenue decline of 14.12% year-on-year, attributed to a high base from the previous year and the deferral of some orders to 2025 [6] - The company’s inventory levels have significantly increased due to a rise in orders, with smart interactive displays, innovative displays, and smart TVs showing substantial inventory growth [8] Business Segment Performance - Revenue from smart interactive displays, innovative displays, smart TVs, and components in 2024 was 3.74 billion, 1.52 billion, 9.53 billion, and 810 million yuan respectively, with year-on-year changes of -2.8%, +57.9%, +23.5%, and -13.1% [7] - The sales volume for smart interactive displays, innovative displays, and smart TVs in 2024 was 1.84 million, 1.47 million, and 9.93 million units, with year-on-year growth rates of -7%, +110.6%, and +25.4% [7] Order and Inventory Insights - By the end of 2024, the company saw a significant increase in orders, leading to a notable rise in inventory levels across all business segments [8] - The company is leveraging AI and emerging technologies to expand its innovative display offerings, including AI glasses and other products [8]

Core Viewpoint - The article discusses the financial performance of two companies, Hehui Optoelectronics and Kangguan Technology, for the year 2024, highlighting significant revenue growth and challenges in profitability. Hehui Optoelectronics - In 2024, Hehui Optoelectronics achieved a revenue of 49.58 billion RMB, representing a year-on-year growth of 63.19% [1][3] - The company reported a net loss of 251.81 million RMB, which is a reduction in losses by 72.63 million RMB compared to the previous year [1][3] - The company’s AMOLED panel shipments exceeded one million units, with a notable increase in revenue from the notebook computer segment, which grew over 180% [4] - Hehui Optoelectronics has two production lines, with the sixth-generation AMOLED production line's capacity expected to increase from 30K/month to 45K/month by March 2025 [4] Kangguan Technology - Kangguan Technology reported a revenue of 155.87 billion RMB in 2024, marking a year-on-year increase of 15.92% [5][6] - The net profit for the company was 833.46 million RMB, reflecting a decline of 35.02% compared to the previous year [5][6] - The company’s innovative display products saw a revenue increase of 57.94%, with a shipment growth of 110.61% [5][7] - The smart TV segment generated 95.28 billion RMB in revenue, up 23.47% year-on-year, with a shipment increase of 25.42% [5][7]

Core Insights - 康冠科技's 2024 annual report reveals a revenue increase of 15.92% to 15.587 billion yuan, but a significant net profit decline of 35.02% to 833 million yuan, indicating challenges in cost control and market competition [1][4][8] Revenue and Profit Analysis - The company's revenue growth contrasts sharply with the net profit drop, highlighting ineffective cost management and declining profitability in core business areas [4][8] - The non-recurring net profit decreased by 42.10%, further indicating weakening profitability in core operations [4] - Revenue from smart interactive display products fell by 2.76% to 3.735 billion yuan, while professional display products saw a 3.56% decline to 1.446 billion yuan, intensifying profit pressures [4] Innovation and AI Integration - Despite overall poor profitability, 康冠科技's innovative display products achieved a revenue of 1.519 billion yuan, growing by 57.94%, with a 110.61% increase in shipment volume, driven by deep AI technology applications [5][6] - The introduction of AI-enabled products like smart sports glasses and mobile smart screens has significantly enhanced user experience, with the mobile smart screen ranking first among global manufacturers [5][6] Smart TV Business Performance - The smart TV segment generated 9.528 billion yuan in revenue, a 23.47% increase, with shipment volume rising by 25.42%, positioning the company as the third-largest TV ODM globally [7] - However, the smart TV market faces intense competition, particularly from price wars and rapid technological advancements, which may pressure profit margins [7] - The company's customized operating model primarily serving well-known international and regional brands stabilizes orders but limits brand building and pricing autonomy [7] Future Outlook - 康冠科技 must enhance R&D investment and market promotion to transform innovative display products into significant profit growth drivers [6][8] - The company needs to focus on brand development and market expansion to maintain a competitive edge in the smart TV sector [7][8]

登录新浪财经APP 搜索【信披】查看更多考评等级 深圳市康冠科技股份有限公司第二届 监事会第二十四次会议决议公告 本公司及监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。 一、监事会会议召开情况 深圳市康冠科技股份有限公司（以下简称"公司"）第二届监事会第二十四次会议于2025年3月28日上午 11:00以现场及通讯方式在公司会议室召开。公司于2025年3月18日以邮件形式发出本次监事会会议通 知。本次会议由监事会主席陈文福先生主持，会议应出席监事3人，实际出席监事3人，其中监事郑谋以 通讯方式参加本次会议。公司董事会秘书孙建华先生列席了会议。本次会议的召集、召开和表决程序符 合国家有关法律、法规及《公司章程》的规定，会议形成的决议合法有效。 4、第二届董事会薪酬与考核委员会第十二次会议决议。 特此公告。 深圳市康冠科技股份有限公司 董事会 2025年3月31日 证券代码：001308 证券简称：康冠科技 公告编号：2025-025 二、监事会会议审议情况 经与会监事认真审议，以记名投票表决方式通过以下决议： 1、审议通过《关于2024年年度报告全文及摘要的议案》。 经 ...

报告期内，康冠科技通过AI等前沿技术的赋能，成功构建了多元化的产品矩阵，覆盖了"AI+办 公""AI+教育""AI+医疗""AI+娱乐"等多个关键场景。其中"AI+娱乐"场景多应用创新类显示产品，主要 包括：智能运动镜、移动智慧屏、智能美妆镜等畅销产品。公司的移动智慧屏为国内行业首家推出，根 据迪显咨询(DISCIEN)数据统计，2024年公司移动智慧屏在生产制造型供应商中的出货量全球排名第 一。经过数次更新迭代，报告期内，公司推出了KTC移动智慧屏AI版，其内置康冠AI语音助手，基于 科大讯飞（002230）AIUI全链路人机交互方案，构建了多场景的问答能力。此外，据KTC官方号称， KTC品牌预计推出AI交互眼镜，并且相关产品已经于今年1月份在美国CES展会上展出。 本报讯(记者王镜茹见习记者刘晓一) 在市值管理方面，去年公司进行了2023年度的利润分配，同时预告了2024年度的利润分配计划，拟以未 来实施权益分配方案时股权登记日的总股本为基数，向全体股东每10股派发现金红利1.80元(含税)。 年报显示，公司2024年度智能交互显示产品实现营业收入37.35亿元；创新类显示产品实现营业收入 15.19亿 ...

康冠科技在深圳和惠州拥有约52万平方米自有产权的智能制造中心，最新的车载模组产线也于报告期内 筹备完成，落地惠州。该条车载模组线将拥有742平方米的车间，产线涵盖背光组装、模组组装、70度 高温老化、测试以及包装等一系列关键的流程，初始设计产能预计可达60台/小时。 AI技术赋能多元产品 康冠科技虽然在2024年面临原材料价格快速上行、国际局势动荡、市场竞争加剧的严峻挑战，但在各细 分市场的销售数据统计中，其数据依旧名列前茅。 根据迪显咨询（DISCIEN）数据统计，2024年康冠科技智能交互平板在生产制造型供应商中的出货量全 球排名第一；根据洛图科技（RUNTO）数据统计，2024年康冠科技在全球TV ODM市场专业代工厂排 名第三；根据奥维睿沃（AVC REVO）数据统计，2024年康冠科技KTC品牌在中国大陆线上零售显示器 品牌中销量排名第四，其中电竞类显示器销量排名第三；根据洛图科技（RUNTO）数据统计，2024年 康冠科技自有品牌皓丽在国内商用交互平板市场的出货量排名第二；根据迪显咨询（DISCIEN）数据统 计，2024年康冠科技移动智慧屏在生产制造型供应商中的出货量全球排名第一。 2024年康 ...

2024年康冠科技的研发支出达到了6.47亿元，同比增长4.93%。这一显著增长不仅体现了公司对技术创 新的重视，也彰显了其在AI+显示领域的战略布局。通过持续的研发投入，康冠科技成功推出了多款创 新产品，如移动智慧屏(AI版)、智能美妆镜、VR眼镜等。这些产品凭借AI技术的深度赋能，实现了更 高效的人机交互和智能化功能，覆盖了办公、教育、医疗、娱乐等多个关键场景。 创新显示业务成为新增长引擎 在研发投入的推动下，康冠科技的创新显示业务取得了显著增长。2024年创新类显示产品业务收入占比 提升至10%左右，成为公司显示业务新的增长曲线，该业务实现营业收入15.19亿元，同比增长 57.94%，出货量同比增长110.61%。这些创新产品的成功推出和市场认可，不仅提升了公司的市场份 额，也为公司未来的盈利增长提供了有力支撑。 3月30日，深主板上市公司康冠科技（001308）(001308.SZ)披露2024年年报。上述年报数据显示，公司 2024年业绩持续提升，创新类显示产品、智能电视业务高速增长。从年报披露内容来看，康冠科技2024 年实现营业收入约155.87亿元，同比增长15.92%，实现归属于上市公司股 ...