Investment Rating - The report gives a "Buy" rating for the company, with a target price of 21.10 yuan as of October 23, 2024 [6][7] Core Views - The company is a global leader in smart display manufacturing, focusing on customized and differentiated display products, including smart interactive panels, professional displays, innovative displays, and smart TVs [2] - The company primarily operates through an OEM model, with 83.8% of its revenue coming from overseas sales in H1 2024 [2] - The global TV OEM market is expected to grow further due to increasing demand for cost-effective local brands and channel-owned brands, benefiting the company's smart TV business [3] - The company's smart interactive display business is expected to improve, driven by the replacement cycle in overseas education markets and emerging market demand [4] - The innovative display segment, including products like mobile smart screens and VR glasses, has shown rapid growth, with revenue increasing by 128.92% YoY in 2023 and 94.1% YoY in H1 2024 [5] Business Segments Smart TV - The company's smart TV business has shown strong growth, with a 20.7% CAGR from 2019 to 2023 and a 52.7% YoY increase in H1 2024 [16][17] - The company ranks fourth in the global TV OEM market in H1 2024, with a 43.7% YoY increase in shipments [40][41] - The global TV OEM market is expected to grow further, driven by cost pressures on brand manufacturers and the shift towards local brands and channel-owned brands [37] Smart Interactive Display - The company is the global leader in smart interactive panel shipments, with a 35.7% revenue share in 2023 [44] - The global IFPD (Interactive Flat Panel Display) market is expected to grow, with education and conference markets showing significant potential [46] - The company's smart interactive display business is expected to grow, with revenue projected to reach 40.1 billion yuan in 2024, 45.8 billion yuan in 2025, and 50.3 billion yuan in 2026 [61] Innovative Display - The innovative display segment, including products like mobile smart screens, VR glasses, and smart mirrors, has shown rapid growth, with revenue increasing by 128.92% YoY in 2023 and 94.1% YoY in H1 2024 [5][57] - The company's KTC brand ranks third in the domestic online market for gaming monitors, with a 142% YoY increase in sales in H1 2024 [53] - The innovative display segment is expected to continue its strong growth, with revenue projected to reach 14.4 billion yuan in 2024, 18.0 billion yuan in 2025, and 20.7 billion yuan in 2026 [62] Financial Projections - The company's revenue is expected to grow at a CAGR of 13.9% from 2024 to 2026, reaching 153.2 billion yuan in 2024, 174.4 billion yuan in 2025, and 189.9 billion yuan in 2026 [6][65] - Net profit is expected to grow at a CAGR of 36.2% from 2024 to 2026, reaching 9.73 billion yuan in 2024, 13.25 billion yuan in 2025, and 16.01 billion yuan in 2026 [6][65] - The company's EPS is projected to be 1.42 yuan in 2024, 1.93 yuan in 2025, and 2.33 yuan in 2026, with corresponding P/E ratios of 14.7x, 10.8x, and 9.0x [6][65]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 11.391 billion yuan for Q3 2024, representing a year-on-year increase of 33.05%. However, the net profit attributable to shareholders was 558 million yuan, a decrease of 35.45% year-on-year. The net profit excluding non-recurring items was 444 million yuan, down 46.86% year-on-year. The net operating cash flow was -481 million yuan, a decline of 293.68% year-on-year [4][5][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 4.791 billion yuan, up 33.46% year-on-year. The net profit attributable to shareholders was 149 million yuan, down 53.40% year-on-year, while the net profit excluding non-recurring items was 131 million yuan, down 56.80% year-on-year. The gross profit margin for Q3 was 12.21%, a decrease of 3.88 percentage points year-on-year [5][6]. Business Segments - Revenue from innovative display products grew by 38.58% year-on-year, with shipment volume increasing by 109.84%. Revenue from smart TVs rose by 60.08%, with shipment volume up 42.29%. However, revenue from smart interactive display products declined by 8.04%, with shipment volume down 29.25% [5][6]. Market Position and Future Outlook - The company is primarily focused on the Belt and Road markets and is expected to benefit from the demand for overseas expansion. The pressure on profit margins is anticipated to ease in the future. The projected EPS for 2024-2026 is 1.25, 1.69, and 2.24, with corresponding PE ratios of 17.17, 12.70, and 9.62 [6][11].

Investment Rating - The report maintains a "Buy" rating for the company, 康冠科技 (001308) [5] Core Insights - The company reported a revenue of 11.391 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 33.05%. However, the net profit attributable to shareholders decreased by 35.45% to 558 million yuan [2] - In Q3 2024, the company achieved a revenue of 4.791 billion yuan, up 33.46% year-on-year, but the net profit attributable to shareholders fell by 53.40% to 149 million yuan [2] - The company's strategy focuses on expanding business scale and market share, which has led to increased revenue but has also pressured profitability due to competitive pricing strategies and increased promotional expenses [2][4] Revenue and Profitability - The company's main products, including innovative display products and smart TVs, showed significant revenue growth in Q3 2024, with increases of 38.58% and 60.08% respectively. However, the smart interactive display products saw a decline in revenue by 8.04% [3] - The overall gross margin and net margin for the first three quarters of 2024 were 13.20% and 4.88%, down 4.40 percentage points and 5.23 percentage points year-on-year, respectively [4] - In Q3 2024, the gross margin and net margin were 12.21% and 3.10%, reflecting a decline of 3.88 percentage points and 5.83 percentage points year-on-year [4] Financial Projections - The projected net profits for the company from 2024 to 2026 are 851 million yuan, 1.093 billion yuan, and 1.345 billion yuan, with year-on-year growth rates of -33.62%, +28.36%, and +23.10% respectively [5] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 16, 13, and 10 times [5] Market Position - The report highlights the company's leading position in the global smart display sector, driven by a dual strategy of OEM and proprietary brands [5]

Investment Rating - The report has adjusted the investment rating to "Accumulate" [5] Core Views - The company reported a revenue of 4.8 billion in Q3 2024, representing a year-on-year increase of 33%, with innovative display products growing by 38.6% and smart TVs by 60.1% [1][2] - The company is focusing on expanding its business scale and market share through product innovation, technology enhancement, brand promotion, and AI empowerment, which has shown positive results [1][3] - The net profit attributable to the parent company for Q3 2024 was 150 million, a decrease of 53% year-on-year, primarily due to intensified industry competition and changes in market demand structure [2][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 11.4 billion, up 33% year-on-year, with innovative display products and smart TVs maintaining high growth rates [2][4] - The gross profit margin for the first three quarters of 2024 was 13.20%, down 4.40 percentage points year-on-year, while the net profit margin was 4.88%, down 5.23 percentage points [3][4] - The report projects EPS for 2024, 2025, and 2026 to be 1.38, 1.70, and 2.09 respectively, with corresponding P/E ratios of 14.51, 11.76, and 9.58 [4][9] Market Position - The innovative display products have gained significant market recognition, with the brand "KTC" ranking first in the online retail market for gaming monitors in Q3 2024 [3] - The company has increased its R&D investment to drive product innovation and enhance brand awareness, which has led to higher sales expenses to support revenue growth [2][4]

Investment Rating - The report maintains an "Outperform" rating for KTC (001308 SZ) [1][3] Core Views - KTC's revenue grew 33 1% YoY in the first three quarters of 2024, reaching 11 391 billion yuan, but net profit declined 35 5% YoY to 558 million yuan [1] - In Q3 2024, revenue increased 33 5% YoY and 27 2% QoQ to 4 79 billion yuan, while net profit dropped 53 4% YoY and 33 2% QoQ to 149 million yuan [1] - The company's profit decline is attributed to intensified industry competition, changes in market demand structure, lagged price transmission, increased R&D and brand promotion expenses, and foreign exchange losses of 60 million yuan [1] Business Performance - KTC's TV OEM shipments grew YoY, with total shipments reaching 7 4 million units in the first three quarters, ranking fourth among global OEMs [1] - Global TV OEM shipments increased 4 5% YoY in the first three quarters, with Q3 shipments up 6% YoY, and the full-year growth is expected to maintain around 4% [1] - The company has successfully expanded its presence in the North American market and increased its global market coverage [1] Product Performance - Innovative display products revenue grew 38 58% YoY in Q3 2024, with shipments up 109 84% [1] - Smart TV revenue increased 60 08% YoY, with shipments up 42 29% [1] - Smart interactive display products revenue declined 8 04% YoY, with shipments down 29 25%, although smart interactive panels showed growth of 8 54% in revenue and 15 25% in shipments [1] Financial Forecasts - The report revises down KTC's net profit forecasts for 2024-2026 to 874 million, 1 112 billion, and 1 35 billion yuan, representing YoY changes of -31 9%, +27 3%, and +21 4% respectively [1] - The company's PE ratios for 2024-2026 are projected at 15 7x, 12 4x, and 10 2x [1] - Revenue is expected to grow 23 3% in 2024, 14 4% in 2025, and 9 9% in 2026 [2] - EBIT margin is forecasted to be 5 6% in 2024, 6 1% in 2025, and 6 7% in 2026 [2] Market Data - KTC's closing price was 20 02 yuan with a total market capitalization of 137 54 billion yuan and a circulating market capitalization of 15 46 billion yuan [3] - The 52-week high and low prices were 29 93 yuan and 17 56 yuan respectively [3] - The average daily trading volume over the past three months was 546 4 million yuan [3]

Investment Rating - Buy (maintained) [1] Core Views - Revenue continues to grow strongly, but profit margins remain under pressure due to changes in pricing strategies [1][3] - The company sacrificed short-term profitability to expand market share, leading to a lag in cost pass-through and reduced short-term profitability [3] - Overseas demand recovery, product structure optimization, and gradual improvement in cost pressure remain the long-term logic [3] Business Performance Revenue and Profit - 2024Q3 revenue: RMB 4.79 billion, yoy +33.5% [3] - 2024Q3 net profit: RMB 150 million, yoy -53.4% [3] - 2024Q1-Q3 revenue: RMB 11.39 billion, yoy +33.1% [3] - 2024Q1-Q3 net profit: RMB 560 million, yoy -35.5% [3] - 2024-2026 net profit forecast adjusted to RMB 860 million, RMB 1.09 billion, and RMB 1.36 billion, respectively [3] Business Segments - 2024Q3 revenue by segment: innovative display (+38.58% yoy), smart TV (+60.08% yoy), smart interactive display (-8.04% yoy) [3] - 2024Q1-Q3 revenue by segment: innovative display (+68.48% yoy), smart TV (+55.86% yoy), smart interactive display (+1.35% yoy) [3] - Smart TV prices increased, especially in the Belt and Road regions, contributing to profitability recovery [3] Profitability - 2024Q3 gross margin: 12.2%, yoy -3.88pct [3] - 2024Q3 net margin: 3.1%, yoy -5.83pct [3] - 2024Q1-Q3 gross margin: 13.2%, yoy -4.4pct [3] - 2024Q1-Q3 net margin: 4.9%, yoy -5.23pct [3] Expenses - 2024Q1-Q3 expense ratios: sales (3%, yoy +0.66pct), management (2.3%, yoy -0.37pct), R&D (4.2%, yoy -0.86pct), financial (0%, yoy +0.92pct) [3] - Increased R&D and promotional expenses to support product innovation and brand building [3] Financial Forecasts Income Statement - 2024E revenue: RMB 16.11 billion, yoy +19.8% [4] - 2024E net profit: RMB 857 million, yoy -33.2% [4] - 2024E EPS: RMB 1.25, P/E: 16.7x [4] Balance Sheet - 2024E total assets: RMB 145.71 billion [5] - 2024E total liabilities: RMB 71.77 billion [5] Cash Flow - 2024E operating cash flow: RMB 2.74 billion [5] - 2024E net cash increase: RMB -1.02 billion [5] Valuation Metrics - 2024E P/E: 16.7x [4] - 2024E P/B: 1.9x [4] - 2024E EV/EBITDA: 11.2x [5] Historical Performance - 2023A revenue: RMB 13.45 billion, yoy +16% [4] - 2023A net profit: RMB 1.28 billion, yoy -15.4% [4] - 2023A EPS: RMB 1.87, P/E: 11.2x [4]

深圳市康冠科技股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |-----------------------------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2023年度可持续发展报告 深圳市康冠科技股份有限公司 Shenzhen KTC Technology Sustainability Report 2023 以科技改善生活 公司代码：001308.SZ 公司简称：康冠科技 | 数据量化绩效表 | 113 | | --- | --- | | GRI内容索引 | 119 | | 《深圳证券交易所上市公司自 | 123 | | 律监管指引第17 号——可持续 | | | 发展报告（试行） 》内容索引 | | | | 124 | 25 27 29 31 目录 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进康冠科技 | 05 | | 发展历程 | | | 全球化布局 | 09 | | 核心品类 | 13 | | 经营策略 | 14 | | 产品认证 | 15 | | 企业荣誉 | 16 | | 年度专题 | | | 筑牢研发创新基石， | 17 | | 积极布局未来技术 | | | 打造绿色智能工厂， | | | 实现深度柔性制造 | 21 | | | 可持续发展管理 | 25 | | | --- | ...

Shenzhen KTC Technology Sustainability Report 2023 Shenzhen KTC Technology Co., Ltd. Improving Living Condition with Technology | Building a Strong R&D Innovation | | | --- | --- | | Foundation and Developing | 17 | | Future Technologies | | Stock code: 001308.SZ Stock abbreviation: KTC Contents Enabling Factories for Smart, Green and Flexible Manufacturing 21 | Sustainability Management | 25 | | --- | --- | | Environmental, Social, and Governance (ESG) System | 27 | | Response to Sustainable Development Go ...

证券代码：001308 证券简称：康冠科技 公告编号：2024-068 深圳市康冠科技股份有限公司 关于部分首次公开发行股票募集资金投资项目延期的公告 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。 深圳市康冠科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日 召开第二届董事会第二十二次会议、第二届监事会第二十一次会议审议通过了 《关于部分首次公开发行股票募集资金投资项目延期的议案》，同意将公司募 集资金投资项目（以下简称"募投项目"）中的"智能显示科技园项目（一 期）"达到预定可使用状态的时间由 2025 年 1 月 25 日延期至 2026 年 6 月 30 日。根据《深圳证券交易所股票上市规则》《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》以及《公司章程》等有关规定，除上 述变更外，该项募投项目的实施主体、投资总额、建设内容等均未发生变更， 无需提交公司股东大会审议，现将相关事项公告如下： 为规范公司募集资金的存放、使用与管理，提高募 ...