Core Viewpoint - Shenzhen Das Intelligent Co., Ltd. has officially signed a project contract with Shenzhen Kangguan Technology Co., Ltd. regarding the smart display technology park (Phase I) in Shenzhen [1] Company Summary - The project involves the development of a smart display technology park, indicating a focus on advancing smart technology solutions within the region [1] - The collaboration between Das Intelligent and Kangguan Technology highlights a strategic partnership aimed at enhancing technological infrastructure [1] Industry Summary - The signing of the contract reflects ongoing investments in smart technology and innovation within the Shenzhen area, which is known for its tech-driven economy [1] - This project may contribute to the growth of the smart display sector, aligning with broader trends in digital transformation and smart city initiatives [1]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company's short-term innovation business is driving performance beyond expectations, with accelerated AI hardware innovation catalyzing a valuation reassessment. Long-term, the company is transforming its proprietary brand and optimizing its profit structure, fully embracing AI and robotics innovation to create a new growth curve [1]. - The company has achieved significant growth in its innovative product lines, with a 37.11% year-on-year revenue increase in the innovation segment, driven by successful overseas expansion of its proprietary brands [7]. - The company is actively investing in the home care robotics sector, having secured seven related patents, indicating a strategic focus on capturing opportunities in the aging economy [7]. Financial Data and Valuation - The projected total revenue for 2023 is 13,447 million yuan, with a year-on-year growth of 16%. However, a decline of 3% is expected in 2025, followed by a recovery in subsequent years [2][15]. - The company's net profit attributable to shareholders is forecasted to decrease to 707 million yuan in 2025, reflecting a 15% decline from the previous year, but is expected to rebound to 937 million yuan in 2026 [2][15]. - The current price-to-earnings (PE) ratio is 22.5 for 2025, with a projected PE of 17.0 in 2026, indicating potential for valuation improvement as earnings recover [2][15]. Shareholder Returns - The company has returned 17 billion yuan to shareholders through dividends since its IPO, demonstrating a commitment to shareholder value [7]. - The company plans to reward shareholders with AI products based on their holdings, further emphasizing its focus on shareholder engagement [7].

证券日报网讯康冠科技11月11日在互动平台回答投资者提问时表示，关于股东回馈活动的详细信息，请 参阅公司于2025年10月28日发布的《关于股东回馈活动的自愿性信息披露公告》及"康冠科技投资者关 系"公众号于2025年10月27日发布的《"康冠科技股东回馈活动"参与指南》。根据指南相关规定，活动 截止日（2025年11月30日）后15个工作日内，公司将完成申请审核并安排发货。 （文章来源：证券日报） ...

Core Viewpoint - Dasan Intelligent (002421.SZ) has signed a project contract with Shenzhen Kangguan Technology (001308) for the smart display technology park (Phase I) with a contract value of 12.7652 million yuan [1] Group 1 - The project involves the smart display technology park, indicating a focus on technological advancements in the display sector [1] - The contract amount is 12.7652 million yuan, reflecting a significant investment in the smart technology space [1]

Core Viewpoint - Dasan Intelligent (002421) has signed a project contract with Shenzhen Kangguan Technology (001308) for the smart display technology park (Phase I), with a contract value of 12.7652 million yuan, which accounts for 0.4% of the company's projected revenue for 2024 [1] Group 1 - The project contract was officially signed on November 11 [1] - The contract amount is 12.7652 million yuan [1] - This contract represents 0.4% of the company's expected revenue for the year 2024 [1]

Core Points - The company has signed a project contract with Shenzhen Kangguan Technology Co., Ltd. for the intelligent display technology park (Phase I) [1] - The contract amount is 12.7652 million yuan, which accounts for 0.4% of the company's audited revenue for 2024 [1] - Although the contract implementation will not have a significant impact on profits, it positively influences the company's market share in the enterprise park sector [1] - The project will not significantly affect the company's business independence [1]

Core Viewpoint - 康冠科技 reported a decline in revenue and net profit for the first three quarters of 2025, but showed growth in non-recurring net profit and significant improvement in cash flow from operating activities [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 10.78 billion yuan, a year-on-year decrease of 5.37% - The net profit attributable to shareholders was 503 million yuan, down 9.92% year-on-year - The non-recurring net profit attributable to shareholders was 449 million yuan, an increase of 1.09% year-on-year - The net cash flow from operating activities reached 681 million yuan, a significant increase of 241.76% year-on-year - In Q3 alone, revenue was 3.845 billion yuan, a year-on-year decline of 19.74%, and net profit attributable to shareholders was 119 million yuan, down 20.58% year-on-year [1] Business Segments - The innovative display business experienced high growth, with revenue increasing by 37.11% year-on-year and shipment volume rising by 42.02% - The smart interactive display segment saw increased market penetration in office and education sectors, contributing to steady revenue and shipment growth - Traditional business faced challenges due to industry conditions and a strategic shift towards high-value products, with smart TV revenue declining by 17.33% year-on-year and shipment volume down by 11.95% [1] Strategic Initiatives - The company is actively expanding into the automotive display sector, having established a diversified product matrix that includes "AI+Office," "AI+Education," "AI+Medical," and "AI+Entertainment" - 康冠科技's subsidiary received IATF 16949:2016 certification, laying the groundwork for entering the automotive field - A production line for automotive modules has been established, with successful delivery of the first batch of 3,000 automotive module screens for a domestic electric vehicle manufacturer - Collaboration with a leading international Tier 1 supplier is underway to develop automotive Mini LED display assemblies, leveraging the company's Mini LED backlight technology and algorithms [2] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 737 million yuan, 919 million yuan, and 1.139 billion yuan, respectively, with year-on-year growth rates of -11.55%, 24.73%, and 23.88% - The current stock price corresponds to price-to-earnings ratios of 21.38, 17.14, and 13.83 for the respective years [2]

Group 1 - Digital Zhengtong's subsidiary Baoding Jindi won a bid for a smart water project in Jinan, with a total contract value of 109 million yuan, of which Baoding Jindi's share is approximately 77 million yuan [1] - Lingzhi Software plans to acquire 100% equity of Kaimiride through a combination of cash and stock issuance, with the final transaction price yet to be determined [1] - Tianjin Port's subsidiary plans to transfer 60% equity of China Railway Storage and Transportation, with an estimated value of 37.54 million yuan for the entire equity [2] Group 2 - New Wufeng reported a 56.97% year-on-year increase in pig sales in October, selling 610,000 pigs [3] - New Peng Co. announced a joint investment of approximately 15 million USD with Jabil to build a battery storage box project in Thailand [4] - Maiwei Bio received approval for a clinical trial of its 9MW3811 injection for pathological scars [6] Group 3 - Jiangsu Sopo completed maintenance and resumed production of its methanol and acetic acid facilities [8] - Luoniushan reported a 24.65% year-on-year increase in pig sales revenue in October, totaling 116 million yuan [9][10] - Zhongbei Communication signed a 1 billion yuan comprehensive computing service framework agreement with Xiamen Hongxin Electronics [11] Group 4 - Huayang New Materials announced the resignation of its general manager, Wu Yuehua [12] - Zhongxin Co. used 50 million yuan of idle funds to purchase structured deposits with expected annual returns between 0.55% and 2.05% [14] - Huajian Group's subsidiary signed a construction engineering design contract worth 96.54 million yuan [16] Group 5 - Jianyou Co. received FDA approval for a new production site for its injectable drug [17] - Beilu Pharmaceutical obtained a drug registration certificate for its iodine mepivacaine injection, which is included in the national medical insurance catalog [19] - *ST Yuancheng's stock will be suspended due to falling below the market cap threshold for delisting [20] Group 6 - Xiantan Co. reported a 9.3% year-on-year increase in chicken product sales revenue in October, totaling 503 million yuan [21] - Huanxu Electronics reported an 8.93% year-on-year decrease in consolidated revenue for October, amounting to 5.598 billion yuan [23] - Yisheng Co. reported a 22.97% year-on-year decrease in white feather chicken seed sales revenue in October [25] Group 7 - Yuandong Bio initiated a Phase I/II clinical trial for its ADC drug YLSH003 targeting advanced solid tumors [25] - Xiaoming Co. reported a 34.89% year-on-year decrease in chicken product sales revenue in October [26] - Nanjiao Food reported a 5.27% year-on-year decrease in consolidated revenue for October, totaling 235 million yuan [28] Group 8 - Chuangye Huikang announced a potential change in control, leading to a temporary stock suspension [30] - Tangrenshen reported a 17.91% year-on-year decrease in pig sales revenue in October, totaling 828 million yuan [32][33] - Wancheng Group plans to distribute a cash dividend of 1.5 yuan per 10 shares to shareholders [34] Group 9 - Kangguan Technology plans to distribute a cash dividend of 3.6 yuan per 10 shares to shareholders [36] - Shoudu Online's executive plans to reduce holdings of up to 19,400 shares [38] - Maolai Optical received approval for the issuance of convertible bonds [40] Group 10 - Jinkai New Energy plans to distribute a cash dividend of 0.1 yuan per share to shareholders [41] - Tianchen Medical raised the upper limit for share repurchase to 70 yuan per share [42] - Tianmu Lake used 38 million yuan of idle funds to purchase structured deposits [43]

Investment Rating - The investment rating for the company is "Buy" (maintained) due to innovation-driven transformation and growth opportunities in AI and automotive sectors [5]. Core Views - The company is experiencing a transformation driven by innovative business segments, particularly in AI and automotive applications, which are expected to open up new growth avenues [5]. - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed strong growth in innovative display products and significant improvements in cash flow [6]. - The company is actively expanding its automotive display business and has established partnerships with major suppliers, indicating a strategic shift towards diversification [6]. Financial Summary - Revenue projections for 2025 are estimated at 16,146 million RMB, with a year-on-year growth rate of 3.59% [5]. - The net profit for 2025 is projected to be 737 million RMB, reflecting a decline of 11.55% compared to the previous year [5]. - The earnings per share (EPS) for 2025 is expected to be 1.05 RMB, with a price-to-earnings (P/E) ratio of 21.38 [5]. - The company’s total market capitalization is approximately 15,757.23 million RMB, with a circulating market value of 11,120.25 million RMB [3].

（文章来源：证券日报） 证券日报网讯 11月9日晚间，康冠科技发布公告称，2025年中期权益分派方案为：以公司现有总股本 703，447，592股为基数，向全体股东每10股派3.60元人民币现金（含税）。股权登记日为2025年11月 14日，除权除息日为2025年11月17日。预计派发现金红利253，241，133.12元（含税）。 ...