深圳市康冠科技股份有限公司 关于注销 2022 年股票期权激励计划部分股票期权的公告 证券代码：001308 证券简称：康冠科技 公告编号：2025-042 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 2025 年 5 月 20 日 召开第二届董事会第二十八次会议、第二届监事会第二十七次会议，审议通过 了《关于注销 2022 年股票期权激励计划部分股票期权的议案》，其中董事李宇 彬、廖科华、陈茂华、监事陈文福因是激励对象或激励对象的关联人，已对议 案回避表决。现将有关事项说明如下： 一、2022 年激励计划已履行的决策程序和信息披露情况 1、2022 年 4 月 22 日，公司召开第一届董事会第十七次会议审议通过《关 于〈深圳市康冠科技股份有限公司 2022 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 2022 年股票期权激励计划实 施考核管理办法〉的议案》《关于提请公司股东大会授权董事会办理公司 2022 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 ...

法律意见书 中国 深圳 福田区 益田路6001号 太平金融大厦11、12楼 邮政编码：518038 11/F、12/F., TAIPING FINANCE TOWER, NO.6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话（Tel.）：（86-755） 88265288 传真（Fax.）：（86-755）88265537 网站（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市康冠科技股份有限公司 2024年年度股东大会 法律意见书 信达会字（2025）第 158 号 致：深圳市康冠科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东 会规则》（下称"《规则》"）等法律、法规以及现行有效的《深圳市康冠科技 股份有限公司章程》（下称"《公司章程》"）的规定，广东信达律师事务所（下 称"信达"）接受贵公司的委托，指派律师（下称"信达律师"）出席贵公司 2024 年年度股东大会（下称"本次股东大会"），在进行必要验证工作的基础上，对 贵公司本次股东大会的召集、召开程序、出席会议人员和召集人 ...

关于深圳市康冠科技股份有限公司 注销 2022 年股票期权激励计划 部分股票期权的 法律意见书 中国 深圳 福田区益田路 6001 号太平金融大厦 11、12 楼 邮编：518038 11&12/F, TaiPing Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R.CHINA 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 电子邮件（E-mail）：info@sundiallawfirm.com 网址（Website）：https://www.sundiallawfirm.com 法律意见书 广东信达律师事务所 关于深圳市康冠科技股份有限公司 注销 2022 年股票期权激励计划 部分股票期权的法律意见书 信达励字（2025）第 053 号 致：深圳市康冠科技股份有限公司 对信达出具的本法律意见书，信达律师声明如下： 1、信达律师依据本法律意见书出具日以前已经发生或者存在的事实及中国 境内现行法律、法规和规范性文件的规定发表法律意见；信达律师不对中国境外 的任何国家和地区的法律问题发表法律 ...

在公司换届工作完成前，公司第二届董事会、监事会全体成员、董事会各 专门委员会成员及高级管理人员将依照相关法律法规和《公司章程》等有关规 定，继续履行董事、监事及高级管理人员的职责和义务。 公司董事会、监事会延期换届不会影响公司的正常运营。公司将尽快推进 相关工作进程，并及时履行信息披露义务。 证券代码：001308 证券简称：康冠科技 公告编号：2025-045 深圳市康冠科技股份有限公司 关于董事会、监事会延期换届的提示性公告 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。 深圳市康冠科技股份有限公司（以下简称"公司"）第二届董事会、监事 会任期于 2025 年 5 月 17 日届满。鉴于公司换届工作尚在筹备中，为确保公司 董事会、监事会工作的连续性和稳定性，公司第三届董事会、监事会的换届选 举工作将适当延期，公司董事会各专门委员会、高级管理人员的任期亦相应顺 延。 特此公告。 深圳市康冠科技股份有限公司 董事会 2025 年 5 月 21 日 1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Views - The company continues to experience high growth in innovative display products, with a 50.4% year-on-year increase in revenue for these products in Q1 2025. The overall revenue for Q1 2025 reached 3.142 billion yuan, representing a 10.8% year-on-year growth [2][5]. - The gross margin improved both year-on-year and quarter-on-quarter, reaching 13.36% in Q1 2025, with a year-on-year increase of 0.75 percentage points and a quarter-on-quarter increase of 1.76 percentage points [1][2]. - The company’s smart TV shipments increased by 31.0% year-on-year in Q1 2025, with sales revenue growing by 5.9% [1][2]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 215 million yuan, which is a 15.8% increase year-on-year but a 22.0% decrease quarter-on-quarter [1][2]. - The revenue from smart interactive display products and smart TVs also showed significant growth, with respective year-on-year increases of 10.0% and 5.9% [1][2]. Revenue Forecast - The company expects its net profit to grow by 24.1%, 24.5%, and 12.7% for the years 2025, 2026, and 2027, reaching 1.035 billion yuan, 1.289 billion yuan, and 1.452 billion yuan respectively [2][4]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 14.9, 12.0, and 10.6 respectively [2][4]. Market Trends - The company’s innovative display products are benefiting from strong domestic market performance driven by national subsidy policies, which have positively impacted order growth in the domestic OEM market [2][5]. - The company’s brand KTC achieved a shipment volume of approximately 600,000 units in Q1 2025, with a year-on-year growth of 50% [2][5].

证券研究报告·A 股公司简评 黑色家电 电视&显示器高增， Q1 收入业绩稳健增长 核心观点 公司是全球 TV 及 IFPD 代工龙头，2024 年 IFPD 代工受行业需 求下滑影响，收入规模及占比下滑，智能电视代工以及显示器等 新兴品类贡献收入增长，受面板成本上涨及产品结构调整影响， 利润率短期下滑。公司大力发展创新类显示产品，推动自有品牌 出海，电竞显示器、移动智慧屏、AI 学习机、智能美妆镜等系列 创新产品不断涌现，预计 2025 年收入利润重返上升趋势。 事件 2025 年 3 月 31 日，康冠科技发布 2024 年年度报告。2025 年 4 月 29 日，康冠科技发布 2025 年一季报。 公司 2024 年实现营收 155.87 亿元（YOY+15.92%），归母净利 润 8.33 亿元（YOY-35.02%），净利率为 5.35%（YOY-4.19pct）； 其中 Q4 实现营收 41.95 亿元（YOY-14.12%），归母净利润 2.75 亿元（YOY-34.12%），净利率为 6.56%（YOY-1.99pct）。2025Q1 实现营业收入 31.42 亿元（YOY+10.82%），归 ...

Investment Rating - The investment rating for the company is upgraded to "Strongly Recommended" [1][6]. Core Views - The company has reversed a trend of declining performance over the past four quarters, achieving a remarkable year-on-year growth of 32% in non-recurring profit for Q1 2025. This is attributed to the continuous enhancement of its smart TV business capabilities, rapid global market share growth, and exceeding expectations in its proprietary brand business. The launch of innovative products such as AI glasses and expansion into overseas markets are expected to drive significant growth in the innovative display product segment [1][6]. Financial Performance - In Q1 2025, the company reported revenue of 3.142 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 210 million yuan, up 16% year-on-year. The non-recurring net profit reached 180 million yuan, marking a 32% increase year-on-year. The revenue growth by business segments includes smart interaction, innovative products, and TV revenue increasing by 10%, 50%, and 6% respectively, with sales volume growth of 16.5%, 64%, and 31% [6][7]. Market Position and Strategy - The company has effectively addressed tariff risks through its global super factory MTO overseas cooperation plan, resulting in a significant sales volume increase of 31%, outperforming the market average growth of 3.5% for the top ten global TV ODM factories in Q1 2025. The company is also actively expanding its three proprietary brands (KTC, Haoli, FPD) into overseas markets, with products listed on platforms like Amazon and Temu [6][7]. Product Innovation - The innovative display segment is experiencing high growth, with the company actively exploring AI, AR, and VR applications. The FPD brand has launched a VR glasses series, while KTC is expected to introduce AI interactive glasses. The interactive flat panel market is projected to grow by 3.5% in 2025, driven by educational and commercial applications [6][7]. Profitability and Forecast - The company's gross margin improved by 0.75 percentage points year-on-year in Q1 2025, with a net profit margin increase of 0.3 percentage points to 6.8%. The forecast for net profit attributable to shareholders for 2025-2027 is 1.059 billion yuan, 1.242 billion yuan, and 1.474 billion yuan, representing year-on-year growth rates of 27%, 17%, and 19% respectively [6][7][12].

证券代码：001308 证券简称：康冠科技 公告编号：2025-040 深圳市康冠科技股份有限公司 关于为子公司提供担保的进展公告 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。 特别风险提示： 要求的担保。 同时，公司于 2025 年 3 月 28 日召开了第二届董事会第二十五次会议，审议 通过了《关于 2025 年度公司及子公司向银行申请授信额度并接受关联方提供担 保暨关联交易的议案》，同意公司及子公司 2025 年度拟向银行等金融机构申请 共计不超过等值人民币 1,500,000.00 万元的综合授信额度，其中康冠医疗申请的 授信额度为 10,000.00 万元人民币，并在必要时由公司关联方张斌先生为康冠医 疗在上述额度范围内申请的综合授信额度无偿提供连带责任担保。 二、担保进展情况 近日，康冠科技就康冠商用向上海浦东发展银行股份有限公司深圳分行 （以下简称"浦发银行深圳分行"）申请综合授信额度事项提供最高额连带责 任保证，被担保债权的最高限额为 30,000 万元。 1、本次被担保对象惠州市康冠科技有限公司资产负债率超过 70%； 2、公司及下属全资或 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company has shown a significant performance turnaround in Q1 2025, with revenue reaching 3.14 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 210 million yuan, up 15.8% year-on-year [6][8] - The company maintains its profit forecast, expecting net profits of 1.09 billion, 1.36 billion, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.56, 1.95, and 2.35 yuan [6][8] Financial Performance - In Q1 2025, the company achieved a gross margin of 13.36% and a net margin of 6.81%, both showing year-on-year increases [8] - The company’s revenue is projected to grow from 13.45 billion yuan in 2023 to 24.26 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.9% [9][11] - The net profit is expected to recover from a low of 833 million yuan in 2024 to 1.65 billion yuan in 2027, indicating a strong recovery trajectory [9][11] Business Segments - All business lines reported increases in both shipment volume and revenue in Q1 2025, with intelligent interactive displays growing by 10.03%, innovative displays by 50.42%, and smart TVs by 5.88% [7] - The company’s innovative display segment benefits from AI empowerment, enhancing product capabilities and pricing power, with a gross margin exceeding 20% [8] Market Position and Strategy - The company is focusing on expanding its own brands in international markets, primarily through cross-border e-commerce channels [8] - The company’s "随心屏" product is expected to achieve the highest global shipment volume in 2024, including both its own brand and ODM for other brands [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company has shown a significant performance turnaround in Q1 2025, with revenue and profit both increasing. Revenue reached 3.14 billion yuan, up 10.8% year-on-year, and net profit attributable to shareholders was 210 million yuan, up 15.8% year-on-year [6][8] - The company is expected to maintain its profit forecast, with projected net profits of 1.09 billion yuan, 1.36 billion yuan, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 30.9%, 24.9%, and 21% [6][9] Financial Performance - In Q1 2025, the company achieved a gross margin of 13.36% and a net margin of 6.81%, both showing year-on-year improvements [8] - The company’s revenue for 2023 was 13.447 billion yuan, with a projected growth to 18.315 billion yuan in 2025, representing a year-on-year growth rate of 17.5% [9][11] - The earnings per share (EPS) are projected to be 1.56 yuan, 1.95 yuan, and 2.35 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13.4, 10.8, and 8.9 [6][9] Business Segments - All business lines reported increases in both shipment volume and revenue in Q1 2025, with smart interactive displays, innovative displays, and smart TVs showing year-on-year revenue growth of 10.03%, 50.42%, and 5.88% respectively [7] - The company is focusing on expanding its own brands in international markets, particularly through cross-border e-commerce channels, and plans to launch AI smart glasses in mid-2025 [8][9]