事项 8月18日晚，公司自有品牌KTC发布AI眼镜、AI智能一体机、电竞显示器等产品。 国信电子观点 1）公司自有品牌KTC发布AI眼镜、AI智能一体机、电竞显示器等产品，进一步丰富公司自有品牌显示产品矩 阵。公司自有品牌KTC与豆包大模型深入合作，将AI大模型赋能眼镜及移动智慧屏，公司产品拓展AI显示终 端，是AI端侧应用的载体，在AI应用加速发展背景下有望受益。 点击 关注我们 核心观点 2）我们认为，公司自有品牌持续推出创新类显示产品，扩充产品矩阵，同时公司自有品牌海外市场拓展顺 利，"新消费+全球化"带领创新类显示产品成为公司新的增长引擎，维持"优于大市"评级。 评论 "新消费+全球化"带领创新类显示产品成为公司新的增长引擎 公司创新类显示产品覆盖电竞、美妆、居家、直播等多元化场景，公司自有品牌KTC在8月18日发布AI眼镜、 AI智能一体机、电竞显示器等产品。公司旗下自有品牌KTC显示器在2024年位列中国除港澳台地区电竞显示 器线上零售销量第三名，KTC移动智慧屏在生产制造型供应商出货量位列全球第一名。同时，自有品牌KTC在 海外市场表现亮眼，2025年Prime day销量同比增长381%，GM ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3] Core Views - The company has successfully launched AI glasses, AI smart all-in-one machines, and gaming monitors under its own brand KTC, further enriching its product matrix. The collaboration with Doubao's large model enhances the AI capabilities of these products, positioning them to benefit from the accelerating development of AI applications [3][4] - The company is expected to see revenue growth of 17.5% in 2025, 13.2% in 2026, and 8.8% in 2027, reaching 18.321 billion, 20.737 billion, and 22.552 billion yuan respectively. Net profit is projected to grow by 24.1%, 24.5%, and 12.7% during the same period, reaching 1.035 billion, 1.289 billion, and 1.452 billion yuan respectively. The current stock price corresponds to P/E ratios of 16.6, 13.3, and 11.8 for the years 2025, 2026, and 2027 [3][8] Summary by Sections Product Launch and Market Expansion - The company launched innovative display products that cater to diverse scenarios such as esports, beauty, home use, and live streaming. The KTC brand ranks third in online retail sales of gaming monitors in China (excluding Hong Kong and Macau) for 2024, and the KTC mobile smart screen ranks first globally in terms of shipment volume among manufacturing suppliers [4][8] - The KTC brand has shown impressive performance in overseas markets, with sales during the 2025 Prime Day increasing by 381% year-on-year and GMV growing by 348%. The gaming and mobile smart screen products are leading in rankings on Amazon in Japan and the US [4][8] AI Product Features - The KTC AI glasses feature a lightweight frame made of high-strength nylon, weighing 39g, and are equipped with a flagship Snapdragon AR1 chip, a 12-megapixel Sony IMX681 camera, and an array microphone. The glasses support live streaming, voice navigation, and music playback, with a battery life of 4 hours and standby time of 38 hours. The AI interaction capabilities are enhanced by the Doubao large model, enabling functions such as AI flash notes, image recognition, and translation [4][6] - The KTC AI smart all-in-one machine is powered by a high-performance 8-core chip with 8+128GB memory and an 8-megapixel AI camera. It integrates with the Doubao large model for enhanced AI performance across various applications including daily office tasks, online learning, and live streaming [6][8]

（文章来源：每日经济新闻） 开源证券8月21日发布研报称，给予康冠科技（001308.SZ，最新价：25.57元）买入评级。评级理由主 要包括：1）康冠科技KTCAI眼镜正式发布，多厂商布局助力AI眼镜渗透率提升；2）2025H1中国显示 器市场回暖明显，KTC电竞显示器销售表现亮眼；3）AI+应用赋能多款产品，自有品牌KTC和FPD海外 多渠道销售取得突破。风险提示：原材料价格大幅上行，汇率波动风险，创新品类拓展不及预期。财务 摘要和估值指标。 ...

电子/光学光电子 康冠科技（001308.SZ） 发布 AI 服镜布局更多视觉场景，品牌出海持续突破 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/20 | | --- | --- | | 当前股价(元) | 26.07 | | 一年最高最低(元) | 29.20/17.27 | | 总市值(亿元) | 182.65 | | 流通市值(亿元) | 62.53 | | 总股本(亿股) | 7.01 | | 流通股本(亿股) | 2.40 | | 近 3 个月换手率(%) | 71.65 | 股价走势图 -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 康冠科技 沪深300 数据来源：聚源 相关研究报告 《主业稳健+创新业务高增致 Q1 业绩 拐点，关注自有品牌全球化弹性—公 司信息更新报告》-2025.5.1 《利润短期承压，年末订单大幅增长 蓄力 2025 年高增—公司信息更新报 告》-2025.3.31 《收入延续亮眼增长，提价节奏变化 利润端仍承压—公司信息更新报告》 -2024.10.30 初敏（分析师） 程婧雅（分析师） c ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The KTC AI interactive glasses have been officially launched at a starting price of 1499 yuan, with a promotional price of 999 yuan for the first 500 customers [2][3] - The global smart glasses market is expected to see significant growth, with a projected shipment of 1.568 million units in 2024, representing a year-on-year increase of 119% [4] - The company is positioned as a leader in the global smart display industry, with a stable revenue growth trajectory and a strong competitive advantage [5] Financial Projections - Revenue is expected to reach 176 billion yuan in 2025, with a year-on-year growth of 12.8%, and projected net profit of 9.7 billion yuan, reflecting a growth of 16.5% [6][8] - The earnings per share (EPS) is forecasted to be 1.39 yuan in 2025, with a price-to-earnings (PE) ratio of 18 times [6][8] - The company anticipates a steady increase in revenue and net profit over the next three years, with net profit expected to reach 14.2 billion yuan by 2027 [6][8]

本报讯 （记者刘晓一）8月18日晚间，深圳市康冠科技股份有限公司（简称"康冠科技"）旗下KTC品牌 举办新品发布会，集中推出KTC AI交互眼镜、电竞显示器25M1、随心屏新形态等重磅产品，并宣布与 火山引擎豆包大模型达成深度合作，以多元智能硬件与AI技术融合，为消费者打造全新智能交互体 验。 针对电竞玩家，KTC推出电竞显示器25M1，延续大师系列设计风格，搭载FHD400Hz疾速刷新率，有 效消除了画面拖影与撕裂，为高速竞技场景提供极致流畅体验。 随心屏家族新增便携屏与桌面智慧屏形态，整合AI智能体支持触屏、语音及隔空手势操作，能实现与 手机无缝连接及跨端双向控制，大幅提升使用灵活性。 发布会上，KTC方面宣布与火山引擎进行战略合作，其全系列移动屏产品将接入豆包大模型。此次"三 箭齐发"的新品矩阵，不仅展现了KTC在硬件设计与AI技术融合上的实力，更通过多元智能终端布局， 为用户在生活、工作、娱乐等场景带来更便捷的智能交互体验。 （文章来源：证券日报） 作为发布会焦点，KTC AI交互眼镜凭借轻量化设计与强大功能成为明星产品。该眼镜搭载高通骁龙 AR1芯片，仅39g的重量搭配方圆造型，支持近视屈光镜替换， ...

事件：2025 年8 月18 日， 公司发布KTC AI 交互眼镜新品。 AI 眼镜赛道高景气度。我们认为，眼镜是最靠近人体嘴、耳、眼三大重要感官的穿戴设备，或将成为 AI 最好的载体。据艾瑞咨询，2024 年全球AI 眼镜出货量达到234 万台，同比+588%，预计将于2028 年 达2600 万台，2024~2028CAGR 为82.6%。AI 眼镜市场于23 年起步，行业仍处发展初期，产品体验存在 诸多痛点，未来在产品迭代完善的过程中存在较大市场机会。 公司持续探索AI 赋能。除新发布的AI 眼镜外，公司还具备多款AI 产品： 1）医疗AI 一体机，集成AI 解决方案，支持动态影像病灶识别与模型训练，有效提高医疗诊断效率， 并降低对资深医师依赖；2）AI 智能一体机，同豆包AI 大模型深度融合，深度思维引擎助力办公；3） AI 闺蜜机，内置康冠AI 语音助手，依托讯飞星火交互认知大模型实现AI 助手、AI 健身私教、AI 陪娃 等功能；4）AI 学习机，聚焦学生端"AI+教育"应用，涵盖"AI 精准学、AI精准练、AI 智能答疑、AI 作 文批改"等六大辅学功能。 投资建议：我们预计公司2025-202 ...

Core Viewpoint - The smart TV sector is leading the market with a rise of 2.73%, indicating strong performance and investor interest in this industry [1] Company Performance - Tongzhou Electronics saw a significant increase of 10.01% in its stock price [1] - Sichuan Changhong experienced a rise of 9.99% [1] - Kangguan Technology's stock increased by 2.37% [1] - Skyworth Digital's stock rose by over 2% [1]

湘财证券研报指出，AI大模型的破圈及AI智能眼镜、AI手机等设备市占率的提升，带动端侧AI算力的 需求上行，驱动高性能以太网交换机、先进存储产品、GPU及边缘计算/端侧算力芯片等多种半导体硬 件的市场需求稳步增长。传统消费电子领域，智能手机、PC及IOT板块弱复苏态势延续，叠加国产化替 代仍为大势所趋，具有自主可控能力的半导体企业有望持续收益。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上市公 司，行业主要分布于电子制造、半导体、光学光电子等市场关注度较高的主流板块。其场外联接基金 为，A类：018300；C类：018301。 8月15日上午，A股三大指数集体上涨，上证指数盘中上涨0.12%，综合、建筑材料、房地产等板块涨幅 靠前，银行、医药生物跌幅居前。消费电子走强，截至10:03，消费电子ETF（159732.SZ）上涨 0.11%，其成分股均胜电子上涨4.77%，三环集团上涨2.81%，风华高科上涨2.75%，信维通信上涨 2.06%，康冠科技上涨1.82%。 消息方面，根据Counterpoint《全球智能眼镜型号出货量追踪》报告，2025年上半年国 ...

Overview of Guarantees - Shenzhen Kangguan Technology Co., Ltd. has approved a total guarantee amount not exceeding RMB 800 million for its subsidiaries, effective for 12 months from the date of the shareholders' meeting [2][12] - The approved guarantee amounts for subsidiaries include RMB 270 million for Huizhou Kangguan Technology Co., Ltd. and Shenzhen Kangguan Commercial Technology Co., Ltd., and RMB 10 million for Shenzhen Kangguan Medical Equipment Co., Ltd. [2] Progress of Guarantees - Recently, Kangguan Technology provided a maximum joint liability guarantee for Huizhou Kangguan's application for a comprehensive credit limit of RMB 12 million with Agricultural Bank of China [4] - A maximum joint liability guarantee of RMB 24 million was also provided for Kangguan Commercial's application with the same bank [4] - For Kangguan Medical, a maximum joint liability guarantee of RMB 1 million was provided for its application with Bank of China [4] Financial Status of Guaranteed Parties - The total amount of guarantees provided by the company and its subsidiaries is RMB 444.61 million, accounting for 57.86% of the company's latest audited net assets [12] - All guaranteed parties are wholly-owned or controlled subsidiaries of the company and are not listed as dishonest executors [7] Guarantee Agreements - The guarantee agreements with Agricultural Bank of China and Bank of China include joint liability guarantees, with specific terms for the guarantee period and coverage of principal, interest, penalties, and other related costs [8][11]