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]

公司报告 | 季报点评 创新产品延续高增 公司发布三季报 公司 24Q3 收入 48 亿，同增 33%，其中创新类显示产品营收同增 38.6%， 出货量同增 109.84%，智能电视营收同增 60.1%，出货量同增 42.3%，智能 交互显示产品营业收入同减 8.0%，出货量同减 29.3%； 公司各类产品继续延续上半年良好增长态势，其中创新类显示产品、智能 电视的增势尤为明显。公司通过产品创新、技术提升、品牌宣传和 AI 赋能 等来提升业务体量和市场占有率发展战略显见成效。 公司 24Q3 归母净利 1.5 亿同减 53%，扣非后归母净利 1.3 亿同减 57%；系 （1）行业竞争加剧及市场需求结构变化，公司紧跟市场形式，着重扩大业 务体量及市场份额的核心战略，盈利情况短期内受到影响。（2）主要原材 料的价格有所回落，但公司采取了阶段性地选择具有市场竞争力的价格策 略，适当优化节奏与幅度，旨在帮助和支持客户提升市场份额。这一策略 导致部分产品从原材料成本加成到最终销售价格的传导过程中出现了一定 的滞后性。（3）公司加大了研发投入以推动产品创新，增加了宣传推广投 入以提升品牌知名度，提高了销售费用投入以支持营 ...

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 ...

华林证券股份有限公司 关于深圳市康冠科技股份有限公司 上述募集资金已于 2022 年 3 月 14 日全部到账，并经大华会计师事务所（特 殊普通合伙）出具的"大华验字[2022]000145 号"《验资报告》予以验证。 二、募集资金存放与使用情况 为规范公司募集资金的存放、使用与管理，提高募集资金使用的效率，保护 投资者的合法权益，公司已根据《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》等法律法规和规范性 文件的相关规定，结合公司实际情况，制定了《募集资金管理办法》，并开立了 募集资金专项账户对募集资金的存储与使用进行管理。 序号 募集资金投资项目 募集资金 承诺投资金额 累计投入 募集资金金额 募集资金 账户余额 （注 2） 投资进度 1 康冠智能显示终端 产品扩产项目 50,000.00 50,253.86（注 1） 0.05 100.51% 2 商用显示产品扩产 项目 10,000.00 3,179.11 72.06 31.79% 3 智能显示科技园项 目（一期） 62,00 ...

证券代码：001308 证券简称：康冠科技 公告编号：2024-067 深圳市康冠科技股份有限公司 第二届监事会第二十一次会议决议公告 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 1 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 年第三季度报告的议案》。 监事会认为：董事会编制和审核《2024 年第三季度报告》的程序符合法律、 法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确、完整 地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：3 票赞成、0 票反对、0 票弃权。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年第三季度报告》。 2、审议通过《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》。 监事会认为：公司本次延期部分募集资金投资项目，有利于提高募集资金 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 一次会议于 2024 年 10 月 28 日上午 11:0 ...