Group 1 - The core viewpoint of the report is that Kangguan Technology is a leading player in the smart display industry, with diverse products and strong technological foundation, and is rated as a "buy" for investment [1][3] - The company has established a comprehensive product matrix covering key scenarios such as "AI + Office," "AI + Education," "AI + Medical," and "AI + Entertainment," and has received accolades such as "National Manufacturing Single Champion Enterprise" and "National Green Factory" in 2024 [1][2] - Kangguan Technology's business model primarily focuses on OEM while also developing its own brands, including "KTC," "Hao Li Horion," and "FPD," which allows it to meet various customer needs [1][2] Group 2 - The smart interactive display business is experiencing steady growth, with the company ranking first in global shipments of smart interactive panels in 2024, driven by AI technology [2][3] - The esports monitor segment is also growing rapidly, with a 38.5% year-on-year increase in sales in the Chinese online esports monitor market in 2024, and KTC brand products seeing a 179% increase in sales in Q3 2024 [2][3] - The company has a strong international presence, with 86.24% of its revenue coming from overseas markets in 2024, and it serves major global brands across various regions [3] Group 3 - Kangguan Technology has a robust R&D capability, holding 1,315 valid patents and software copyrights as of the end of 2024, and employs over a thousand R&D engineers [3] - The company operates smart manufacturing centers in Shenzhen and Huizhou, covering approximately 520,000 square meters, which enhances its production flexibility and cost control [3] - Profit forecasts indicate a net profit of 10.24 billion, 12.47 billion, and 14.59 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 22.92%, 21.70%, and 17.01% [3]
华源证券：首次覆盖康冠科技给予买入评级