Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - In the first half of 2024, the company's revenue increased by 33% year-on-year, driven by a significant rise in product shipments, although gross margin faced pressure due to rising costs [1]. - The company ranked fourth globally in TV OEM shipments, with a 52% year-on-year increase in smart TV shipments [1]. - The demand for interactive display products is recovering, with a 21% year-on-year increase in shipments for the first half of 2024 [1]. - The company has three proprietary brands that have shown strong sales performance during promotional events, indicating a successful marketing strategy [1]. Financial Performance Summary - For 1H24, the company reported revenue of 6.6 billion yuan, a 32.8% increase year-on-year, and a net profit of 409 million yuan, a decrease of 24.9% year-on-year [1]. - The gross margin for 1H24 decreased by 4.78 percentage points to 13.92% due to increased costs from raw materials and marketing expenses [1]. - The company expects net profit to fluctuate from -7.0% in 2024 to +41.0% in 2025 and +11.0% in 2026, with projected net profits of 1.193 billion yuan, 1.682 billion yuan, and 1.867 billion yuan respectively for those years [1][2]. Revenue and Profit Forecast - The company's revenue is projected to grow from 15.322 billion yuan in 2024 to 18.902 billion yuan in 2026, reflecting a compound annual growth rate [2]. - The net profit is expected to recover in 2025 with a growth of 41% after a decline in 2024 [2][10]. Market Position and Strategy - The company has a strong market position in the interactive display sector, ranking first globally in shipments of interactive flat panels [1]. - The company is leveraging its diverse product offerings and customized solutions to capture market share in emerging markets [1].
康冠科技：1H24营收同比增长33%，主要产品出货量高增速