Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Insights - The company reported strong revenue growth of 32.76% year-on-year for H1 2024, achieving a total revenue of 6.6 billion yuan, while net profit decreased by 24.89% to 409 million yuan due to rising raw material costs and increased marketing expenses [4]. - The company's product segments showed varied performance, with smart interactive displays and innovative display products experiencing significant growth, while the design processing business faced a decline [5]. - The overall gross margin and net margin for H1 2024 were 13.92% and 6.17%, respectively, reflecting a decrease of 4.78 percentage points and 4.79 percentage points year-on-year, primarily due to increased panel prices and delayed price transmission [6]. Financial Summary - The company is projected to achieve net profits of 1 billion yuan in 2024, 1.26 billion yuan in 2025, and 1.55 billion yuan in 2026, with corresponding PE ratios of 13, 11, and 9 times [7]. - Revenue forecasts for the upcoming years are 15.639 billion yuan in 2024, 17.669 billion yuan in 2025, and 19.540 billion yuan in 2026, with growth rates of 16.30%, 12.98%, and 10.58% respectively [9][10]. - The company's asset-liability ratio stands at 50.7%, indicating a balanced financial structure [10].
康冠科技：收入增长强劲，利润短期承压