Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is a leading player in the global smart display industry, established in 1995, focusing on R&D, design, production, and sales of smart display products [6] - The company reported a revenue of 6.6 billion yuan for H1 2024, a year-on-year increase of 32.76%, while the net profit attributable to shareholders was 409 million yuan, a decrease of 24.89% [6][7] - The company is expected to maintain its leading position in the smart display industry, leveraging its core competencies in flexible manufacturing and differentiated customization [7] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 6.6 billion yuan, up 32.76% year-on-year, with a net profit of 409 million yuan, down 24.89% year-on-year [6] - The overall gross margin for H1 2024 decreased by 4.78 percentage points to 13.92% [6] - The company’s revenue for Q2 2024 was 3.766 billion yuan, a year-on-year increase of 34.27% [6] Product Segmentation - Revenue from smart interactive display products in H1 2024 was 1.817 billion yuan, up 7.08% year-on-year, with a gross margin of 23.11% [7] - Revenue from innovative display products grew significantly, reaching 645 million yuan, a year-on-year increase of 94.13% [7] - Smart TV revenue was 3.809 billion yuan, up 52.66% year-on-year, with a gross margin of 9.75% [7] Regional Performance - Domestic revenue for H1 2024 was 1.07 billion yuan, up 28.29% year-on-year, while international revenue was 5.531 billion yuan, up 33.66% year-on-year [7] - The gross margin for domestic and international sales was 12.48% and 14.2%, respectively [7] Earnings Forecast - The company is projected to achieve net profits of 1.07 billion yuan, 1.26 billion yuan, and 1.58 billion yuan for 2024, 2025, and 2026, respectively [8] - The estimated price-to-earnings (P/E) ratio for 2024 is between 13-16 times, corresponding to a reasonable value range of 20.15-24.80 yuan per share [7]
康冠科技：收入稳健增长，业绩受屏价影响承压