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]
康冠科技：前三季度营收同比增长33%，主要产品出货量持续增长