Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 11.391 billion yuan for Q3 2024, representing a year-on-year increase of 33.05%. However, the net profit attributable to shareholders was 558 million yuan, a decrease of 35.45% year-on-year. The net profit excluding non-recurring items was 444 million yuan, down 46.86% year-on-year. The net operating cash flow was -481 million yuan, a decline of 293.68% year-on-year [4][5][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 4.791 billion yuan, up 33.46% year-on-year. The net profit attributable to shareholders was 149 million yuan, down 53.40% year-on-year, while the net profit excluding non-recurring items was 131 million yuan, down 56.80% year-on-year. The gross profit margin for Q3 was 12.21%, a decrease of 3.88 percentage points year-on-year [5][6]. Business Segments - Revenue from innovative display products grew by 38.58% year-on-year, with shipment volume increasing by 109.84%. Revenue from smart TVs rose by 60.08%, with shipment volume up 42.29%. However, revenue from smart interactive display products declined by 8.04%, with shipment volume down 29.25% [5][6]. Market Position and Future Outlook - The company is primarily focused on the Belt and Road markets and is expected to benefit from the demand for overseas expansion. The pressure on profit margins is anticipated to ease in the future. The projected EPS for 2024-2026 is 1.25, 1.69, and 2.24, with corresponding PE ratios of 17.17, 12.70, and 9.62 [6][11].
康冠科技：价格传导存在时滞，创新业务持续高增