Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 4.791 billion yuan in Q3 2024, representing a year-on-year increase of 33.46%, while the net profit attributable to shareholders was 149 million yuan, down 53.4% year-on-year [5] - The decline in profitability is attributed to a focus on increasing market share, which has temporarily impacted earnings, along with the lag in passing on raw material cost increases to final sales prices, increased R&D and sales expenses, and exchange rate fluctuations [5][6] - The company continues to lead the smart display industry, leveraging innovation to enhance technology integration into daily life, with expectations for new revenue growth driven by the application of IoT, 5G, and human-computer interaction technologies [8] Financial Performance Summary - For the first three quarters of 2024, the cumulative revenue reached 11.391 billion yuan, up 33.05% year-on-year, while the net profit attributable to shareholders was 558 million yuan, down 35.45% year-on-year [5] - The gross margin for Q3 2024 decreased by 3.88 percentage points to 12.21%, and the net profit margin decreased by 5.81 percentage points to 3.12% [6] - By business segment, revenue from innovative display products increased by 38.58% year-on-year, while smart TV revenue rose by 60.08% year-on-year [7] Future Outlook - The company is expected to achieve a net profit of 880 million yuan in 2024, with a projected price-to-earnings (P/E) ratio of 16-20x, leading to a fair value range of 20.48 to 25.60 yuan per share [8] - Revenue forecasts indicate a growth trajectory with expected revenues of 16.181 billion yuan in 2024, 18.029 billion yuan in 2025, and 20.306 billion yuan in 2026, reflecting year-on-year growth rates of 20.3%, 11.4%, and 12.6% respectively [9][13]
康冠科技：公司季报点评：收入保持稳健增长，电视出货维持高增