Investment Rating - The investment rating for the company is "Accumulate" with a target price of 28.60 CNY, down from a previous forecast of 32.00 CNY [2][22]. Core Views - The company's innovative display business shows strong growth, particularly in emerging application areas such as automotive displays, medical displays, and AI glasses, injecting new growth momentum [3][22]. - Despite the impressive revenue growth, the company's gross margin is under short-term pressure due to an increase in the proportion of lower-margin businesses [22]. Financial Summary - For 2024, the company achieved a revenue of 15,587 million CNY, a year-on-year increase of 15.92%, while the net profit attributable to the parent company was 833 million CNY, a decrease of 35.02% [5][16]. - The earnings per share (EPS) for 2025-2027 are projected to be 1.43 CNY, 1.65 CNY, and 1.80 CNY, respectively, with year-on-year growth rates of 21%, 15%, and 9% [22]. - The company's gross margin for 2024 is reported at 12.77%, down 5.06 percentage points year-on-year, while the net margin is 5.33%, down 4.22 percentage points [18]. Revenue Breakdown - The revenue from smart interactive displays was 37.35 million CNY, down 2.76% year-on-year, while smart TV revenue was 95.28 million CNY, up 23.47% year-on-year [17]. - The innovative display segment generated 15.19 million CNY in revenue, reflecting a significant year-on-year increase of 57.94% [17]. - Component sales accounted for 8.05 million CNY, down 13.13% year-on-year, with a gross margin of 4.87% [17]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of 240 million CNY for 2024, a decrease of 7.53% year-on-year [19]. - A cash dividend of 1.80 CNY per 10 shares was declared, totaling 126 million CNY, with a dividend payout ratio of 15.13% [21].
康冠科技（001308）：2024年报点评：创新显示业务增速亮眼，毛利率短期承压