Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [5] Core Views - The company reported a revenue of 15.587 billion in 2024, representing a year-on-year growth of 15.92%. The revenue from innovative display products reached 1.519 billion, with a significant increase of 57.94% and a shipment growth of 110.61% [1] - The revenue from smart TVs was 9.528 billion, showing a year-on-year increase of 23.47% with a shipment growth of 25.42%. However, the revenue from smart interactive display products decreased by 2.76% to 3.74 billion, with a shipment decline of 7.0% [1] - The decline in net profit attributable to the parent company was 35.02%, amounting to 833 million, primarily due to intensified industry competition, changes in market demand, and increased operating costs [2] - The company has adjusted its profit forecast for 2025-2027, expecting EPS of 1.45, 1.63, and 1.91 respectively [4] Financial Performance - The company achieved a total revenue of 15.587 billion in 2024, with a growth rate of 15.92% compared to 2023 [10] - The net profit attributable to the parent company for 2024 was 833.46 million, reflecting a decrease of 35.02% from the previous year [10] - The EPS for 2024 is reported at 1.19, with projections for 2025 and 2026 at 1.45 and 1.63 respectively [10][11] Market Position - The company ranks fourth in online retail monitor brands in mainland China and third in the esports monitor segment according to AVC REVO data for 2024 [3] - The company's self-owned brand, Haoli, ranked second in the domestic commercial interactive flat panel market, while its mobile smart screen ranked first globally among manufacturing suppliers [3]
康冠科技（001308）：创新类显示产品快速增长