Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company has shown a significant performance turnaround in Q1 2025, with revenue and profit both increasing. Revenue reached 3.14 billion yuan, up 10.8% year-on-year, and net profit attributable to shareholders was 210 million yuan, up 15.8% year-on-year [6][8] - The company is expected to maintain its profit forecast, with projected net profits of 1.09 billion yuan, 1.36 billion yuan, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 30.9%, 24.9%, and 21% [6][9] Financial Performance - In Q1 2025, the company achieved a gross margin of 13.36% and a net margin of 6.81%, both showing year-on-year improvements [8] - The company’s revenue for 2023 was 13.447 billion yuan, with a projected growth to 18.315 billion yuan in 2025, representing a year-on-year growth rate of 17.5% [9][11] - The earnings per share (EPS) are projected to be 1.56 yuan, 1.95 yuan, and 2.35 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13.4, 10.8, and 8.9 [6][9] Business Segments - All business lines reported increases in both shipment volume and revenue in Q1 2025, with smart interactive displays, innovative displays, and smart TVs showing year-on-year revenue growth of 10.03%, 50.42%, and 5.88% respectively [7] - The company is focusing on expanding its own brands in international markets, particularly through cross-border e-commerce channels, and plans to launch AI smart glasses in mid-2025 [8][9]
康冠科技（001308）：公司信息更新报告：主业稳健+创新业务高增致Q1业绩拐点，关注自有品牌全球化弹性