Investment Rating - The investment rating for the company is upgraded to "Strongly Recommended" [1][6]. Core Views - The company has reversed a trend of declining performance over the past four quarters, achieving a remarkable year-on-year growth of 32% in non-recurring profit for Q1 2025. This is attributed to the continuous enhancement of its smart TV business capabilities, rapid global market share growth, and exceeding expectations in its proprietary brand business. The launch of innovative products such as AI glasses and expansion into overseas markets are expected to drive significant growth in the innovative display product segment [1][6]. Financial Performance - In Q1 2025, the company reported revenue of 3.142 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 210 million yuan, up 16% year-on-year. The non-recurring net profit reached 180 million yuan, marking a 32% increase year-on-year. The revenue growth by business segments includes smart interaction, innovative products, and TV revenue increasing by 10%, 50%, and 6% respectively, with sales volume growth of 16.5%, 64%, and 31% [6][7]. Market Position and Strategy - The company has effectively addressed tariff risks through its global super factory MTO overseas cooperation plan, resulting in a significant sales volume increase of 31%, outperforming the market average growth of 3.5% for the top ten global TV ODM factories in Q1 2025. The company is also actively expanding its three proprietary brands (KTC, Haoli, FPD) into overseas markets, with products listed on platforms like Amazon and Temu [6][7]. Product Innovation - The innovative display segment is experiencing high growth, with the company actively exploring AI, AR, and VR applications. The FPD brand has launched a VR glasses series, while KTC is expected to introduce AI interactive glasses. The interactive flat panel market is projected to grow by 3.5% in 2025, driven by educational and commercial applications [6][7]. Profitability and Forecast - The company's gross margin improved by 0.75 percentage points year-on-year in Q1 2025, with a net profit margin increase of 0.3 percentage points to 6.8%. The forecast for net profit attributable to shareholders for 2025-2027 is 1.059 billion yuan, 1.242 billion yuan, and 1.474 billion yuan, representing year-on-year growth rates of 27%, 17%, and 19% respectively [6][7][12].
康冠科技（001308）：扣非业绩止跌转增，创新显示放量突破