Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is a leading global manufacturer in TV and IFPD (Interactive Flat Panel Display) OEM, facing revenue decline in IFPD due to industry demand drop, while smart TV and emerging product categories contribute to revenue growth. Short-term profit margins are pressured by rising panel costs and product structure adjustments, but innovation in display products and expansion of proprietary brands are expected to drive revenue growth, with a return to profit growth anticipated by 2025 [1][15] Revenue Analysis - IFPD industry is under pressure, but TV and innovative display products contribute to growth - Smart interactive displays sold 1.84 million units (YOY -7.0%) with an average price of 2031.78 RMB, generating revenue of 3.735 billion RMB (YOY -2.8%), accounting for 24% of total revenue [3] - Innovative displays sold 1.47 million units (YOY +110.6%) with an average price of 1030.68 RMB, generating revenue of 1.519 billion RMB (YOY +57.9%), accounting for 10% of total revenue [11] - Smart TVs sold 9.93 million units (YOY +25.4%) with an average price of 959.25 RMB, generating revenue of 9.528 billion RMB (YOY +23.5%), accounting for 61% of total revenue [12] Profitability Analysis - Profitability is under pressure due to cost increases and structural adjustments - The company's gross margin decreased to 12.77% in 2024 (YOY -4.78pct), with Q4 gross margin at 11.60% (YOY -6.63pct) [13] - The net profit margin for 2024 was 5.35% (YOY -4.19pct), with Q1 2025 showing a slight recovery to 6.83% (YOY +0.29pct) [15] Financial Forecast - The company is expected to achieve net profits of 1.017 billion RMB, 1.214 billion RMB, and 1.403 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.45, 1.73, and 2.00 RMB [15][17]
康冠科技:电视&显示器高增,Q1收入业绩稳健增长-20250518