Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company's short-term innovation business is driving performance beyond expectations, with new AI glasses positioning the company in the AI hardware market, catalyzing a valuation reassessment [1]. - The long-term transformation towards proprietary brands and continuous optimization of profit structure is embraced, aiming to create a new growth curve through AI [1]. - The company has achieved significant growth in its innovative business segment, with a revenue increase of 39.16% year-on-year in H1 2025, becoming a core growth engine [8]. - The AI strategy has been fully implemented, with a diverse product matrix covering "AI + Office," "AI + Education," "AI + Healthcare," and "AI + Entertainment," opening up long-term development opportunities [8]. - The company is expected to achieve a net profit of 10.6 billion and 12.4 billion yuan in 2025 and 2026, respectively, corresponding to a current PE of approximately 15x and 13x [8]. Financial Data Summary - In H1 2025, the company achieved a revenue of 69.35 billion yuan, a year-on-year increase of 5.06%, and a net profit attributable to shareholders of 3.84 billion yuan, a decrease of 6.03% [8]. - The company’s traditional business profitability is steadily improving, with the smart interactive display business revenue growing by 9.81% year-on-year in H1 2025 [8]. - The company’s innovative business segment has shown remarkable performance, with KTC brand sales on Amazon Prime Day increasing by 381% year-on-year [8]. - The financial forecast indicates total revenue growth from 13,447 million yuan in 2023 to 20,785 million yuan in 2027, with a compound annual growth rate of approximately 9% [9][18].
康冠科技（001308）：自有品牌显成效，AI新品拓空间