1)康冠科技（001308）(东方基金管理股份有限公司参与公司线上会议) 调研纪要：康冠科技2025年上半年实现营业收入69.35亿元，同比增长5.06%，净利润3.84亿，经营活动 现金流净额8.00亿元。创新类显示产品营业收入8.98亿元，同比增长39.16%，出货量同比增长48.05%， 主要得益于AI技术提升产品附加值及自有品牌出海战略的成功。智能交互显示产品营业收入19.95亿 元，同比增长9.81%，智能电视营业收入36.34亿元，毛利率11.88%，同比增长2.61%。公司外销收入占 比提升至87.95%，自有品牌在海外市场表现突出，KTC品牌在亚马逊Prime Day期间销量同比增长 381%，FPD品牌在日本市场销售额同比增长166%。公司经营活动现金流大幅改善，主要因积极消化库 存。公司宣布中期分红，每10股派发现金红利3.60元，占净利润比例超65%。 证券之星消息，根据市场公开信息及8月26日披露的机构调研信息，东方基金近期对1家上市公司进行了 调研，相关名单如下： 东方基金成立于2004年，截至目前，资产管理规模(全部公募基金)1234.05亿元，排名54/210；资产管理 规模(非 ...

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company's television ODM and smart interactive performance continue to show steady growth, with optimism regarding the growth potential from AI-enabled innovations and the expansion of its own brand overseas [5] - Revenue and profit forecasts for 2025-2027 are projected at 17.6 billion, 19.9 billion, and 22.0 billion yuan respectively, with year-on-year growth rates of +13%, +13%, and +11% [5] - The expected net profit attributable to the parent company for the same period is 1.0 billion, 1.2 billion, and 1.4 billion yuan, with year-on-year growth rates of +17%, +19%, and +17% [5] Revenue Analysis - In Q1, the company reported revenue of 3.142 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to the parent company of 215 million yuan, up 15.8% year-on-year [9] - The smart TV segment saw a revenue increase of 6% year-on-year, with volume and price changes of +31% and -19% respectively, attributed to a strategy of gaining market share through price adjustments [9] - The smart interactive segment experienced a 10% year-on-year revenue increase, driven by a recovery in demand, particularly in professional displays and gaming screens [9] - Innovative products achieved a remarkable 50% year-on-year revenue growth, with significant contributions from the company's own brands [9] Profitability Analysis - The gross margin for Q1 was 13.4%, reflecting a 0.4 percentage point increase year-on-year, primarily due to improved product mix and stable panel prices [9] - The net profit margin for Q1 improved by 0.3 percentage points year-on-year, with a notable decrease in various expense ratios, except for brand-building investments [9] - The company expects to maintain a positive trend in profitability, with net profit margins projected to improve gradually over the forecast period [10]