Core Viewpoint - On August 18, the company launched its own brand KTC, introducing AI glasses, AI smart all-in-one machines, and gaming monitors, further enriching its display product matrix [1][2]. Group 1: Product Launch and Market Position - The launch of AI glasses, AI smart all-in-one machines, and gaming monitors enhances the company's display product offerings, with a focus on AI integration through collaboration with Doubao's large model [2][4]. - KTC's gaming monitors ranked third in online retail sales of gaming monitors in China (excluding Hong Kong and Macau) for 2024, while KTC's mobile smart screens ranked first globally in terms of shipment volume among manufacturing suppliers [3][4]. Group 2: AI Integration and Features - KTC's AI glasses feature a lightweight design (39g), equipped with a Qualcomm Snapdragon AR1 chip and a 12MP Sony IMX681 camera, enabling functionalities such as live streaming, voice navigation, and music playback [4]. - The AI glasses have a battery capacity of 173mAh, providing 4 hours of usage and 38 hours of standby time, and utilize Doubao's large model for advanced AI interactions, including AI note-taking, image recognition, and translation [4]. Group 3: Global Market Expansion and Growth Drivers - The company's self-owned brand KTC has shown strong performance in overseas markets, with a 381% year-on-year increase in sales during the 2025 Prime Day and a 348% increase in GMV, particularly excelling in the gaming and mobile smart screen segments on Amazon in Japan and the United States [3][4]. - The combination of "new consumption + globalization" is driving innovative display products to become a new growth engine for the company [2][3].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3] Core Views - The company has successfully launched AI glasses, AI smart all-in-one machines, and gaming monitors under its own brand KTC, further enriching its product matrix. The collaboration with Doubao's large model enhances the AI capabilities of these products, positioning them to benefit from the accelerating development of AI applications [3][4] - The company is expected to see revenue growth of 17.5% in 2025, 13.2% in 2026, and 8.8% in 2027, reaching 18.321 billion, 20.737 billion, and 22.552 billion yuan respectively. Net profit is projected to grow by 24.1%, 24.5%, and 12.7% during the same period, reaching 1.035 billion, 1.289 billion, and 1.452 billion yuan respectively. The current stock price corresponds to P/E ratios of 16.6, 13.3, and 11.8 for the years 2025, 2026, and 2027 [3][8] Summary by Sections Product Launch and Market Expansion - The company launched innovative display products that cater to diverse scenarios such as esports, beauty, home use, and live streaming. The KTC brand ranks third in online retail sales of gaming monitors in China (excluding Hong Kong and Macau) for 2024, and the KTC mobile smart screen ranks first globally in terms of shipment volume among manufacturing suppliers [4][8] - The KTC brand has shown impressive performance in overseas markets, with sales during the 2025 Prime Day increasing by 381% year-on-year and GMV growing by 348%. The gaming and mobile smart screen products are leading in rankings on Amazon in Japan and the US [4][8] AI Product Features - The KTC AI glasses feature a lightweight frame made of high-strength nylon, weighing 39g, and are equipped with a flagship Snapdragon AR1 chip, a 12-megapixel Sony IMX681 camera, and an array microphone. The glasses support live streaming, voice navigation, and music playback, with a battery life of 4 hours and standby time of 38 hours. The AI interaction capabilities are enhanced by the Doubao large model, enabling functions such as AI flash notes, image recognition, and translation [4][6] - The KTC AI smart all-in-one machine is powered by a high-performance 8-core chip with 8+128GB memory and an 8-megapixel AI camera. It integrates with the Doubao large model for enhanced AI performance across various applications including daily office tasks, online learning, and live streaming [6][8]