据央视新闻报道，近期美国以所谓的"对等关税"为名，大幅提升我国输美商品关税，不少相关外贸企业 面临严峻挑战。 当前，外贸企业亟需金融信贷支持。为帮扶外贸企业渡过难关、推动外贸稳量提质，我国出台了一系列 稳外贸、扩内需的政策措施。4月28日，央行副行长邹澜在国新办新闻发布会上表态，"精准加力稳外 贸。指导金融机构对外贸依存度高、暂时遇到困难、产品有竞争力的中小企业，不抽贷、不断贷，保障 合理融资需求。" 据21世纪经济报道记者了解，一些银行机构成立专班对外贸企业进行走访调研，摸查并跟进外贸企业的 金融需求，助力稳外贸发展。一方面，加大对外贸企业的信贷投放力度；另一方面，通过完善汇率避险 产品服务体系，降低企业财务成本。 保障外贸企业合理融资需求 打样、织造、后整理、质检……今年一季度，位于江苏的友通纺织有限公司（以下简称"友通纺织"）的 生产车间里一片繁忙。但是，当前国际贸易环境变化引发市场预期调整，部分国外客户基于中长期商业 考量缩减了采购订单。与此同时，友通纺织也要面对出口成本增加的新课题。面对资金压力，友通纺织 在中信银行申请到一笔600万元的"科贷通"，利率低至2.6%。 据了解，友通纺织利用这笔资金升 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 2.15 billion yuan, a year-on-year increase of 10.82% [2] - The net profit attributable to shareholders was 2.15 billion yuan, up 15.81% compared to the same period last year [2] - The net profit after deducting non-recurring items reached 1.78 billion yuan, reflecting a growth of 31.75% year-on-year [2] Group 2: Product Performance - Revenue from smart interactive display products grew by 10.03%, with a shipment increase of 16.50% [2] - Innovative display products (including three proprietary brands) saw a revenue increase of 50.42% and a shipment growth of 63.56% [2] - Smart TV revenue increased by 5.88%, with shipments rising by 30.98% [2] Group 3: Brand Expansion Strategy - The company is expanding its brand overseas through both online and offline strategies, including building independent brand websites and participating in international exhibitions [2][3] - The company aims to enhance its global influence and market share by increasing R&D investment and launching new smart display products [3] Group 4: Global Market Presence - The company serves clients in over 100 countries, primarily in "Belt and Road" regions, and has established multiple technical support and service centers globally [4] - The company has built wholly-owned subsidiaries and overseas cooperative factories to better respond to market changes and customer needs [4] Group 5: Sub-brand Globalization Progress - The brands "KTC," "Horion," and "FPD" are actively expanding into overseas markets, participating in various international exhibitions [5] - KTC's products are available on platforms like Amazon and Temu, covering North America and Europe, while FPD's smart TVs have performed well in Japan and the U.S. [5] Group 6: AI Product Development - The KTC brand launched AI interactive glasses in November 2024, with further details expected in future announcements [6]

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]

Group 1 - The company reported a revenue of 3.142 billion yuan for Q1 2025, representing a year-on-year increase of 10.82% due to growth in various product categories, particularly smart interactive display products, innovative display products, and smart TVs, which saw revenue growth of 10.03%, 50.42%, and 5.88% respectively [5][6] - The net profit attributable to shareholders for Q1 2025 was 215 million yuan, a year-on-year increase of 15.81%, while the net profit after deducting non-recurring gains and losses was 178 million yuan, up 31.75% year-on-year [5][6] - The company emphasized the integration of AI technology and innovative product design, which significantly enhanced product capabilities and addressed user needs, contributing to the strong sales performance [6] Group 2 - The company plans to use up to 500 million yuan of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months from the board's approval date [9][14] - This decision aims to improve the efficiency of fund utilization and reduce financial costs, potentially saving approximately 15.5 million yuan in financial expenses over one year based on the current loan market rate [15][64] - The board and supervisory committee approved the use of idle funds, confirming that it does not alter the intended use of the raised funds or harm the interests of shareholders, particularly minority shareholders [18][67]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 业绩符合预期，三大板块齐头并进助力增长 [Table_Title2] 宸展光电(003019) [Table_Summary] 事件概述 宸展光电发布 2024 年及 2025 年一季报。 2024 年实现营收 22.14 亿元，同比+31.76%；归母净利润 1.88 亿元，同比+18.16%；扣非归母净利润 1.27 亿元，同比- 9.20%。 25Q1 实现营收 6.22 亿元，同比-3.00%，归母净利润 0.50 亿 元，同比-23.90%；扣非归母净利润 0.40 亿元，同比-35.90%。 业绩符合市场预期 收入端：2024 年营收同比大幅增长，主要系：1）欧系客户拉 货动能强劲；2）MicroTouch™品牌业务扩大；3）控股子公司 鸿通科技新一代产品于 2024 年进入量产阶段。 利润端：2024 年归母净利润同比增长，主要系公司投资的 ITH Corporation（参股公司）于 2024 年 11 月在中国台湾证券交 易所挂牌上市。其公允价值变动收益及公司通过二级市场出售 ...

Core Viewpoint - The company's performance has fallen short of expectations, prompting increased investment in the semiconductor sector and ongoing improvements in product layout, while the display segment is gradually stabilizing and recovering with proactive new product development [1] Financial Performance - The company's revenue for 2024 is projected at 2.565 billion yuan, representing a 5.59% increase, while the net profit attributable to shareholders is expected to be -98 million yuan, a decline of 165%. The non-recurring net profit is forecasted at -159 million yuan, down 582% [3] - In Q4 2024, revenue is expected to be 734 million yuan, a decrease of 16.97%, with a net profit of -180 million yuan, down 210.5%. For Q1 2025, revenue is projected at 689 million yuan, an increase of 64.92%, with a net profit of 38 million yuan, up 336% [3] - The gross margin for 2024 is expected to be 39.97%, down 8.98 percentage points year-on-year, while the net margin is projected at -8.69%, down 12.37 percentage points year-on-year. For Q1 2025, the gross margin is expected to be 41.75%, down 5.26 percentage points year-on-year, and the net margin is projected at 4.40%, up 13.97 percentage points year-on-year [3] Semiconductor Sector - The semiconductor segment's revenue for 2024 is projected at 768 million yuan, an increase of 94.65%, with Q1 2025 revenue expected to be approximately 212 million yuan, up 63.71%. The order backlog for the semiconductor sector as of April 24, 2025, is 1.668 billion yuan [4] - R&D investment in the semiconductor sector for 2024 is expected to be 358 million yuan, an increase of 32.76%. The company is enhancing its layout in front-end, advanced packaging, and back-end fields, with successful orders in advanced process equipment and ongoing development in dark field technology [4] Display Sector - The display segment's revenue for Q1 2025 is projected at 382 million yuan, an increase of 42.46%. The order backlog for the display and new energy sectors as of April 24, 2025, is 764 million yuan and 412 million yuan, respectively [4] - The company is intensifying R&D efforts in panel front-end, mid-end, and back-end process equipment, as well as in new display products such as OLED and Micro-OLED, aiming to expand its presence among overseas core customers [4]

Core Viewpoint - 康冠科技 reported strong financial performance for Q1 2025, with significant year-on-year growth in revenue and net profit [1] Financial Performance - The company achieved a revenue of 3.142 billion yuan, representing a 10.82% increase compared to the same period last year [1] - Net profit attributable to shareholders was 215 million yuan, up 15.81% year-on-year [1] - The net profit after deducting non-recurring items was 178 million yuan, reflecting a 31.75% increase from the previous year [1] Business Segments - Revenue from smart interactive display products grew by 10.03%, with shipment volume increasing by 16.50% [1] - Revenue from innovative display products, including three proprietary brands, surged by 50.42%, with shipment volume rising by 63.56% [1] - Smart TV revenue increased by 5.88%, and shipment volume grew by 30.98% [1] Product Matrix and AI Integration - 康冠科技 has developed a diversified product matrix empowered by AI technology, covering key scenarios such as "AI + Office," "AI + Education," "AI + Healthcare," and "AI + Entertainment" [2] - The "AI + Office" initiative enhances user experience and productivity through smart features in interactive panels [2] - The "AI + Education" initiative aids teachers in classroom management and personalized teaching assistance [2] - The "AI + Healthcare" initiative utilizes smart diagnostics to assist doctors in quickly identifying symptoms [2] - The "AI + Entertainment" initiative offers integrated beauty experiences through AI makeup simulation and voice control [2] Brand Strategy - 康冠科技's three proprietary brands—"KTC," "Horion," and "FPD"—reflect its brand strategy in the innovative display product sector [3] - The KTC brand focuses on high-quality gaming monitors and innovative display products, aiming to enhance user experience through a multi-layered user ecosystem [3] - KTC has seen stable growth in online sales and exposure in overseas markets, while also engaging in offline activities to expand market presence [3] - The brand continues to pursue technological innovation and collaboration with global partners to provide high-quality smart hardware products and services [3]

2024 年营收同比增长16%，自有品牌市场开拓费用增加。公司发布2024 年年报，2024 年营收155.87 亿 元（YoY+15.92%），归母净利润8.33 亿元（YoY-35.02%），其中4Q24 营收41.95 亿元（YoY -14.12%，QoQ -12.43%），归母净利润2.75 亿元（YoY -34.12%，QoQ +84.31%）。2024 年公司海外营 收占比同比提升2.27pct 至86.2%。分业务看，2024 年智能交互显示产品、智能电视、创新类显示产品 分别占总营收的23.96%、61.13%、9.74%。费用方面，2024 年公司加大对三个自有品牌支持力度，广告 宣传费、海外电商平台费用、参展费用增加导致销售费用同比增长44%至3.94 亿元。 AI 技术赋能，公司构建多元化产品矩阵。公司通过AI 技术赋能，构建多元化产品矩阵，覆盖办公、教 育、医疗、娱乐等多场景应用。产品方面，公司推出康冠医疗AI 一体机，自有品牌FPD 用AI 赋能智能 美妆镜；自有品牌皓丽通过AI 赋能办公、教育；自有品牌KTC 通过AI 赋能移动智慧屏，并预计推出AI 交互眼镜，集成智谱大模型、防抖 ...

全年收入稳健增长，利润短期承压 2024 年公司收入155.9 亿元/yoy+15.9%，归母净利8.33 亿元/yoy-35%。 2024Q4公司收入41.95 亿元/yoy- 14.12%，归母净利2.75 亿元/yoy-34.1%。2024 年毛利率12.8%/yoy-4.78pct，净利率5.3%/yoy-4.22pct。 Q4 收入下滑系2023Q4 基数较高，部分订单2025Q1 交付影响当期收入确认。利润端承压系公司为扩大 市场份额适度优化价格调整节奏和幅度，致成本传导有一定滞后性，影响短期盈利能力。 量价拆分：2024 年智能交互显示/创新类显示/智能电视销量184/147/993 万件，yoy- 7%/+110.6%/+25.4%；单价2031.8/1030.7/959.3 元，yoy+4.6%/-25%/-3.8%。 分区域：2024 年内销/外销营收21.5 亿元/134.4 亿元，yoy-0.4%/+19%，毛利率10.8%/13.1%，yoy- 3.97%/-4.99pct。据洛图科技，2024/2025 年1-2 月公司TV 出货量增幅29%/40%+，位居行业第三/第二。 费用端 ...