华西证券研报指出，康冠科技25Q1-Q3实现归母净利润为5.03亿元，同比-9.9%，Q3归母净利润1.19亿 元，同比-20.6%。智能交互显示产品增长稳健，创新类显示产品营收持续高增长。公司作为全球智能显 示行业龙头企业之一，行业地位稳固，竞争优势持续强化，其中智能电视业务定位新兴市场，小批量、 多型号柔性供应链制造优势突出；智能交互显示业务核心客户稳定，驱动公司智能交互平板业务增长； 公司研发创新能力突出，创新类显示新品持续迭代，KTC随心屏、智能美妆镜、专业直播机、VR眼 镜、投影仪、智显屏、车载显示产品等多款前沿产品不断推出，助力创新类显示产品营收快速增长。同 时，公司积极把握机器人与银发经济融合带来的发展新机遇，积极布局机器人领域，围绕居家陪护、养 老陪伴等场景开展前瞻专利布局，随着产品设计与功能验证，有望逐步成为拉动业绩增长的新动力。 2025年11月7日收盘价22.40元对应2025-2027年PE为21、16、13x，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has established a diversified product matrix centered around "AI+" and is actively expanding into the robotics sector, particularly in home care applications [4][5] - The company is a leader in the smart display industry, with a solid market position and continuous enhancement of competitive advantages [4] - The financial outlook has been adjusted, with projected revenues and net profits for 2025-2027 being lower than previous estimates, but the company maintains a "Buy" rating based on its growth potential [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 10.78 billion yuan, a year-on-year decrease of 5.4%, with a net profit of 503 million yuan, down 9.9% [2] - In Q3 2025, revenue was 3.845 billion yuan, a decline of 19.7%, and net profit was 119 million yuan, down 20.6% [2] - The gross profit margin for the first three quarters was 12.95%, a decrease of 0.25 percentage points year-on-year, while the net profit margin was 4.66%, down 0.22 percentage points [3] Business Segment Analysis - The smart interactive display products showed steady growth, with revenue increasing by 3.6% year-on-year and shipment volume up by 6.0% [3] - Innovative display products experienced significant growth, with revenue rising by 37.1% year-on-year and shipment volume increasing by 42.0% [3] - The smart TV segment saw a revenue decline of 17.3% year-on-year, attributed to strategic adjustments focusing on high-margin clients along the "Belt and Road" initiative [3] Future Projections - Revenue projections for 2025-2027 are set at 15 billion, 17.4 billion, and 20 billion yuan respectively, with net profits expected to be 760 million, 1 billion, and 1.2 billion yuan [6][8] - The earnings per share (EPS) forecast for the same period is 1.09, 1.43, and 1.72 yuan, with corresponding price-to-earnings (PE) ratios of 21, 16, and 13 times [6][8]

（来源：研报虎） 事件概述 25Q1-Q3，公司实现营收107.80亿元，同比-5.4%，归母净利润为5.03亿元，同比-9.9%，扣非归母净利 润为4.49亿元，同比+1.1%； 其中，25Q3，公司实现营收38.45亿元，同比-19.7%，归母净利润1.19亿元，同比-20.6%，扣非归母净 利润1.03亿元，同比-21.6%。 智能交互显示产品增长稳健，创新类显示产品营收持续高增长。 营收端：25Q1-Q3，公司实现营收107.80亿元，分业务看，智能交互显示产品需求稳健增长，收入同比 +3.6%，出货量同比+6.0%；创新类显示产品量价齐增，海外增长强劲，收入持续高增长，同比 +37.1%，出货量同比+42.0%，自主品牌出海取得显著突破，同时毛利率持续提升；智能电视营收同 比-17.3%，出货量同比-12.0%，主要系智能电视战略结构调整，重新聚焦"一带一路"高毛利客户，毛利 率呈现边际改善。 费用端：25Q1-Q3，公司销售费用率、管理费用率、研发费用率、财务费用率分别为3.23%、2.23%、 4.23%、-1.18%，分别同比+0.25、-0.06、-0.01、-1.21pct。 利润端：25 ...