证券研究报告|公司深度研究报告 [Table_Date] 2025 年 06 月 26 日 [Table_Title] 智能电视及交互显示业务稳健，创新类显示业务打造新增长极 [Table_Title2] 康冠科技(001308) ► 智能电视：定位新兴市场，柔性供应链优势突出，有 望充分享受增长空间 智能电视业务稳健增长，构成公司营收基本盘，2024 年康冠电视 出货量排名全球前三；全流程软硬件定制化研发设计，小批量、 多型号柔性化制造优势突出，快速响应小批量客户的差异化定制 需求，获得稳定增长；采用差异化策略，智能电视业务主要服务 于国际知名品牌中小区域市场及各区域市场本地龙头品牌客户， 毛利率相对稳定。 ► 智能交互显示：核心客户稳定，政策驱动下增长可期 公司智能交互平板产品主要销往欧洲、北美等主流市场及新兴市 场国家，以服务全球前十大品牌客户为主，主要客户包括智能交 互显示产品全球首创企业 SMART、全球前三大教育显示品牌企业 普罗米休斯等；据公司招股书，SMART、普罗米休斯占公司 2021 年收入比重分别为 10.16%与 3.92%。据群智咨询，2022 年，普罗 米休斯与 Smart 以 1 ...

证券研究报告 | 2025年05月19日 | 晨会纪要 | | --- | | 数据日期:2025-05-16 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3367.46 | 10179.59 | 3889.08 | 11346.56 | 2816.13 | 995.23 | | 涨跌幅度（%） | -0.39 | -0.06 | -0.46 | 0.40 | 0.16 | -0.57 | | 成交金额（亿元） | 4356.47 | 6538.81 | 2088.35 | 2367.81 | 2984.45 | 171.83 | 宏观周报:宏观经济宏观周报-高频指标明显回升走强 固定收益投资策略:固定收益专题报告-从转债持有人数据，看机构投资 策略-机构转债配置行为研究（三） 固定收益专题研究:资金观察，货币瞭望：降准降息落地，资金面适度宽 松 固 定 收 益 快 评 : 可 交 换 私 募 债 跟 踪 - 私 募 EB 每 周 跟 踪 （ ...

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]

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]

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 ...

【 WitsView整理 】 近日，和辉光电、康冠科技分别公布2024年财报。其中，和辉光电2024年实现营业收入49.58亿，同比增长63.19%；康冠科技 2024年实现营业收入155.87亿，同比增长15.92%。具体数据如下： 和辉光电：笔电AMOLED面板量产突破百万级 报告期内，公司实现营业收入495,831.18万元，同比增长63.19%；净利润为-251,805.10万元，较上年同期亏损减少72,634.02万元。 | 1 1V : | | --- | | J | | 元 | | 1 币种: | | 人民币 | 康冠科技：创新类显示产品出货同比增长110.61% 2024年，康冠科技实现营业收入155.87亿元，同比增长15.92%；实现归母净利润8.33亿元，同比下降35.02%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 15,586,951,164.16 | 13, 446, 655, 110. 43 | 15.92% | 11,587,043,750.68 | ...