Core Viewpoint - The company is strategically focusing on innovative display products, particularly in the AI and new display sectors, which are expected to drive significant growth and enhance brand value [1][2][3] Group 1: Company Performance - The KTC brand performed exceptionally well during the 618 shopping festival, ranking among the top five display brands on JD.com, indicating strong market recognition [1] - KTC's products, such as the H27T22S-3 and M27T6S, achieved the highest sales and revenue in the 2K/2K Mini LED gaming monitor category, surpassing competitors by 47% and 60% respectively [1] - The company’s innovative display business generated revenue of 1.519 billion yuan in 2024, marking a 58% year-on-year increase, with shipment volume growing by 111% [2] Group 2: Product Innovation - The company launched AI interactive glasses at the ByteDance Volcano Engine Spring Conference, featuring advanced capabilities such as "always-on chat" and "AI memory" [3] - The introduction of innovative products like mobile smart screens and smart beauty mirrors is expected to enhance product value through AI integration [2][3] - The KTC brand's strategic push into overseas markets is anticipated to be a major growth driver, particularly in high-margin segments [2] Group 3: Financial Projections - The company forecasts net profits of 1.06 billion yuan, 1.24 billion yuan, and 1.47 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 27%, 17%, and 19% [3] - The expected price-to-earnings ratios for the same years are projected at 15x, 12x, and 10x, indicating a favorable valuation outlook [3]

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 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2]. Core Views - The company has shown strong performance during the 618 shopping festival, with its KTC brand ranking among the top five in the display category on JD.com, indicating significant market recognition [1][5]. - The strategic focus on innovative display products and AI integration positions the company as a typical case of "technology + consumption" convergence, resonating with new consumer experiences [1]. - The launch of AI glasses is expected to catalyze valuation growth, as the company aims to capture market share in this emerging segment [1][5]. Financial Data Summary - The total revenue for 2025 is projected to be 17.457 billion yuan, with a year-on-year growth of 12% [6]. - The net profit attributable to the parent company for 2025 is estimated at 1.059 billion yuan, reflecting a 27% increase compared to the previous year [6][11]. - The company’s return on equity (ROE) is expected to improve from 11.4% in 2024 to 14.8% by 2027 [10]. Product Performance - KTC's products, including the H27T22S-3 and M27T6S, achieved top sales in their respective categories during the 618 festival, with the former surpassing its closest competitor by 47% in sales volume [5]. - The company’s innovative products, such as the mobile smart screen and AI beauty mirror, have been recognized in various industry rankings, showcasing the effectiveness of its R&D investments [1][5]. Market Positioning - The company is strategically enhancing its overseas market presence, which is expected to be a significant growth driver due to higher profit margins [1]. - The report emphasizes the importance of the company's product structure optimization and the increasing share of overseas business in driving overall profitability [1].

在李佳琦直播间，家电选品逻辑早已突破传统框架。"00后更愿意为情绪价值买单。"美ONE消电类目负 责人景回透露，直播间内GoPro运动相机、徕卡拍立得等"社交货币"销量飙升，而添添闺蜜机、KTC移 动屏等娱乐家电则成为都市青年"宅经济"标配。 【环球网科技报道 记者 王楠】"终于不用手搓内衣了！"上海白领小林在李佳琦直播间抢到一台小吉内 衣洗烘一体机时，直播间弹幕瞬间被"解放双手"刷屏。这场以"国补+618"为主角的消费盛宴中，像小林 这样的年轻人正用真金白银重构家电市场——他们不再满足于传统大家电，而是将预算投向母婴消毒 柜、宠物烘干机、闺蜜机等细分场景新品。 商务部最新数据显示，截至5月31日，全国以旧换新政策已带动12大类家电销售7761.8万台，销售额突 破1.1万亿元。其中，空调、清洁电器等渗透率较低的品类成为竞争焦点：京东"618"开门红1小时内， 超500个家电品牌成交额暴涨10倍，美的、海尔等巨头成交额破亿；天猫首阶段数据显示，国补品类成 交总额较去年"双11"增长283%，华为、小米等40个品牌火速破亿；美团闪购方面数据同样显示，自5月 28日启动以来的24小时内，3C家电成交额相比去年同期 ...

Core Insights - The demand for "trendy appliances" is experiencing a significant surge, particularly among young consumers, driven by new lifestyle needs and government subsidies [1][3][8] - The rise of live-streaming commerce, particularly through platforms like Li Jiaqi's, is playing a crucial role in promoting new domestic brands and innovative home appliances [3][5][7] Group 1: Market Trends - The trend of "trendy appliances" is opening new possibilities for consumers, with products like underwear washing machines and all-in-one cleaning robots gaining popularity [1][3] - Young consumers are increasingly favoring domestic brands that offer stylish and functional designs, leading to a shift in the home appliance market [4][5] Group 2: Consumer Behavior - Young consumers, particularly those born after 2000, are reshaping the home appliance landscape by prioritizing personal quality of life and social interaction experiences [5][7] - The demand for home automation and convenience is rising, with products like water purifiers and instant hot water dispensers becoming top choices for households [7] Group 3: Sales Performance - During the 618 shopping festival, the combination of government subsidies and live-streaming promotions is expected to drive record sales in the home appliance category [8] - Data shows that online retail sales of small appliances grew by 16% year-on-year in April, with average prices increasing by 22%, indicating a shift towards higher quality and innovative products [7]

当下，市面上各类智能体如雨后春笋涌现，但由于缺乏应用广度及深度，以及设备交互无法承载场景需求，智能体的应用价值未得到充分发挥。市面上 不缺乏智能体，但缺少能够提供满意服务的智能体。 据王志国介绍，此次推出超级智能体后，酷开接下来的规划是分步走的。第一，做用户数据的闭环，要观察三个月左右的时间，尤其是用户留存、活跃 数据和功能满足率大方面；第二，主动服务能力是下一个重心，准备把超级智能体的意图识别模型从 7B 模型换到 32B 模型，把它做成跟用户情感对话 的工具；第三，时刻保持着跟行业内最领先的大模型做，一定要做 AI 原生，只要中间隔着人，大模型的能力就会被大幅度衰减。 同时，酷开超级智能体和六大专业智能体支持软件售卖、设备授权、PaaS 服务、生态共赢的等合作模式，致力构建开放智能生态。据王志国透露，今 年 Q1 季度，酷开签约智能体销售（软件销售）已经达到了软件和硬件各占一半。 作者 | 华卫 4 月 22 日，酷开在以"大爱 AI"为主题的 2025 春季发布会上发布超级智能体，包括影音、健康、生活、设备、创作、教育六大智能体，以及智能体硬件 酷开学习机 Y41 Air、酷开闺蜜机 C20 系列等产品 ...

就在本周六,宏碁"新轻年轻而不凡"主题线下快闪店将在武汉K11 Select与大家见面,届时,宏碁将携全新 的重量仅有999克的非凡Go Air超轻本和众多潮酷新品,和武汉的新轻年们一起近距离感受"轻而不凡"。 超多豪礼,与新轻年一起玩转潮流快闪 如何定义"非凡",宏碁给出的回答是"新轻年,轻而不凡"。轻,不仅是直观的重量,更是放松的身心。这个周 末,宏碁和新轻年们一起,相约本次武汉快闪活动,跳脱出繁琐工作的日常,更好地表达自我。本次武汉快闪 设置了丰富好玩互动游戏环节,是一次与宏碁非凡Go Air对话的绝佳机会,参与互动除了可以近距离的感 受宏碁最新产品的独特魅力,还可以赢取精美的周边奖品,更有机会和宏碁特别邀请的网红一日店长互动 留影! 本次快闪活动,宏碁邀请武汉知名博主"彭十八@"到店,担任本次快闪活动的"一日店长",她将全程参与本 次活动,和到场的新轻年一起进行游戏互动,现场的朋友可以在一日店长的引导下,游玩新轻年快闪店,自由 进行打卡纪念,不仅能在"摸鱼休息区"秀出态度,还能拍摄专属的定制大头贴,定格自己在新轻年快闪的美 好时刻,更有机会获得由一日店长派送的特殊礼品。 全新超轻本,用999克重的非凡 ...