康平控股为公司控股股东，海南香橼为康平控股控制的企业，因此康平控股、海南香橼均为公司关联法 人，根据有关规定，本次交易构成关联交易。 搜鹿电子主要从事仪器仪表生产加工及销售，具备自行研发、制造、销售和出口各类电子电动工具的 PCBA、马达控制模块、电子激光类产品、LED系列产品、家电部件、逆变器等产品的能力。目前主要 客户多为外资世界500强公司。 为进一步增强公司核心竞争力，积极发挥协同效应，丰富公司在电动工具行业的布局及资源优势，同时 也为了避免关联交易及潜在同业竞争风险，康平科技（300907）拟以自有及自筹资金购买海南香橼创业 投资合伙企业(有限合伙)(下称"海南香橼")、江苏康平控股集团有限公司(下称"康平控股")持有的上海搜 鹿电子有限公司(下称"搜鹿电子")100%股权。 据披露，经收益法评估，搜鹿电子股东全部权益于评估基准日(2024年12月31日)的市场价值为2.41亿 元。本次交易价格以评估价值为依据，并经公司与交易对手方协商，最终确定为1.98亿元。 海南香橼、康平控股保证，截至基准日，除2024年度审计报告所列示的资产、债务等情况外，搜鹿电子 没有任何其他负债或担保责任。如日后发现基准 ...

Core Viewpoint - The company has a solid foundation in its TV ODM business, significant advantages in the LED industry chain, and is actively expanding into the optical communication sector, which is expected to open up long-term growth opportunities [1][2]. Financial Performance - In 2024, the company achieved revenue of 20.33 billion, a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.6 billion, a year-on-year increase of 0.9% [3]. - For Q4 2024, the company reported revenue of 4.16 billion, a year-on-year decrease of 7.1%, and a net profit of 230 million, a year-on-year decrease of 27.4% [3]. - In Q1 2025, the company generated revenue of 3.72 billion, a year-on-year decrease of 9.33%, with a net profit of 330 million, a year-on-year decrease of 19.30% [3]. - The company plans to distribute a cash dividend of 1.07 per 10 shares, totaling 484 million, with a dividend payout ratio of 30.23% [3]. Revenue Breakdown - In 2024, the smart display terminal business generated revenue of 15.0 billion, a year-on-year increase of 18.4%, with a gross margin of 13.1%, down 3.2 percentage points [3]. - The LED series business generated revenue of 5.33 billion, a year-on-year increase of 18.3%, with a gross margin of 28.6%, up 2.8 percentage points [3]. Profitability and Expense Ratios - In 2024, the overall gross margin decreased by 1.66 percentage points to 17.17%, with net profit margin down by 1.39 percentage points to 7.87% [4]. - For Q4 2024, the gross margin was 20.48%, with a net profit margin of 5.52%, down 1.55 percentage points year-on-year [4]. - In Q1 2025, the gross margin increased by 0.56 percentage points to 18.34%, while the net profit margin decreased by 1.11 percentage points to 8.99% [4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 28.8 yuan [4][5]. Core Views - The company has shown significant revenue growth, with a 25.25% increase in revenue to 2.59 billion yuan in 2024 and a 59.07% increase in net profit to 68.09 million yuan [2][4]. - The first quarter of 2025 also reflects strong performance, with an 48.43% increase in revenue to 805 million yuan, although net profit decreased by 3.62% to 30 million yuan [1][2]. - The company is actively expanding its market presence and enhancing strategic partnerships with downstream customers, leading to record-high quarterly revenues in the latter half of 2024 [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a total sales volume of 33.07 million square meters of polarizers, a 30.40% increase year-on-year [2]. - The gross margin improved from 14.81% in 2023 to 17.29% in 2024, and further to 17.72% in Q1 2025 [2][3]. - Revenue projections for 2025 to 2027 are estimated at 3.44 billion yuan, 4.55 billion yuan, and 5.82 billion yuan respectively, with net profits expected to be 179 million yuan, 292 million yuan, and 399 million yuan [4][11]. Product Innovation and Business Expansion - The company submitted 29 new patent applications in 2024, including 19 invention patents, and received 25 new patent grants [3]. - The company is accelerating the construction of new production capacity in Hefei, which is expected to support rapid shipments of large-size TV products in 2025 [3]. Market Outlook - The report indicates a gradual recovery in the panel industry, with increasing utilization rates and a positive outlook for the company's product lines, particularly in OLED products [2][3].