近期，公司收到政旦志远（深圳）会计师事务所（特殊普通合伙）（以下 简称"政旦志远"，原深圳大华国际）出具的《名称变更通知》和《关于变更 深圳市康冠科技股份有限公司项目质量复核人员的函》，现将具体情况公告如 下： 一、会计师事务所更名情况 经深圳市市场监督管理局核准，深圳大华国际会计师事务所（特殊普通合 伙）名称变更为"政旦志远（深圳）会计师事务所（特殊普通合伙）"，更名 后相关业务资格以及权利义务由政旦志远承继。本次会计师事务所名称变更， 不涉及主体资格变更，不属于更换或重新聘任会计师事务所的情形，对公司审 计工作不会造成影响。 证券代码：001308 证券简称：康冠科技 公告编号：2024-070 深圳市康冠科技股份有限公司 关于会计师事务所更名及变更项目质量复核人员的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市康冠科技股份有限公司（以下简称"公司"）分别于 2024 年 4 月 9 日、2024 年 5 月 7 日召开第二届董事会第十五次会议和 2023 年年度股东大会， 审议通过了《关于续聘 2024 年度会计师事务所的议案》，同意续聘深 ...

33.46那其中里面三个主要的这个业务板块的话无论从出货量的增长还是营收的增长情况看都是比较不错的那主要的是创新类显示产品的这个营收的增长38.58%出货量也是翻倍了那智能电视板块营收是同比增长60.06出货量同比增长42.29 交互这一块其中主要的拳头产品智能交互平板营业收入也是同比增长8.54%出货量同比增长15.25%这一块来看整体的基本的盘子和咱们基础的业务板块以及创新类的新业务的板块发展都是比较成良好的增长态势的那创新类展示产品这一块除了我们的几个爆款产品可能最新 最近的话也有一些预计上市的创新类的显示产品跟AI相关的也引起大家比较多的一个关注那其实公司来讲的话现在已经是全面的拥抱AI并且因为我们本身就是一直致力于智能终端显示这个领域的嘛所以现在无论是主要的业务相对原来的业务还是说新的创新类显示产品的业务 其实跟AI都是全面的进行赋能跟结合的比如说我们现在的AI家教育板块就是我们的以出口为主的智能交互平板教育类的在海外的供给全球全世界的客户的这种AI家教育方面的一些应用然后AI家会议家办公这一块就是我们国内的这个就是好利自由品牌的智能交互平板会议类相关的 然后还有AI家医疗也有前段时间我们推出的康万 ...

各位投资者上午好我是中兴剑头家电的李玉如今天我们非常荣幸的邀请到康万科技的董灵办主任范总参加我们这次策略会的一个交流然后最近康万科技有很多的一个其他新兴业务的一个进展包括就是在传统的一个代工业务上面你现在是包括就是交付平板上面的一个代工我们看到这个订单的需求也是有 很大幅度的一个增长我们先邀请范总跟我们介绍一下康文科技最近的一些近况然后我们再进行QA的一个交流的环节首先有请范总好的谢谢指导师的邀请各位投资者大家好我是康文科技董事长主任范云淑新欢迎大家参加本次的交流最近我们在三季度披露了相关的 三级报的报告然后其实从今年整体1到9月份来看营收的情况包括各个业务板块智能电视智能交互和创新类显示产品这三大业务板块的一个出货量情况都是比较高增的那然后在利润端表现其实是今年是一个投入期然后我们在创新类显示产品这一块一直加大力度投入 包括一些围绕AI、AR、VR相关领域新兴领域新需求的一些新产品的开发布局所以这些的话投入比较多然后自由品牌方面三个自由品牌KTC、Hollywood、福比特这种的营销费用也相对也多然后为了匹配咱们增长的这种业务量来讲所匹配到的人员也在持续增长所以管理费用也 也在上升所以从这个角度来讲我们的这 ...

证券代码：001308 证券简称：康冠科技 公告编号：2024-069 一、股票交易异常波动的情况介绍 深圳市康冠科技股份有限公司（以下简称"公司"或"本公司"）的股票（证 券简称：康冠科技，股票代码：001308）连续 3 个交易日（2024 年 11 月 25 日、 2024 年 11 月 26 日、2024 年 11 月 27 日）收盘价格涨幅偏离值累计超过 20%。 根据《深圳证券交易所交易规则》的相关规定，属于股票交易异常波动情况。 深圳市康冠科技股份有限公司 股票交易异常波动公告 二、公司关注、核实相关情况的说明 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 针对公司股票异常波动的情况，公司董事会对公司、控股股东、实际控制人 就相关事项进行了核实，现将有关情况说明如下： 2、公司未发现近期公共媒体报道了可能或者已经对本公司股票交易价格产 生较大影响的未公开重大信息。 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、 协议等；董事会也未获悉本公司有根据《深圳证券交易所股票上市规则》等有关 规定应予以披露而未披露的、对公司股票 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 4.791 billion yuan in Q3 2024, representing a year-on-year increase of 33.46%, while the net profit attributable to shareholders was 149 million yuan, down 53.4% year-on-year [5] - The decline in profitability is attributed to a focus on increasing market share, which has temporarily impacted earnings, along with the lag in passing on raw material cost increases to final sales prices, increased R&D and sales expenses, and exchange rate fluctuations [5][6] - The company continues to lead the smart display industry, leveraging innovation to enhance technology integration into daily life, with expectations for new revenue growth driven by the application of IoT, 5G, and human-computer interaction technologies [8] Financial Performance Summary - For the first three quarters of 2024, the cumulative revenue reached 11.391 billion yuan, up 33.05% year-on-year, while the net profit attributable to shareholders was 558 million yuan, down 35.45% year-on-year [5] - The gross margin for Q3 2024 decreased by 3.88 percentage points to 12.21%, and the net profit margin decreased by 5.81 percentage points to 3.12% [6] - By business segment, revenue from innovative display products increased by 38.58% year-on-year, while smart TV revenue rose by 60.08% year-on-year [7] Future Outlook - The company is expected to achieve a net profit of 880 million yuan in 2024, with a projected price-to-earnings (P/E) ratio of 16-20x, leading to a fair value range of 20.48 to 25.60 yuan per share [8] - Revenue forecasts indicate a growth trajectory with expected revenues of 16.181 billion yuan in 2024, 18.029 billion yuan in 2025, and 20.306 billion yuan in 2026, reflecting year-on-year growth rates of 20.3%, 11.4%, and 12.6% respectively [9][13]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 21.10 yuan as of October 23, 2024 [6][7] Core Views - The company is a global leader in smart display manufacturing, focusing on customized and differentiated display products, including smart interactive panels, professional displays, innovative displays, and smart TVs [2] - The company primarily operates through an OEM model, with 83.8% of its revenue coming from overseas sales in H1 2024 [2] - The global TV OEM market is expected to grow further due to increasing demand for cost-effective local brands and channel-owned brands, benefiting the company's smart TV business [3] - The company's smart interactive display business is expected to improve, driven by the replacement cycle in overseas education markets and emerging market demand [4] - The innovative display segment, including products like mobile smart screens and VR glasses, has shown rapid growth, with revenue increasing by 128.92% YoY in 2023 and 94.1% YoY in H1 2024 [5] Business Segments Smart TV - The company's smart TV business has shown strong growth, with a 20.7% CAGR from 2019 to 2023 and a 52.7% YoY increase in H1 2024 [16][17] - The company ranks fourth in the global TV OEM market in H1 2024, with a 43.7% YoY increase in shipments [40][41] - The global TV OEM market is expected to grow further, driven by cost pressures on brand manufacturers and the shift towards local brands and channel-owned brands [37] Smart Interactive Display - The company is the global leader in smart interactive panel shipments, with a 35.7% revenue share in 2023 [44] - The global IFPD (Interactive Flat Panel Display) market is expected to grow, with education and conference markets showing significant potential [46] - The company's smart interactive display business is expected to grow, with revenue projected to reach 40.1 billion yuan in 2024, 45.8 billion yuan in 2025, and 50.3 billion yuan in 2026 [61] Innovative Display - The innovative display segment, including products like mobile smart screens, VR glasses, and smart mirrors, has shown rapid growth, with revenue increasing by 128.92% YoY in 2023 and 94.1% YoY in H1 2024 [5][57] - The company's KTC brand ranks third in the domestic online market for gaming monitors, with a 142% YoY increase in sales in H1 2024 [53] - The innovative display segment is expected to continue its strong growth, with revenue projected to reach 14.4 billion yuan in 2024, 18.0 billion yuan in 2025, and 20.7 billion yuan in 2026 [62] Financial Projections - The company's revenue is expected to grow at a CAGR of 13.9% from 2024 to 2026, reaching 153.2 billion yuan in 2024, 174.4 billion yuan in 2025, and 189.9 billion yuan in 2026 [6][65] - Net profit is expected to grow at a CAGR of 36.2% from 2024 to 2026, reaching 9.73 billion yuan in 2024, 13.25 billion yuan in 2025, and 16.01 billion yuan in 2026 [6][65] - The company's EPS is projected to be 1.42 yuan in 2024, 1.93 yuan in 2025, and 2.33 yuan in 2026, with corresponding P/E ratios of 14.7x, 10.8x, and 9.0x [6][65]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨康冠科技（001308.SZ） [Table_Title] 价格传导存在时滞，创新业务持续高增 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 康冠科技公布 2024 年第三季度报告，报告期内公司实现营业收入 113.91 亿元，同比增长 | | | 33.05% ；归母净利润 5.58 亿元，同比下降 35.45% 。扣非归母净利润 4.44 亿元， ...

Investment Rating - The report maintains a "Buy" rating for the company, 康冠科技 (001308) [5] Core Insights - The company reported a revenue of 11.391 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 33.05%. However, the net profit attributable to shareholders decreased by 35.45% to 558 million yuan [2] - In Q3 2024, the company achieved a revenue of 4.791 billion yuan, up 33.46% year-on-year, but the net profit attributable to shareholders fell by 53.40% to 149 million yuan [2] - The company's strategy focuses on expanding business scale and market share, which has led to increased revenue but has also pressured profitability due to competitive pricing strategies and increased promotional expenses [2][4] Revenue and Profitability - The company's main products, including innovative display products and smart TVs, showed significant revenue growth in Q3 2024, with increases of 38.58% and 60.08% respectively. However, the smart interactive display products saw a decline in revenue by 8.04% [3] - The overall gross margin and net margin for the first three quarters of 2024 were 13.20% and 4.88%, down 4.40 percentage points and 5.23 percentage points year-on-year, respectively [4] - In Q3 2024, the gross margin and net margin were 12.21% and 3.10%, reflecting a decline of 3.88 percentage points and 5.83 percentage points year-on-year [4] Financial Projections - The projected net profits for the company from 2024 to 2026 are 851 million yuan, 1.093 billion yuan, and 1.345 billion yuan, with year-on-year growth rates of -33.62%, +28.36%, and +23.10% respectively [5] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 16, 13, and 10 times [5] Market Position - The report highlights the company's leading position in the global smart display sector, driven by a dual strategy of OEM and proprietary brands [5]

公司报告 | 季报点评 创新产品延续高增 公司发布三季报 公司 24Q3 收入 48 亿，同增 33%，其中创新类显示产品营收同增 38.6%， 出货量同增 109.84%，智能电视营收同增 60.1%，出货量同增 42.3%，智能 交互显示产品营业收入同减 8.0%，出货量同减 29.3%； 公司各类产品继续延续上半年良好增长态势，其中创新类显示产品、智能 电视的增势尤为明显。公司通过产品创新、技术提升、品牌宣传和 AI 赋能 等来提升业务体量和市场占有率发展战略显见成效。 公司 24Q3 归母净利 1.5 亿同减 53%，扣非后归母净利 1.3 亿同减 57%；系 （1）行业竞争加剧及市场需求结构变化，公司紧跟市场形式，着重扩大业 务体量及市场份额的核心战略，盈利情况短期内受到影响。（2）主要原材 料的价格有所回落，但公司采取了阶段性地选择具有市场竞争力的价格策 略，适当优化节奏与幅度，旨在帮助和支持客户提升市场份额。这一策略 导致部分产品从原材料成本加成到最终销售价格的传导过程中出现了一定 的滞后性。（3）公司加大了研发投入以推动产品创新，增加了宣传推广投 入以提升品牌知名度，提高了销售费用投入以支持营 ...

Investment Rating - The report maintains an "Outperform" rating for KTC (001308 SZ) [1][3] Core Views - KTC's revenue grew 33 1% YoY in the first three quarters of 2024, reaching 11 391 billion yuan, but net profit declined 35 5% YoY to 558 million yuan [1] - In Q3 2024, revenue increased 33 5% YoY and 27 2% QoQ to 4 79 billion yuan, while net profit dropped 53 4% YoY and 33 2% QoQ to 149 million yuan [1] - The company's profit decline is attributed to intensified industry competition, changes in market demand structure, lagged price transmission, increased R&D and brand promotion expenses, and foreign exchange losses of 60 million yuan [1] Business Performance - KTC's TV OEM shipments grew YoY, with total shipments reaching 7 4 million units in the first three quarters, ranking fourth among global OEMs [1] - Global TV OEM shipments increased 4 5% YoY in the first three quarters, with Q3 shipments up 6% YoY, and the full-year growth is expected to maintain around 4% [1] - The company has successfully expanded its presence in the North American market and increased its global market coverage [1] Product Performance - Innovative display products revenue grew 38 58% YoY in Q3 2024, with shipments up 109 84% [1] - Smart TV revenue increased 60 08% YoY, with shipments up 42 29% [1] - Smart interactive display products revenue declined 8 04% YoY, with shipments down 29 25%, although smart interactive panels showed growth of 8 54% in revenue and 15 25% in shipments [1] Financial Forecasts - The report revises down KTC's net profit forecasts for 2024-2026 to 874 million, 1 112 billion, and 1 35 billion yuan, representing YoY changes of -31 9%, +27 3%, and +21 4% respectively [1] - The company's PE ratios for 2024-2026 are projected at 15 7x, 12 4x, and 10 2x [1] - Revenue is expected to grow 23 3% in 2024, 14 4% in 2025, and 9 9% in 2026 [2] - EBIT margin is forecasted to be 5 6% in 2024, 6 1% in 2025, and 6 7% in 2026 [2] Market Data - KTC's closing price was 20 02 yuan with a total market capitalization of 137 54 billion yuan and a circulating market capitalization of 15 46 billion yuan [3] - The 52-week high and low prices were 29 93 yuan and 17 56 yuan respectively [3] - The average daily trading volume over the past three months was 546 4 million yuan [3]