Investment Rating - Buy (maintained) [1] Core Views - Revenue continues to grow strongly, but profit margins remain under pressure due to changes in pricing strategies [1][3] - The company sacrificed short-term profitability to expand market share, leading to a lag in cost pass-through and reduced short-term profitability [3] - Overseas demand recovery, product structure optimization, and gradual improvement in cost pressure remain the long-term logic [3] Business Performance Revenue and Profit - 2024Q3 revenue: RMB 4.79 billion, yoy +33.5% [3] - 2024Q3 net profit: RMB 150 million, yoy -53.4% [3] - 2024Q1-Q3 revenue: RMB 11.39 billion, yoy +33.1% [3] - 2024Q1-Q3 net profit: RMB 560 million, yoy -35.5% [3] - 2024-2026 net profit forecast adjusted to RMB 860 million, RMB 1.09 billion, and RMB 1.36 billion, respectively [3] Business Segments - 2024Q3 revenue by segment: innovative display (+38.58% yoy), smart TV (+60.08% yoy), smart interactive display (-8.04% yoy) [3] - 2024Q1-Q3 revenue by segment: innovative display (+68.48% yoy), smart TV (+55.86% yoy), smart interactive display (+1.35% yoy) [3] - Smart TV prices increased, especially in the Belt and Road regions, contributing to profitability recovery [3] Profitability - 2024Q3 gross margin: 12.2%, yoy -3.88pct [3] - 2024Q3 net margin: 3.1%, yoy -5.83pct [3] - 2024Q1-Q3 gross margin: 13.2%, yoy -4.4pct [3] - 2024Q1-Q3 net margin: 4.9%, yoy -5.23pct [3] Expenses - 2024Q1-Q3 expense ratios: sales (3%, yoy +0.66pct), management (2.3%, yoy -0.37pct), R&D (4.2%, yoy -0.86pct), financial (0%, yoy +0.92pct) [3] - Increased R&D and promotional expenses to support product innovation and brand building [3] Financial Forecasts Income Statement - 2024E revenue: RMB 16.11 billion, yoy +19.8% [4] - 2024E net profit: RMB 857 million, yoy -33.2% [4] - 2024E EPS: RMB 1.25, P/E: 16.7x [4] Balance Sheet - 2024E total assets: RMB 145.71 billion [5] - 2024E total liabilities: RMB 71.77 billion [5] Cash Flow - 2024E operating cash flow: RMB 2.74 billion [5] - 2024E net cash increase: RMB -1.02 billion [5] Valuation Metrics - 2024E P/E: 16.7x [4] - 2024E P/B: 1.9x [4] - 2024E EV/EBITDA: 11.2x [5] Historical Performance - 2023A revenue: RMB 13.45 billion, yoy +16% [4] - 2023A net profit: RMB 1.28 billion, yoy -15.4% [4] - 2023A EPS: RMB 1.87, P/E: 11.2x [4]

深圳市康冠科技股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |-----------------------------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2023年度可持续发展报告 深圳市康冠科技股份有限公司 Shenzhen KTC Technology Sustainability Report 2023 以科技改善生活 公司代码：001308.SZ 公司简称：康冠科技 | 数据量化绩效表 | 113 | | --- | --- | | GRI内容索引 | 119 | | 《深圳证券交易所上市公司自 | 123 | | 律监管指引第17 号——可持续 | | | 发展报告（试行） 》内容索引 | | | | 124 | 25 27 29 31 目录 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进康冠科技 | 05 | | 发展历程 | | | 全球化布局 | 09 | | 核心品类 | 13 | | 经营策略 | 14 | | 产品认证 | 15 | | 企业荣誉 | 16 | | 年度专题 | | | 筑牢研发创新基石， | 17 | | 积极布局未来技术 | | | 打造绿色智能工厂， | | | 实现深度柔性制造 | 21 | | | 可持续发展管理 | 25 | | | --- | ...

Shenzhen KTC Technology Sustainability Report 2023 Shenzhen KTC Technology Co., Ltd. Improving Living Condition with Technology | Building a Strong R&D Innovation | | | --- | --- | | Foundation and Developing | 17 | | Future Technologies | | Stock code: 001308.SZ Stock abbreviation: KTC Contents Enabling Factories for Smart, Green and Flexible Manufacturing 21 | Sustainability Management | 25 | | --- | --- | | Environmental, Social, and Governance (ESG) System | 27 | | Response to Sustainable Development Go ...

证券代码：001308 证券简称：康冠科技 公告编号：2024-068 深圳市康冠科技股份有限公司 关于部分首次公开发行股票募集资金投资项目延期的公告 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"）于 2024 年 10 月 28 日 召开第二届董事会第二十二次会议、第二届监事会第二十一次会议审议通过了 《关于部分首次公开发行股票募集资金投资项目延期的议案》，同意将公司募 集资金投资项目（以下简称"募投项目"）中的"智能显示科技园项目（一 期）"达到预定可使用状态的时间由 2025 年 1 月 25 日延期至 2026 年 6 月 30 日。根据《深圳证券交易所股票上市规则》《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》以及《公司章程》等有关规定，除上 述变更外，该项募投项目的实施主体、投资总额、建设内容等均未发生变更， 无需提交公司股东大会审议，现将相关事项公告如下： 为规范公司募集资金的存放、使用与管理，提高募 ...

华林证券股份有限公司 关于深圳市康冠科技股份有限公司 上述募集资金已于 2022 年 3 月 14 日全部到账，并经大华会计师事务所（特 殊普通合伙）出具的"大华验字[2022]000145 号"《验资报告》予以验证。 二、募集资金存放与使用情况 为规范公司募集资金的存放、使用与管理，提高募集资金使用的效率，保护 投资者的合法权益，公司已根据《深圳证券交易所股票上市规则》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规和规范性 文件的相关规定，结合公司实际情况，制定了《募集资金管理办法》，并开立了 募集资金专项账户对募集资金的存储与使用进行管理。 序号 募集资金投资项目 募集资金 承诺投资金额 累计投入 募集资金金额 募集资金 账户余额 （注 2） 投资进度 1 康冠智能显示终端 产品扩产项目 50,000.00 50,253.86（注 1） 0.05 100.51% 2 商用显示产品扩产 项目 10,000.00 3,179.11 72.06 31.79% 3 智能显示科技园项 目（一期） 62,00 ...

证券代码：001308 证券简称：康冠科技 公告编号：2024-067 深圳市康冠科技股份有限公司 第二届监事会第二十一次会议决议公告 本公司及监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。 一、监事会会议召开情况 1 二、监事会会议审议情况 经与会监事认真审议，以记名投票表决方式通过以下决议： 1、审议通过《关于 2024 年第三季度报告的议案》。 监事会认为：董事会编制和审核《2024 年第三季度报告》的程序符合法律、 法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确、完整 地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：3 票赞成、0 票反对、0 票弃权。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年第三季度报告》。 2、审议通过《关于部分首次公开发行股票募集资金投资项目延期的议案》。 监事会认为：公司本次延期部分募集资金投资项目，有利于提高募集资金 深圳市康冠科技股份有限公司（以下简称"公司"）第二届监事会第二十 一次会议于 2024 年 10 月 28 日上午 11:0 ...

证券代码：001308 证券简称：康冠科技 公告编号：2024-066 深圳市康冠科技股份有限公司 第二届董事会第二十二次会议决议公告 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。 二、董事会会议审议情况 本次会议以记名方式投票表决，会议就以下事项决议如下： 1、审议通过《关于 2024 年第三季度报告的议案》。 表决结果：7 票赞成、0 票反对、0 票弃权。 公司董事会审计委员会审议通过了本议案。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年第三季度报告》。 2、审议通过《关于部分首次公开发行股票募集资金投资项目延期的议案》。 表决结果：7 票赞成、0 票反对、0 票弃权。 一、董事会会议召开情况 深圳市康冠科技股份有限公司（以下简称"公司"）第二届董事会第二十二 次会议于 2024 年 10 月 28 日上午 10:00 以现场及通讯相结合的方式在公司会议 室召开。公司于 2024 年 10 月 24 日以邮件形式发出本次董事会会议通知。本次 会议由董事长凌斌先生主持，会议应出席董事 7 人，实际出席董事 7 ...

Revenue and Profitability - Revenue for Q3 2024 reached ¥4,790,980,513.83, an increase of 33.46% compared to the same period last year[2] - Net profit attributable to shareholders was ¥149,342,741.34, a decrease of 53.40% year-over-year[2] - The net profit after deducting non-recurring gains and losses was ¥131,189,205.73, down 56.80% from the previous year[2] - The basic earnings per share decreased to ¥0.22, down 53.19% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was CNY 149.34 million, a decrease of 53.40% year-over-year[13] - Net profit attributable to the parent company was CNY 378,026,654.44, compared to CNY 686,327,329.60 in the previous year, indicating a decrease of 45%[19] - The net profit for Q3 2024 is CNY 555,892,918.01, a decrease of 35.7% compared to CNY 865,854,641.21 in Q3 2023[20] - The company recorded a total profit of CNY 544,763,417.23 for Q3 2024, down from CNY 829,665,293.78 in Q3 2023, reflecting a decline of 34.4%[20] - The operating profit for the quarter was CNY 541,077,087.69, compared to CNY 828,978,499.83 in the previous year, indicating a decrease of 34.8%[20] Assets and Liabilities - Total assets increased to ¥16,270,813,634.27, reflecting a growth of 15.47% compared to the end of the previous year[2] - The total equity attributable to shareholders increased by 3.42% to ¥7,173,923,209.19 compared to the end of the previous year[2] - The company's total assets increased to CNY 16,270,813,634.27, up from CNY 14,090,590,100.28, representing a growth of 15.5%[18] - The total liabilities rose to CNY 9,087,889,606.82, compared to CNY 7,142,830,966.91, marking an increase of 27.3%[18] - Total current assets increased to CNY 13.31 billion from CNY 11.80 billion at the beginning of the period[16] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥480,655,709.89, a decline of 293.68% year-over-year[2] - The company reported a net cash flow from operating activities of -CNY 480,655,709.89, a decrease of 293.68% compared to the previous period[9] - The company's cash flow from financing activities was CNY 139,790,508.72, a decrease of 92.90% due to increased cash outflows related to bank acceptance bills and guarantees[9] - The cash flow from operating activities showed a net outflow of CNY -480,655,709.89, compared to a net inflow of CNY 248,173,942.99 in the previous year[22] - The cash flow from investment activities generated a net inflow of CNY 849,251,922.05, a significant recovery from a net outflow of CNY -3,134,757,475.61 in Q3 2023[22] Expenses - Operating costs increased by CNY 2.83 billion, a year-over-year growth of 40.16%[13] - Total operating costs amounted to CNY 11,013,451,695.96, up from CNY 7,875,272,050.65, reflecting a year-over-year increase of 39.5%[19] - Sales expenses rose by 71.07% to ¥339,564,487.48, mainly due to increased brand promotion and export insurance costs[5] - Research and development expenses for the quarter were CNY 483,447,513.95, compared to CNY 437,222,622.52, showing an increase of 10.6%[19] Revenue by Product - Revenue from innovative display products increased by 38.58% year-on-year, with shipment volume growing by 109.84%[11] - Smart TV revenue grew by 60.08% year-on-year, with shipment volume increasing by 42.29%[11] - Revenue from smart interactive display products grew by 1.35% year-over-year, while shipment volume declined by 2.42%[14] - Revenue from innovative display products increased by 68.48% year-over-year, with shipment volume rising by 154.92%[14] - Revenue from smart TVs grew by 55.86% year-over-year, with shipment volume increasing by 47.93%[14] Shareholder Activities - The controlling shareholder, Mr. Ling Bin, has increased his stake in the company by CNY 29.99 million, acquiring 1.44 million shares, representing 0.21% of the total share capital[15] Market Strategy - The company plans to enhance its market share through product innovation, technology upgrades, brand promotion, and AI empowerment strategies[12] - The company plans to enhance overseas business and strengthen customer service to expand its innovative display product brand[14]

[Table_MainInfo] 公司研究/信息设备/电子设备与仪器 证券研究报告 康冠科技（001308）公司研究报告 2024 年 10 月 08 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 30 日收盘价（元） ] | 22.22 | | 52 周股价波动（元） | 17.56-29.93 | | 总股本 / 流通 A 股（百万股） | 687/77 | | 总市值 / 流通市值（百万元） 相关研究 | 15257/1707 | 市场表现 [Table_QuoteInfo] -27.26% -18.26% -9.26% -0.26% 8.74% 17.74% 2023/10 2024/1 2024/4 2024/7 康冠科技 海通综指 | --- | --- | --- | --- | |--------------------------| ...