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]
康冠科技：公司信息更新报告：收入延续亮眼增长，提价节奏变化利润端仍承压