康冠科技: 传统旺季主营业务持续高增,创新显示勾画全新增长曲线
（以下内容从天风证券《康冠科技: 传统旺季主营业务持续高增,创新显示勾画全新增长曲线》研报附件原文摘录）
Shenzhen KTC Technology (001308 CH) 传统旺季主营业务持续高增，创新显示勾画全新增长曲线 Core sales segments set to grow in H2 peak season while innovative products add a new growth driver BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布2022前三季度业绩预告，公司预计22Q3归母净利润为4.4-4.6亿，同增34.4%-40.0%；22Q1-3归母净利11.3-11.5亿，同增95.4%-98.6%；其中Q1-Q3增速分别为91.6%、250.6%，34.4%-40.0%。 Q3E growth driven by smart flat panel volumes, higher share of large-screen TVs Q3E guidance: KTC Technology’s guidance report on 22Q1-3E earnings estimates net profit at RMB440-460m, up 34.4-40.0% yoy, in Q3E, and RMB1.13bn-1.15bn in Q1-3E, up 95.4-98.6% yoy; Q1/Q2/Q3E growth rates would come in at 91.6/250.6/34.4-40.0%. 本季增长主要系智能交互平板业务量增加，智能电视大尺寸比例增加，产品结构持续优化，毛利率同比增长；同时汇率变化及政府补贴对净利润产生积极影响。 Product drivers: Q3E growth was mainly due to higher volumes of smart interactive flat panels and a higher proportion of large-screen smart TVs, along with product structure optimization and a higher gross margin yoy. FX and government subsidies also helped to raise net profit. 公司深耕智能交互显示ODM，顺应海外教育信息化普及并前瞻布局创新显示产品（电竞显示屏、KTC移动智慧屏、AR美妆镜、运动镜）等，具备业绩支持及估值弹性。 Innovations: smart interactive displays aid business growth & valuation elasticity KTC’s development as a smart interactive display ODM leverages the informatization trend in the global education market. Its future-focused innovative display products (e-sports displays, KTC’s mobile smart screens, AR beauty and fitness mirrors) help support business and valuation elasticity. 收入结构改善驱动毛利率向上，一体化优势逐步显现。毛利较高的智能交互显示产品占比提升，产品大尺寸化趋势延续；电竞、医疗、拼接屏、广告牌等专业类显示产品销量亮眼，KTC Mini-Led显示器22H1在全球 Mini-Led显示器市场市占率第二；进一步优化产品结构，提高整体毛利率水平。深化一体化产业链布局，灯条、板卡等环节实现自主研发制造，加大供应链及研发投入，在海外竞争中比较具有竞争力。 Mini-LED display market leader: restructuring its revenue mix lifted gross margin and its integrated business advantages are gradually emerging. The proportion of high-gross-margin smart interactive displays rose, along with the rising trend of large-screen products. KTC mini-LED displays have sold well in the professional display markets such as e-sports, medical, split screens and billboards. KTC took the second highest share of the global mini-LED display market in H1. It has gone on to further optimize its product structure and improve its total gross profit margin. It improved its integrated supply chain by achieving independent R&D and manufacture of light strips, printed circuit boards and other accessories. It has increased investment into the supply chain and R&D in order to remain globally competitive. 创新显示产品打开成长空间。公司已研发出多款创新显示产品，运动镜、AR美妆镜、KTC智慧移动屏已获客户正向反馈。对于移动屏，通过自有品牌KTC销售；对美妆镜和运动镜，专注研发制造，与下游内容运营商、品牌商深度合作有望加速放量。 Smart AR mirrors and other innovations: KTC’s innovative display products provide another growth driver. It has developed a number of innovative display products, such as fitness mirrors and augmented reality beauty mirrors, while its smart mobile screens have received positive feedback from customers. It sells its own brand of KTC smart mobile screens. In beauty and fitness mirrors, it focuses on R&D and manufacturing. Through in-depth cooperation with downstream content operators and brand owners, we expect business volumes will rise quickly. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级。公司紧抓海外教育信息化发展，随着创新显示产品市场普及有望打开成长空间。下半年为传统旺季，预计出货量将较上半年有所增长，我们预计2022-24年EPS分别为2.75/3.44/4.28元/股，PE分别为13.2/10.6/8.5X。 Valuation and risks KTC is keeping well abreast of global education informatization developments and we see rising growth potential for the company as its innovative display products gain popularity. We believe shipments in the current H2E peak season will trump those in H1. We expect EPS to come to RMB2.75/3.44/4.28 in 2022/23/24E, with PE at 13.2/10.6/ 8.5x. We maintain our earnings forecast and BUY rating on the stock. 风险提示：原材料价格波动的风险，汇率波动的风险；疫情反复影响下游需求的风险；短期股价波动的风险；行业竞争的风险；业绩预告是初步核算结果，具体财务数据以公司披露的三季报为准等 Risks include: raw material price fluctuations; FX volatility; pandemic resurgence affecting downstream demand; short-term share price fluctuations; competitive factors; and note our forecast is based on the company’s preliminary audited results and is subject to its final Q3 report data. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户
Shenzhen KTC Technology (001308 CH) 传统旺季主营业务持续高增，创新显示勾画全新增长曲线 Core sales segments set to grow in H2 peak season while innovative products add a new growth driver BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布2022前三季度业绩预告，公司预计22Q3归母净利润为4.4-4.6亿，同增34.4%-40.0%；22Q1-3归母净利11.3-11.5亿，同增95.4%-98.6%；其中Q1-Q3增速分别为91.6%、250.6%，34.4%-40.0%。 Q3E growth driven by smart flat panel volumes, higher share of large-screen TVs Q3E guidance: KTC Technology’s guidance report on 22Q1-3E earnings estimates net profit at RMB440-460m, up 34.4-40.0% yoy, in Q3E, and RMB1.13bn-1.15bn in Q1-3E, up 95.4-98.6% yoy; Q1/Q2/Q3E growth rates would come in at 91.6/250.6/34.4-40.0%. 本季增长主要系智能交互平板业务量增加，智能电视大尺寸比例增加，产品结构持续优化，毛利率同比增长；同时汇率变化及政府补贴对净利润产生积极影响。 Product drivers: Q3E growth was mainly due to higher volumes of smart interactive flat panels and a higher proportion of large-screen smart TVs, along with product structure optimization and a higher gross margin yoy. FX and government subsidies also helped to raise net profit. 公司深耕智能交互显示ODM，顺应海外教育信息化普及并前瞻布局创新显示产品（电竞显示屏、KTC移动智慧屏、AR美妆镜、运动镜）等，具备业绩支持及估值弹性。 Innovations: smart interactive displays aid business growth & valuation elasticity KTC’s development as a smart interactive display ODM leverages the informatization trend in the global education market. Its future-focused innovative display products (e-sports displays, KTC’s mobile smart screens, AR beauty and fitness mirrors) help support business and valuation elasticity. 收入结构改善驱动毛利率向上，一体化优势逐步显现。毛利较高的智能交互显示产品占比提升，产品大尺寸化趋势延续；电竞、医疗、拼接屏、广告牌等专业类显示产品销量亮眼，KTC Mini-Led显示器22H1在全球 Mini-Led显示器市场市占率第二；进一步优化产品结构，提高整体毛利率水平。深化一体化产业链布局，灯条、板卡等环节实现自主研发制造，加大供应链及研发投入，在海外竞争中比较具有竞争力。 Mini-LED display market leader: restructuring its revenue mix lifted gross margin and its integrated business advantages are gradually emerging. The proportion of high-gross-margin smart interactive displays rose, along with the rising trend of large-screen products. KTC mini-LED displays have sold well in the professional display markets such as e-sports, medical, split screens and billboards. KTC took the second highest share of the global mini-LED display market in H1. It has gone on to further optimize its product structure and improve its total gross profit margin. It improved its integrated supply chain by achieving independent R&D and manufacture of light strips, printed circuit boards and other accessories. It has increased investment into the supply chain and R&D in order to remain globally competitive. 创新显示产品打开成长空间。公司已研发出多款创新显示产品，运动镜、AR美妆镜、KTC智慧移动屏已获客户正向反馈。对于移动屏，通过自有品牌KTC销售；对美妆镜和运动镜，专注研发制造，与下游内容运营商、品牌商深度合作有望加速放量。 Smart AR mirrors and other innovations: KTC’s innovative display products provide another growth driver. It has developed a number of innovative display products, such as fitness mirrors and augmented reality beauty mirrors, while its smart mobile screens have received positive feedback from customers. It sells its own brand of KTC smart mobile screens. In beauty and fitness mirrors, it focuses on R&D and manufacturing. Through in-depth cooperation with downstream content operators and brand owners, we expect business volumes will rise quickly. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级。公司紧抓海外教育信息化发展，随着创新显示产品市场普及有望打开成长空间。下半年为传统旺季，预计出货量将较上半年有所增长，我们预计2022-24年EPS分别为2.75/3.44/4.28元/股，PE分别为13.2/10.6/8.5X。 Valuation and risks KTC is keeping well abreast of global education informatization developments and we see rising growth potential for the company as its innovative display products gain popularity. We believe shipments in the current H2E peak season will trump those in H1. We expect EPS to come to RMB2.75/3.44/4.28 in 2022/23/24E, with PE at 13.2/10.6/ 8.5x. We maintain our earnings forecast and BUY rating on the stock. 风险提示：原材料价格波动的风险，汇率波动的风险；疫情反复影响下游需求的风险；短期股价波动的风险；行业竞争的风险；业绩预告是初步核算结果，具体财务数据以公司披露的三季报为准等 Risks include: raw material price fluctuations; FX volatility; pandemic resurgence affecting downstream demand; short-term share price fluctuations; competitive factors; and note our forecast is based on the company’s preliminary audited results and is subject to its final Q3 report data. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户
大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）
郑重声明：悟空智库网发布此信息的目的在于传播更多信息，与本站立场无关，不构成任何投资建议。
