康冠科技:智能交互平板表现亮眼,产品结构优化推动盈利向上
（以下内容从天风证券《康冠科技:智能交互平板表现亮眼,产品结构优化推动盈利向上》研报附件原文摘录）
Shenzhen KTC Technology (001308 CH) 智能交互平板表现亮眼，产品结构优化推动盈利向上 Interactive flat displays outperformed in Q3, while a better product revenue mix expanded margins BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 22Q3归母净利4.57亿同增39.6%，接近预告上限 22Q3公司收入33.46亿，同减6.8%；22Q1-3收入90.82亿，同增7.8%，增长主要系主营业务智能交互平板业务量增长、智能电视大尺寸比例提升。其中22Q1-3收入及增速分别为27.29亿（+22.1%）、30.08亿（+15.5%）、33.46亿（-6.8%）。 22Q3归母净利4.57亿，接近此前预告上限，同增39.6%；22Q1-3归母净利11.47亿，同增98.3%，增长主要系主营收入增长，产品结构持续优化，毛利率同比提升，汇率变动及政府补助增长等多重积极因素所致。其中Q1-Q3归母净利及增速分别为2.28亿（+91.6%）、4.61亿（+250.5%）、4.57亿（+39.6%）。 Interactive displays outperformed in Q3 and net profit rose 40% yoy to RMB457m Revenue: KTC Tech posted Q3 results with revenue at RMB3.35bn, down 6.8% yoy; bringing Q1-3 to RMB9.08bn, up 7.8% yoy, on higher volume in its main business of interactive flat panel displays, while large smart TVs took a bigger revenue proportion. Earlier quarters posted revenues of RMB2.73bn (up 22.1%) in Q1 and RMB3.01bn (up 15.5%) in Q2. Net profit arrived at RMB457m in Q3, close to the forecast upper limit, up 39.6% yoy; amounting to RMB1.15bn in Q1-3, up 98.3% yoy; the multiple factors included main operating income growth, product structure optimization, a higher gross margin yoy, FX changes and higher government subsidies. Earlier quarters posted RMB228m (up 91.6%) in Q1 and RMB461m (up 250.5%) in Q2. 受益产品结构优化及成本减少，盈利水平提升明显 22Q3公司毛利率19.3%，同比增长4.8pct，主要系产品结构优化、成本减少所致；22Q1-Q3毛利率分别为18.6%、20.5%、19.3%。22Q3归母净利率13.7%，同比增长4.5pct；22Q1-Q3归母净利率分别为8.4%、15.3%、13.7%。 22Q3公司期间费率4.0%，同减1.0pct。其中： 销售费率2.1%同增0.9pct，主要系公司业务效益增长带动销售人员薪酬增长；管理费率2.1%同增0.9pct，主要系公司以经营效益考核的管理人员奖金增长；研发费率4.1%同增1.4pct，主要系公司加大研发投入以提升竞争力，研发人员薪酬及直接投入增长；财务费率-4.3%同减4.3pct，主要系美元汇率变动而产生的汇兑收益及期内利息收入增长所致。 Profitability boost on product restructure and cost control Gross margin was 19.3% in Q3, up 4.8ppt yoy, on product structure optimization and cost reduction; it trended from 18.6% in Q1 and 20.5% in Q2. Net margin arrived at 13.7% in the third quarter, up 4.5ppt yoy; trending from 8.4% in Q1 and 15.3% in Q2. Total expense ratio arrived at 4.0% in Q3, down 1.0ppt yoy. A breakdown shows: ·Sales expense ratio rose 0.9ppt yoy to 2.1%, as business efficiency optimization led to sales staff salary increases. ·Management expense ratio increased 0.9ppt yoy to 2.1%, on increases in bonuses for management personnel based on the company’s operating efficiency assessments. ·R&D expense ratio rose 1.4ppt yoy to 4.1%, on increased R&D investment to enhance competitiveness, where R&D staff salaries and direct investment both increased. ·Financial expense ratio fell 4.3ppt yoy to -4.3%, mainly due to FX gains related to USD changes and higher interest income in the quarter. 收入结构改善驱动毛利率向上，一体化优势逐步显现 公司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；同时电竞、医疗、拼接屏、广告牌等专业类显示产品销量亮眼，主要创新类显示产品已实现量产，其中运动镜、移动屏销售情况良好；进一步优化产品结构，提高整体毛利率水平。 Better revenue mix drove up gross margin on emerging business synergy The company’s higher-gross-margin business of interactive smart displays accounted for a larger proportion of earnings, driven by the large displays market uptrend. Sales of commercial displays outperformed the rest, including e-sports, medical, split screens and billboards, while its main business of smart display products achieved mass production. KTC’s fitness mirrors and mobile smart screens also generated healthy sales. All of these factors led to a better product earnings mix, which raised total gross margin. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级。公司系智能显示行业龙头之一，紧抓海外教育信息化发展，差异化市场定位提升份额，同时伴随创新显示产品市场普及，有望打开成长空间。下半年为公司传统旺季，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13.1、10.5、8.4X。 Valuation and risks As one of the smart display industry leaders, KTC would benefit from the education informatization trend in foreign markets. Its differentiated market positioning has helped increase market share. The rising popularity of innovative display products has increased market growth potential. H2 being the company’s peak season, we expect shipments to outperform H1. We project EPS will arrive at RMB2.75/3.44/4.28 in 2022/23/24E, with PE at 13.1/10.5/8.4x. We maintain our forecasts and BUY rating. 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；行业竞争风险。 Risks include: raw material price fluctuations; FX volatility; persistent pandemic resurgence impacting downstream demand; and industry competition risks. 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) 智能交互平板表现亮眼，产品结构优化推动盈利向上 Interactive flat displays outperformed in Q3, while a better product revenue mix expanded margins BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 22Q3归母净利4.57亿同增39.6%，接近预告上限 22Q3公司收入33.46亿，同减6.8%；22Q1-3收入90.82亿，同增7.8%，增长主要系主营业务智能交互平板业务量增长、智能电视大尺寸比例提升。其中22Q1-3收入及增速分别为27.29亿（+22.1%）、30.08亿（+15.5%）、33.46亿（-6.8%）。 22Q3归母净利4.57亿，接近此前预告上限，同增39.6%；22Q1-3归母净利11.47亿，同增98.3%，增长主要系主营收入增长，产品结构持续优化，毛利率同比提升，汇率变动及政府补助增长等多重积极因素所致。其中Q1-Q3归母净利及增速分别为2.28亿（+91.6%）、4.61亿（+250.5%）、4.57亿（+39.6%）。 Interactive displays outperformed in Q3 and net profit rose 40% yoy to RMB457m Revenue: KTC Tech posted Q3 results with revenue at RMB3.35bn, down 6.8% yoy; bringing Q1-3 to RMB9.08bn, up 7.8% yoy, on higher volume in its main business of interactive flat panel displays, while large smart TVs took a bigger revenue proportion. Earlier quarters posted revenues of RMB2.73bn (up 22.1%) in Q1 and RMB3.01bn (up 15.5%) in Q2. Net profit arrived at RMB457m in Q3, close to the forecast upper limit, up 39.6% yoy; amounting to RMB1.15bn in Q1-3, up 98.3% yoy; the multiple factors included main operating income growth, product structure optimization, a higher gross margin yoy, FX changes and higher government subsidies. Earlier quarters posted RMB228m (up 91.6%) in Q1 and RMB461m (up 250.5%) in Q2. 受益产品结构优化及成本减少，盈利水平提升明显 22Q3公司毛利率19.3%，同比增长4.8pct，主要系产品结构优化、成本减少所致；22Q1-Q3毛利率分别为18.6%、20.5%、19.3%。22Q3归母净利率13.7%，同比增长4.5pct；22Q1-Q3归母净利率分别为8.4%、15.3%、13.7%。 22Q3公司期间费率4.0%，同减1.0pct。其中： 销售费率2.1%同增0.9pct，主要系公司业务效益增长带动销售人员薪酬增长；管理费率2.1%同增0.9pct，主要系公司以经营效益考核的管理人员奖金增长；研发费率4.1%同增1.4pct，主要系公司加大研发投入以提升竞争力，研发人员薪酬及直接投入增长；财务费率-4.3%同减4.3pct，主要系美元汇率变动而产生的汇兑收益及期内利息收入增长所致。 Profitability boost on product restructure and cost control Gross margin was 19.3% in Q3, up 4.8ppt yoy, on product structure optimization and cost reduction; it trended from 18.6% in Q1 and 20.5% in Q2. Net margin arrived at 13.7% in the third quarter, up 4.5ppt yoy; trending from 8.4% in Q1 and 15.3% in Q2. Total expense ratio arrived at 4.0% in Q3, down 1.0ppt yoy. A breakdown shows: ·Sales expense ratio rose 0.9ppt yoy to 2.1%, as business efficiency optimization led to sales staff salary increases. ·Management expense ratio increased 0.9ppt yoy to 2.1%, on increases in bonuses for management personnel based on the company’s operating efficiency assessments. ·R&D expense ratio rose 1.4ppt yoy to 4.1%, on increased R&D investment to enhance competitiveness, where R&D staff salaries and direct investment both increased. ·Financial expense ratio fell 4.3ppt yoy to -4.3%, mainly due to FX gains related to USD changes and higher interest income in the quarter. 收入结构改善驱动毛利率向上，一体化优势逐步显现 公司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；同时电竞、医疗、拼接屏、广告牌等专业类显示产品销量亮眼，主要创新类显示产品已实现量产，其中运动镜、移动屏销售情况良好；进一步优化产品结构，提高整体毛利率水平。 Better revenue mix drove up gross margin on emerging business synergy The company’s higher-gross-margin business of interactive smart displays accounted for a larger proportion of earnings, driven by the large displays market uptrend. Sales of commercial displays outperformed the rest, including e-sports, medical, split screens and billboards, while its main business of smart display products achieved mass production. KTC’s fitness mirrors and mobile smart screens also generated healthy sales. All of these factors led to a better product earnings mix, which raised total gross margin. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级。公司系智能显示行业龙头之一，紧抓海外教育信息化发展，差异化市场定位提升份额，同时伴随创新显示产品市场普及，有望打开成长空间。下半年为公司传统旺季，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13.1、10.5、8.4X。 Valuation and risks As one of the smart display industry leaders, KTC would benefit from the education informatization trend in foreign markets. Its differentiated market positioning has helped increase market share. The rising popularity of innovative display products has increased market growth potential. H2 being the company’s peak season, we expect shipments to outperform H1. We project EPS will arrive at RMB2.75/3.44/4.28 in 2022/23/24E, with PE at 13.1/10.5/8.4x. We maintain our forecasts and BUY rating. 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；行业竞争风险。 Risks include: raw material price fluctuations; FX volatility; persistent pandemic resurgence impacting downstream demand; and industry competition risks. 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
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