康冠科技: 股权激励绑定员工,教育信息化延续高景气

（以下内容从天风证券《康冠科技: 股权激励绑定员工,教育信息化延续高景气》研报附件原文摘录）
　　Shenzhen KTC Technology (001308 CH) 股权激励绑定员工，教育信息化延续高景气 Equity incentives encourage employee retention; rising potential of education informatization market BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布2023年股权激励计划，拟向激励对象授予1939.7万份股票期权，约占总股本3.71%，股票来源为定向发行，行权价为29.65元/股；激励对象不超过1214人，其中包括公司董事、高级管理人员、核心管理人员和核心技术（业务）人员等。 2023 stock option plan for over 1,200 key staff amps up KTC’s growth trajectory KTC Technology announced its 2023 equity incentive plan to grant key personnel 19.4m stock options, which account for 3.71% of its total share capital. The share options will be issued on a directed basis at a price of RMB29.65 per share for up to 1,214 incentive recipients, including company directors, senior managers, key managers and key business technical personnel. 本次激励计划共涉及3个行权期，分别为授予日后的1-2年/2-3年/3-4年，行权比例分别为40%/30%/30%。业绩考核年度为2023-25年，考核目标如下： 1）目标值：23-25年营收相对22年增速分别为15%/30%/50%； 2）触发值：23-25年营收相对22年增速分别为12%/24%/40%； 3）若达到目标值，行权比例100%；若在触发值和目标值之间，按实际收入增速相对于目标值增速的比例行权；若低于触发值，不行权。 我们预计此次激励计划有助于提升公司市场份额，保持竞争地位，调动员工积极性，聚焦公司未来发展战略方向，稳定经营目标的实现。 Details: the plan covers three vesting periods of 1-2/2-3/3-4 years from the grant date at vesting ratios of 40/30/30%. The performance appraisal periods are 2023, 2024 and 2025 with the following performance parameters: ·Target: 15/30/50% revenue growth rates in 2023/24/25, based on 2022; ·Trigger: 12/24/40% revenue growth rates in 2023/24/25, based on 2022; ·If revenue growth meets the target, the exercise ratio will be 100%; if revenue growth falls between the trigger and target values, the exercise ratio will be pro-rated to that of the actual growth rate vs the target growth rate; and if revenue growth falls below the trigger value, no options will be issued. Objectives: we believe the incentive plan will help the company realize market share growth, maintain competitiveness, motivate employees and drive future development strategies, while maintaining stable progress toward its business goals. 数字化转型是世界范围内教育转型的重要载体和方向，公司订单有望乘势增长。中国政府高度重视数字教育发展，将其作为数字中国重要组成部分。二十大首次明确提出，推进教育数字化，建设全民终身学习的学习型社会、学习型大国。诸多政策以及中、长期发展规划的出台为教育信息化行业的发展提供利好的政策环境，不断拔高教育信息化的战略地位。 Policy support for educational digitalization presents a key market catalyst With global digital transformation as a key catalyst that drives educational digitalization, we expect KTC’s orders will continue to grow. The Chinese government prioritizes the development of education industry digitalization, assigning it a crucial role in its Digital China initiative. The 20th National Congress of the Communist Party proposed for the first time that China should “promote the digitalization of education and build a learning society and a learning country, where all people learn for life.” The promotion of policies that drive mid to long-term development plans would support the growth of education informatization and elevate its strategic role. 公司已成为智能显示行业龙头之一，智能交互显、智能电视量稳定增长，多个创新类显示产品逐步放量，市场反馈良好。 其中智能交互产品紧抓教育信息化、智能化发展趋势提振市场份额；随着发展中国家消费升级、大屏化趋势和更新换代需求，有望带动智能电视普及率提升。 Smart display market leader is well positioned to benefit from industry growth As one of the leaders of the smart display industry, KTC has driven steady volume growth in its smart interactive displays and smart TVs. And the gradual rollout of a number of its innovative display products have earned positive market feedback. KTC’s smart interactive products are riding the wave of education informatization and intelligentization to boost market share. Meanwhile, we expect its smart TVs to gain market penetration in line with trends such as consumer upgrades in developing countries, the shift toward large screens as well as replacement demand. 秉承自主研发，优化产品结构，提升毛利率水平。坚持产品全流程软硬件定制化研发设计，拥有完全自主知识产权；通过持续优化自身产品结构，提高毛利率水平较高产品占比，进而提升毛利率。 Independent R&D and higher-margin proprietary product mix boosts gross margin The company’s commitment to the entire production process covers R&D-driven software and hardware design and customization, enabled by its proprietary IP resources. Continual optimization of its product structure toward a higher-margin proprietary product mix leads to a better gross margin. 创新显示产品打开成长空间。公司已研发出多种创新显示产品，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。 Innovative display business expands KTC’s growth potential The company has developed a variety of innovative display products, such as fitness mirrors and AR beauty mirrors, while its KTC smart mobile screens have received positive feedback from customers. It sells mobile screens under its KTC house brand, while its current focus in the beauty and sports mirror business is on R&D and manufacturing. We expect its efforts to establish ties with downstream content operators and brand owners to lead to higher volumes. 投资建议/Investment Ideas 调整盈利预测，维持买入评级。 公司坚持自主研发设计，紧抓智能交互显示发展机遇，随着创新显示产品市场普及有望打开成长空间。考虑到2022年人民币带来汇兑收益，我们预计公司22-24年收入分别为145/177/218亿，归母净利分别为15.5/15/19亿(原值分别为15.5/18/22亿)，EPS分别为3.0/2.9/3.6元/股（原值分别为3.0/3.4/4.3元/股）。 Valuation and risks We raise our 2024 and 2025 profit forecasts and maintain our BUY rating. KTC Technology is committed to independent R&D and harnesses its proprietary designs to maximize growth opportunities in the smart interactive display market. In addition, innovative displays are a rising market with high growth potential, in our view. Taking into account the company’s RMB gains in 2022, our forecasts for 2022/23/24E are revenue of RMB14.5bn/17.7bn/21.8bn and net profit of RMB1.55bn/1.5bn/1.9bn (previously RMB1.55bn/1.8bn/2.2bn), with EPS at RMB3.0/2.9/3.6 (previously RMB3.0/3.4/4.3). 风险提示：原材料价格波动风险；汇率波动风险；下游需求不及预期风险；行业竞争风险；创新产品成长不及预期风险；该激励计划为草案，具体以公司最终公告为准。 Risks include: raw material price fluctuations; FX volatility; weaker-than-expected downstream demand; competitive risks; lower-than-expected growth in innovative products. Note: the incentive plan is a draft and is subject to KTC’s announcement of a final version. 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