康冠科技(001308):AI眼镜热潮,康冠助推科技普惠-事件点评

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点:</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;事件:2025年8月18日,公司发布KTCAI交互眼镜新品。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;KTCAI眼镜搭载旗舰级配置,价格优势明显。整体来看,KTCAI眼镜所具备的旗舰级配置可同市场主流产品媲美,而1499元的售价明显低于竞品。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;1)AI方面,集成豆包大模型,结合摄像头捕捉,实现百科问答、图像识别、同传翻译等功能。此外,公司产品具备AI闪记功能,帮助用户实现停车位等碎片化记忆。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;2)影像方面,采用高通骁龙AR1芯片,搭配索尼IMX681传感器,像素达1200万,支持竖向拍摄照片(3024×4032)、视频(1440×192030fps),并结合EIS防抖＆HDR拍摄。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;AI眼镜赛道高景气度。我们认为,眼镜是最靠近人体嘴、耳、眼三大重要感官的穿戴设备,或将成为AI最好的载体。据艾瑞咨询,2024年全球AI眼镜出货量达到234万台,同比+588％,预计将于2028年达2600万台,2024～2028CAGR为82.6％。AI眼镜市场于23年起步,行业仍处发展初期,产品体验存在诸多痛点,未来在产品迭代完善的过程中存在较大市场机会。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;公司持续探索AI赋能。除新发布的AI眼镜外,公司还具备多款AI产品:1)医疗AI一体机,集成AI解决方案,支持动态影像病灶识别与模型训练,有效提高医疗诊断效率,并降低对资深医师依赖;2)AI智能一体机,同豆包AI大模型深度融合,深度思维引擎助力办公;3)AI闺蜜机,内置康冠AI语音助手,依托讯飞星火交互认知大模型实现AI助手、AI健身私教、AI陪娃等功能;4)AI学习机,聚焦学生端&quot;AI+教育&quot;应用,涵盖&quot;AI精准学、AI精准练、AI智能答疑、AI作文批改&quot;等六大辅学功能。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;# 盈利预测与评级</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;投资建议:我们预计公司2025-2027年归母净利润为9.9/11.9/13.8亿元,2024-2027CAGR18.3％;EPS分别为1.41/1.69/1.97元,PE分别为17.4/14.5/12.5,维持&quot;推荐&quot;评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;# 风险提示</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;风险提示:原材料价格上涨的风险;市场竞争加剧的风险;关税政策的风险。</p><p><br/></p>