: Maintains "Buy" rating on Kangrui Technology, actively layout in the robot field.

Huaxi Securities research report pointed out that Kangguan Technology's net profit attributable to the mother in Q1-Q3 of 2025 was 503 million yuan, a year-on-year decrease of 9.9%, and the net profit attributable to the mother in Q3 was 119 million yuan, a year-on-year decrease of 20.6%. The growth of intelligent interactive display products is stable, and the revenue of innovative display products continues to grow. As one of the leading enterprises in the global intelligent display industry, the company's market position is stable, and its competitive advantages continue to strengthen. The intelligent TV business is positioned in emerging markets, with outstanding flexible supply chain manufacturing advantages in small batches and multiple models; the core customers of the intelligent interactive display business are stable, driving the growth of the company's intelligent interactive tablet business. The company has outstanding R&D innovation capabilities, continuously iterating innovative display products, launching a variety of cutting-edge products such as KTC Sui Xinping, intelligent makeup mirror, professional live broadcast machine, VR glasses, projector, smart display screen, and car display products, helping to rapidly increase the revenue of innovative display products. At the same time, the company actively grasps the new opportunities brought by the integration of robots and the silver economy, actively layout in the field of robots, and conducts forward-looking patent layout around scenarios such as home care and elderly companionship. With the design and function verification of products, it is expected to gradually become a new driving force for performance growth. The closing price on November 7, 2025 was 22.40 yuan, corresponding to P/E ratios of 21, 16, and 13x for 2025-2027, maintaining a "buy" rating.