A stumbling run of five games without a win came to a happy end as Kermorgant put the Cherries ahead just 10 minutes in with his 12th goal of the season and followed up with a 48th-minute penalty after Benik Afobe had levelled things up.
Wolves had won their previous three matches without conceding a goal but were second best at the Goldsands Stadium.
The winner was hotly disputed by Wolves after Richard Stearman was adjudged by referee James Linnington to have upended Callum Wilson.
Nothing affected Kermorgant, though, as he calmly beat Tomas Kuszckak for his 13th goal of the season.
Howe’s men looked in a real hurry to end a poor run that had seen them winless in five previous games.
And Kermorgant came up with the goods when he hooked home live-wire Wilson’s teasing cross from the right to open the scoring.
Bournemouth almost doubled their lead as Wilson and playmaker Matt Ritchie set up another chance for Kermorgant, who missed his kick by a whisker.
Fierce shots from Ritchie and Harry Arter underlined the home side’s dominance and Marc Pugh carved out another opening only for Dave Edwards to pull off a last-ditch clearance.
Wolves gradually moved up through the gears, though, and a sparkling 28th-minute run from Rajiv van La Parra, mistakenly sent off in the Cherries’ 3-1 win at Molineux, signalled their intent.
Afobe also made a terrific run to spread-eagle the Bournemouth defence before equalising six minutes before the break.
Kevin McDonald played the through-ball, a true 35-yard beauty, and Afobe ran on to slot past Artur Boruc for his sixth goal in 10 games since leaving Arsenal for #2million.
Almost immediately he was in the danger zone again but fired wide as Wolves began to turn the screw, and McDonald also went close with a rasping 20-yard drive.
Kermorgant’s spot-kick put Bournemouth back in the driving seat after the break and Wilson fired just over the bar after 57 minutes.
Then the Cherries’ top scorer was just wide with another opportunist effort before Stearman made amends for his earlier challenge on Wilson by booting Marc Pugh’s firecracker off the line in the 68th minute.
The hard-running and dynamic Afobe did his best to force a way back for Wolves and Artur Boruc did well to hold a stinging drive before McDonald popped up again with a long range shot that flew just wide.