Investment Rating - The report assigns an "Accumulate" rating for the company, with a current stock price of 7.37 yuan and a market capitalization of 9.40 billion yuan [33]. Core Insights - The company, Langhong Technology, focuses on anti-theft and display solutions for consumer electronics, particularly smartphones and wearable devices. It has established partnerships with well-known brands such as Huawei, OPPO, Xiaomi, and Transsion. The company has seen a revenue increase of 3% and a net profit increase of 7% in 2023, with significant growth in the first half of 2024, where revenue rose by 28% to 64.08 million yuan and net profit increased by 57% to 23.42 million yuan [34][33]. - The demand for anti-theft solutions is expected to rise due to the increasing need for retail security and the trend towards smart and integrated solutions. The company aims to create a digital integrated anti-theft platform to enhance product value [34][33]. - The report highlights the recovery of the consumer electronics market, with a notable increase in Huawei's smartphone activations by 43% in Q2 2024, which is anticipated to drive demand for the company's products [34][33]. Summary by Sections 1. Global Demand for Consumer Electronics Anti-Theft Solutions - The company has experienced growth driven by long-term customer relationships and channel expansion, with a focus on high-quality clients and product upgrades [34][57]. - The company has maintained a stable revenue stream from major clients like Huawei and Xiaomi, with a notable increase in overseas demand [34][70]. 2. Smart Upgrades in Consumer Loss Prevention - The report indicates a continuous rise in retail security needs, with AI technology and miniaturization driving value enhancement in anti-theft solutions [34][34]. - The global smartphone market is recovering, with a projected growth rate of 12% year-on-year, which is expected to boost demand for display and anti-theft solutions [34][48]. 3. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 56 million yuan, 63 million yuan, and 70 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.44, 0.49, and 0.55 yuan per share [34][42]. - The report emphasizes the company's competitive edge through product upgrades and the expansion of its client base, particularly in emerging markets [34][34].
朗鸿科技：北交所首次覆盖报告：消费电子零售防损龙头，华为需求回升及产品升级开拓新增长曲线