Luoman Technologies(605289) 东方财富·2024-08-29 01:23Investment Rating - The report assigns a rating of "Accumulate" for the company [2][3]. Core Views - The company achieved revenue growth in H1 2024 despite a decline in profit, indicating competitive advantages in a challenging industry environment [3]. - The acquisition of Holovis is expected to enhance the company's MR business, providing growth opportunities in various sectors such as tourism and gaming [3]. - The company's stock price has significantly corrected from its peak, suggesting a margin of safety for investors [3]. Summary by Relevant Sections Financial Performance - In H1 2024, the company reported revenue of 250 million yuan, a year-on-year increase of 23.69%, while net profit attributable to shareholders was 5.13 million yuan, down 85.61% [1]. - For Q2 2024, revenue reached 129 million yuan, up 34.52% year-on-year, but net profit was -13 million yuan, a decline of 156.8% [1]. - The gross margin for H1 2024 was 28.26%, showing a slight increase year-on-year [1]. Business Development - The traditional landscape lighting business showed strong order demand, while the smart energy business continued to expand, particularly in various regions including Shanghai and Chengdu [1]. - The digital entertainment segment maintained growth momentum, engaging in multiple key projects, including collaborations with NBA and immersive experiences in Beijing [1]. Cost and Profitability - Management expenses increased by 33.55% year-on-year to 37.21 million yuan due to a rise in employee numbers and stock incentive costs [1]. - Credit impairment losses surged by 3761.75% year-on-year, primarily due to increased collection pressures [1]. - If credit impairment losses had remained consistent with the previous year, net profit growth would have been approximately 20%, aligning with revenue growth [1]. Future Outlook - The company forecasts net profits of 98 million yuan, 162 million yuan, and 222 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20.66, 12.48, and 9.14 [3]. - Revenue projections for 2024, 2025, and 2026 are 805 million yuan, 1058 million yuan, and 1378 million yuan, reflecting growth rates of 31.88%, 31.51%, and 30.20% [3].