Investment Rating - The investment rating for the company is upgraded to "Buy" [4] Core Views - The company reported a revenue of 115 million yuan for the first three quarters of 2024, representing a year-on-year growth of 43.53%. The net profit attributable to the parent company was 43 million yuan, with a year-on-year increase of 45.73% [2] - The recovery in the consumer electronics market has positively impacted revenue growth, with a significant increase in sales orders. The company has also implemented a share repurchase plan, buying back 2.8455 million shares for a total of 19.2855 million yuan, reflecting confidence in its future performance [2] - The global electronic article surveillance (EAS) system market is expected to grow steadily, reaching 10.73 billion yuan in 2024, with a compound annual growth rate (CAGR) of 3.97% from 2024 to 2030. The company has a strong position in this market due to its extensive experience and product quality [3] - The company has established strategic partnerships with leading international brands and has a diversified customer base across over 70 countries, enhancing its market presence [4] Financial Summary - Revenue projections for 2024-2026 are adjusted to 1.45 billion yuan, 1.59 billion yuan, and 1.75 billion yuan respectively, with net profits of 0.55 billion yuan, 0.55 billion yuan, and 0.59 billion yuan [4] - The price-to-earnings (P/E) ratios for 2024-2026 are projected to be 33.03, 32.65, and 30.49 respectively, indicating potential for valuation expansion [4] - The company’s cash flow from operating activities for the first three quarters was 127 million yuan, up 42.91% year-on-year, showcasing strong cash generation capabilities [2]
朗鸿科技：2024年三季报点评：受益消费电子复苏，高额回购彰显信心