Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3]. Core Views - The company is expected to benefit from the ongoing positive trend in the consumer electronics industry, with a projected year-on-year increase of 29% in net profit excluding non-recurring items for 2024 [3][4]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 0.58 billion, 0.65 billion, and 0.73 billion respectively, reflecting a slight upward revision due to increased sales orders [3][4]. Financial Summary - Revenue for 2024 is projected at 1.59 billion, a year-on-year increase of 36.63%, with a net profit of 5795 million, up 28.17% [3][6]. - The company's gross margin is expected to remain stable around 55.6% to 55.9% over the next few years, with net margins slightly decreasing from 36.7% to 36.3% [6][12]. - Earnings per share (EPS) are forecasted to grow from 0.46 in 2024 to 0.57 in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 44.7 to 35.7 [3][6]. Industry Insights - The consumer electronics sector is projected to continue its growth trajectory, with smartphone shipments in China expected to reach 314 million units in 2024, a year-on-year increase of 8.7% [4][5]. - The company is positioned as a key supplier for major smartphone brands such as Huawei, OPPO, and Xiaomi, indicating a strong market presence and stable customer relationships [5][6].
朗鸿科技（836395）：北交所信息更新：消费电子持续向好，2024年扣非净利润同比+29%