Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's revenue in the first half of 2025 increased by 49% year-on-year, driven by national subsidies, with a promising recovery in the consumer electronics sector and expected growth in AIoT and security [5][8] - The company achieved a revenue of 94.88 million yuan in H1 2025, with a gross margin of 61.29%, benefiting from the recovery trend in the domestic consumer electronics industry and increased direct sales channel investments [8] - R&D expenses increased by 178% year-on-year, reflecting the company's commitment to enhancing its technological capabilities in chip development and IoT [8] Financial Performance Summary - Revenue Forecast: - 2023: 117 million yuan - 2024: 159 million yuan (growth of 36.63%) - 2025E: 184 million yuan (growth of 15.75%) - 2026E: 213 million yuan (growth of 15.31%) - 2027E: 249 million yuan (growth of 17.03%) [7] - Net Profit Forecast: - 2023: 45 million yuan - 2024: 58 million yuan (growth of 28.17%) - 2025E: 64 million yuan (growth of 10.77%) - 2026E: 76 million yuan (growth of 18.51%) - 2027E: 89 million yuan (growth of 17.42%) [7] - Earnings Per Share (EPS) Forecast: - 2023: 0.30 yuan - 2024: 0.38 yuan - 2025E: 0.42 yuan - 2026E: 0.50 yuan - 2027E: 0.59 yuan [7] Market and Industry Insights - The company is positioned favorably in the electronic device security industry, with a focus on shareholder returns and a stable dividend distribution policy, maintaining a payout ratio exceeding 80% over the past three years [8] - The anticipated recovery in the consumer electronics market, along with supportive national policies, is expected to drive downstream demand growth [8]
朗鸿科技（836395）：国补带动2025H1收入大增49%，消费电子复苏与AIoT+安防增量可期