Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company is benefiting from the ongoing positive trend in the consumer electronics industry, with revenue and net profit showing significant growth [4][5] - The company has increased its R&D investment, adding 16 new patents, which enhances its core competitiveness and creates technological barriers [5] - The demand for anti-theft solutions is expanding due to the growth in the consumer electronics sector, particularly in mobile phone shipments [6] Financial Performance Summary - In 2024, the company achieved a revenue of 159 million yuan, a year-on-year increase of 36.6%, and a net profit of 58 million yuan, up 28.2% [4][7] - For Q1 2025, the company reported a revenue of 47.44 million yuan, a 68.78% increase year-on-year, and a net profit of 14.88 million yuan, up 69.93% [4] - The projected net profits for 2025-2027 are 65 million yuan, 73 million yuan, and 88 million yuan respectively, with corresponding EPS of 0.43, 0.48, and 0.58 yuan per share [4][7] Market and Industry Insights - The domestic smartphone market saw shipments of 22.77 million units in March 2025, a 6.5% year-on-year increase, with 5G phones accounting for 85.3% of the total shipments [6] - The company’s domestic sales revenue reached 107 million yuan in 2024, reflecting a 61.4% year-on-year growth, with a gross margin of 54.2% [5][7] Valuation Metrics - The company's projected P/E ratios for 2025-2027 are 34.3, 30.8, and 25.5 respectively [4][7] - The projected revenue for 2025 is 177 million yuan, with a year-on-year growth of 11% [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company reported a revenue of 159 million yuan for 2024, representing a year-on-year increase of 36.63%, and a net profit attributable to the parent company of 57.95 million yuan, up 28.17% year-on-year [4] - The company benefits from the ongoing positive trend in the consumer electronics industry, with projected net profits for 2025-2027 expected to be 65 million yuan, 73 million yuan, and 88 million yuan respectively, corresponding to EPS of 0.43, 0.48, and 0.58 yuan per share [4] - The company has increased its R&D investment, adding 16 new patents in 2024, which will enhance its core competitiveness and create technological barriers [5] Financial Performance - In 2024, domestic sales revenue reached 107 million yuan, a year-on-year increase of 61.40%, with a gross margin of 54.20%, up 2.94 percentage points from 2023 [5] - The company’s total revenue for 2024 is projected to be 159 million yuan, with a gross margin of 56.1% for 2025 [7] - The net profit margin is expected to be 36.9% in 2025, with a return on equity (ROE) of 26.5% [7] Market Trends - The demand for anti-theft solutions is expanding due to the continuous growth in the consumer electronics sector, with smartphone shipments in China reaching 22.76 million units in March 2025, a year-on-year increase of 6.5% [6] - The company is positioned to benefit from the increasing demand for 5G smartphones, which accounted for 85.3% of total smartphone shipments in the same period [6] Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 34.3, 30.8, and 25.5 respectively [4][7] - The projected P/B ratios for the same years are 9.1, 7.9, and 6.6 [7]