证券代码：300638 证券简称：广和通 公告编号：2025-036 深圳市广和通无线股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市广和通无线股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票 并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在香 港联交所网站刊登了本次发行的申请资料。该申请资料为公司按照香港证券及期 货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发， 为草拟版本，其所载资料可能会适时作出更新和变动。 鉴于本次发行的认购对象仅限于符合相关条件的境外投资者及依据中国相 关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券交 易所的网站和符合中国证券监督管理委员会（以下简称"中国证监会"）规定条 件的媒体上刊登该申请资料，但为使境内投资者及时了解该等申请资料披露的本 次发行以及公司的其他相关信息，现提供上述申请资料在香港联交所网站的查询 链接供查阅： 英文： 本公告仅为境内投资者及时 ...

Core Viewpoint - Guanghe Tong is a leading global provider of wireless communication modules, with a strong market presence and a focus on customized solutions for various applications [4][5]. Group 1: Company Overview - Guanghe Tong's module products include data transmission modules, smart modules, and AI modules, which are tailored to specific customer needs [4]. - The company has a significant market share in various sectors, ranking first in automotive electronics (24.6%), smart home (36.6%), and consumer electronics (75.9%) as of 2024 [4][5]. Group 2: Market Position - According to Frost & Sullivan, Guanghe Tong holds a 15.4% share of the global wireless communication module market, making it the second-largest player worldwide [4]. - The company leads in multiple downstream application scenarios, particularly in automotive electronics and smart home sectors [4]. Group 3: Strategic Initiatives - The company plans to deepen its focus on the wireless communication module sector, enhance investments in edge AI and robotics solutions, and strengthen its global operational capabilities [5]. - Guanghe Tong aims to expand its business layout through investments and acquisitions [5]. Group 4: Financial Performance - For the fiscal years 2022, 2023, and 2024, Guanghe Tong reported revenues of approximately RMB 5.203 billion, RMB 5.652 billion, and RMB 6.971 billion, respectively [5]. - The net profit for the same years was approximately RMB 365 million, RMB 565 million, and RMB 678 million, indicating a positive growth trajectory [5][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Financial Summary - Revenue and Profit Forecasts: - Expected revenues for 2025, 2026, and 2027 are projected at 8.5 billion, 10 billion, and 11.2 billion yuan, respectively [3]. - Net profit forecasts for the same years are 630 million, 770 million, and 860 million yuan, respectively [3]. - Key Financial Metrics: - The company’s P/E ratios for 2025, 2026, and 2027 are estimated to be 30, 25, and 22 times, respectively [3]. - The net asset return rate is expected to remain stable around 18.5% in 2024, with slight fluctuations in the following years [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 8.2 billion yuan, with a year-on-year growth rate of 6.1% [4]. - The net profit attributable to shareholders for 2024 was 670 million yuan, reflecting an 18.5% increase compared to the previous year [4]. - The projected revenues for 2025, 2026, and 2027 are 8.5 billion yuan, 10.0 billion yuan, and 11.2 billion yuan, respectively, with corresponding net profits of 630 million yuan, 770 million yuan, and 870 million yuan [3][4]. Market Position and Strategy - The company is positioned as a leading player in the module industry, with a comprehensive layout across various downstream sectors, which is expected to yield benefits as 5G technology proliferates [1][2]. - The establishment of a robotics product line in 2023 aims to leverage the growing demand in the robotics industry, with the launch of an automatic lawn mowing robot solution in June 2024 [2]. Future Outlook - The company is expected to see revenue growth driven by the AIoT market and robotics applications, with anticipated revenues of 8.5 billion yuan in 2025 and a net profit of 630 million yuan [3]. - The report suggests that the company’s strong management efficiency and market leadership will contribute to gradual improvement in its operational performance [3].

Group 1 - Shenzhen Guanghetong Wireless Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1]

深圳市广和通无线股份有限公司 关于参加深圳证券交易所"信通智联·引领新浪潮" 2024 年度集体业绩说明会的公告 证券代码：300638 证券简称：广和通 公告编号：2025-035 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市广和通无线股份有限公司（以下简称"公司"）将于 2025 年 5 月 9 日（星期五）15:00－17:00 参加由深圳证券交易所组织召开的以"信通智联·引 领新浪潮"为主题的集体业绩说明会活动，现将有关事项公告如下： 一、本次业绩说明会的安排 1、召开时间：2025 年 5 月 9 日（星期五）15:00－17:00 2、召开地点：深圳证券交易所 8 楼上市大厅 3、召开方式：视频直播与图文转播 4、公司出席人员：公司董事、总经理应凌鹏先生，独立董事赵静女士，副 总经理、董事会秘书陈仕江先生，副总经理、财务总监王红艳女士 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可提前登陆深交所"互动 易"平台（http://irm.cninfo.com.cn）"云访 ...

Investment Rating - The report maintains a "Recommended" rating for Guanghetong (300638.SZ) [1] Core Views - Guanghetong's 2024 revenue reached 8.189 billion, a year-on-year increase of 6.13%. Excluding the impact of Ruilin's wireless vehicle-mounted pre-installation business, revenue growth was 23.34%. The net profit attributable to shareholders was 668 million, up 18.53% year-on-year [3][4] - The growth in revenue is primarily driven by the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors. The company has enhanced its communication module product line and launched new products such as the 5G FG370-KR and upgraded the SC171 series smart module [3] - The global IoT terminal scale is steadily growing, with an expected increase in connected devices to 41.1 billion by 2030. In China, the cellular IoT terminal user base reached 2.656 billion by the end of 2024, with a significant increase in mobile IoT access traffic [3] - The company has established an AI research institute to focus on core technologies and has made significant progress in the AIoT strategic sector, particularly in robotics applications [3] Financial Performance Summary - The forecasted revenue for 2025, 2026, and 2027 is 9.212 billion, 10.733 billion, and 12.181 billion respectively, with year-on-year growth rates of 12.50%, 16.50%, and 13.50% [4][6] - The net profit attributable to shareholders is projected to be 758 million, 896 million, and 1.022 billion for the years 2025, 2026, and 2027, reflecting growth rates of 13.48%, 18.20%, and 14.10% respectively [4][6] - The company's PE ratios for 2025, 2026, and 2027 are expected to be 25.46, 21.54, and 18.88 respectively, indicating a favorable valuation trend [4][6]

Investment Rating - The investment rating for the company is "Buy" with a forecasted stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Viewpoints - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34%, primarily driven by the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors [2][3]. - The net profit attributable to the parent company for 2024 was 668 million yuan, a year-on-year increase of 18.53%, mainly due to revenue growth and investment income from the sale of the wireless vehicle-mounted business [2]. - The company invested 719 million yuan in R&D in 2024, focusing on enhancing its deployment in AI, edge computing, and intelligent robotics, while also expanding its traditional module business [2][3]. Financial Summary - The company's projected financial performance for 2025-2027 includes: - Net profit attributable to the parent company: 558 million yuan in 2025, 709 million yuan in 2026, and 871 million yuan in 2027 [4][9]. - Earnings per share (EPS) are expected to be 0.73 yuan in 2025, 0.93 yuan in 2026, and 1.14 yuan in 2027 [9]. - The price-to-earnings (P/E) ratio is projected to be 33.3 in 2025, 26.2 in 2026, and 21.3 in 2027 [9].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Insights - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%, while the net profit attributable to shareholders was 668 million yuan, up 18.53% year-on-year [1][7]. - The growth in revenue is primarily driven by the domestic automotive and Fixed Wireless Access (FWA) businesses, with the automotive segment experiencing approximately 30% growth due to increased performance from major clients and the penetration of 5G technology [7][8]. - The company plans to issue H shares to enhance its investment in communication, edge AI, and robotics, which are seen as new growth areas [7][8]. Financial Summary - The company’s total revenue is projected to grow from 8.189 billion yuan in 2024 to 11 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.2% [3][8]. - The net profit attributable to shareholders is expected to fluctuate, with estimates of 594 million yuan in 2025, 752 million yuan in 2026, and 900 million yuan in 2027, reflecting a growth rate of 26.6% in 2026 and 19.7% in 2027 [3][8]. - The company's gross margin for 2024 is reported at 19.33%, with a slight decline attributed to product mix and material cost fluctuations [7][8]. Market Performance - The company's stock price target for 2025 is set at 31.04 yuan, compared to the current price of 24.28 yuan, indicating a potential upside [3][8]. - The company has shown a significant market performance compared to the benchmark index, with a notable increase of 181% over the past 12 months [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34%. The net profit attributable to shareholders was 668 million yuan, an increase of 18.53% year-on-year. The growth in revenue and profit was primarily driven by the domestic automotive electronics and smart home sectors, particularly in the 5G fixed wireless access (FWA) business [4][7] - To seize new opportunities in the edge AI development, the company established an AI research institute in 2024, focusing on the technology ecosystem of edge AI [7] - The company has a strong first-mover advantage and customer base in the wireless communication module industry, having developed a complete product line and established quality clients across various sectors including automotive electronics, smart home, consumer electronics, smart retail, low-altitude economy, and robotics [7] Financial Summary - The company forecasts revenues of 8.166 billion yuan for 2025, 8.957 billion yuan for 2026, and 10.364 billion yuan for 2027. The net profit is projected to be 655 million yuan in 2025, 741 million yuan in 2026, and 868 million yuan in 2027. The corresponding price-to-earnings (P/E) ratios are expected to be 29.4, 25.9, and 22.2 respectively [8][9] - The company's revenue growth rates are projected to be -0.28% in 2025, 9.69% in 2026, and 15.70% in 2027. The net profit growth rates are expected to be -1.97% in 2025, 13.24% in 2026, and 17.06% in 2027 [9][13] - The company maintains a strong return on equity (ROE) of 16.42% in 2025, with a slight decrease to 16.38% in 2026 and an increase to 16.74% in 2027 [9][13]