Investment Rating - The report maintains a "Buy" rating for the company, indicating that the company's investment return is expected to outperform the CSI 300 Index by 5% to 15% over the next 6 months [29] Core Views - The company achieved significant revenue and profit growth in 2023, with operating revenue reaching 7.716 billion yuan, a year-on-year increase of 36.65%, and net profit attributable to the parent company reaching 564 million yuan, a year-on-year increase of 54.47% [17] - In Q1 2024, the company continued its growth trajectory with operating revenue of 2.123 billion yuan, a year-on-year increase of 17.11%, and net profit attributable to the parent company of 188 million yuan, a year-on-year increase of 33.78% [17] - The company's wireless communication applications accounted for 99.63% of its revenue, with a gross margin of 23.20%, an increase of 3.12 percentage points year-on-year [17] - The company has been expanding its international business, with overseas revenue reaching 4.484 billion yuan in 2023, a year-on-year increase of 32.74% [8] Financial Performance and Forecast - The company's revenue is expected to grow to 9.892 billion yuan in 2024, 12.107 billion yuan in 2025, and 14.275 billion yuan in 2026, with year-on-year growth rates of 28.2%, 22.4%, and 17.9% respectively [19] - Net profit attributable to the parent company is forecasted to reach 760 million yuan in 2024, 923 million yuan in 2025, and 1.147 billion yuan in 2026, with year-on-year growth rates of 34.8%, 21.5%, and 24.3% respectively [19] - The company's gross margin is expected to remain stable, with forecasts of 23.9% in 2024, 23.6% in 2025, and 23.8% in 2026 [19] R&D and Innovation - The company invested 716 million yuan in R&D in 2023, accounting for 9.28% of its operating revenue [17] - The company has a strong R&D team, with 69% of its 1,968 employees being R&D personnel, and has accumulated 228 invention patents, 135 utility model patents, and 132 software copyrights [17] - The company has developed a comprehensive product matrix for smart modules, covering 4G, 5G, RedCap, C-V2X, Wi-Fi, and satellite communication modules [17] Market Expansion and Product Development - The company has successfully expanded its market presence in North America, Europe, and Australia, with its 5G modules receiving certifications from major operators such as Telstra and CE certification for European markets [17][8] - The company has launched several new smart modules, including the SC151-GL, SC228, and SC171, which are widely used in industries such as smart logistics, video surveillance, drones, and smart robots [17] - The company's acquisition of Rolling Wireless has strengthened its position in the automotive wireless communication module market, with Rolling Wireless generating revenue of 2.21 billion yuan in 2023 [18]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][18]. Core Insights - The company's performance is expected to grow steadily, driven by both its in-vehicle and Fixed Wireless Access (FWA) businesses, with a strong outlook for future earnings growth [4][19]. - The company has strategically positioned itself in the robotics and edge computing sectors, leveraging its first-mover advantage to benefit from the growing demand for AIoT solutions [5][18]. - The recovery in downstream demand is reflected in the company's Q1 revenue and net profit growth, indicating a positive trend in its operational performance [19]. Summary by Sections Business Performance - In Q1 2024, the company achieved revenue of 2.123 billion yuan, representing a year-on-year increase of 17.11% and a quarter-on-quarter increase of 17.81%. The net profit attributable to the parent company was 188 million yuan, up 33.78% year-on-year and 73.36% quarter-on-quarter [17][19]. - The company anticipates net profits of 725 million, 906 million, and 1.115 billion yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 18, 15, and 12 based on the closing price on April 29 [18]. Financial Projections - The company is projected to achieve revenue growth rates of 36.7% in 2023, 24.6% in 2024, 21.8% in 2025, and 20.3% in 2026 [16]. - The gross profit margin is expected to remain stable around 23.1% to 23.5% over the forecast period [16]. Market Position - The company has established partnerships with over 20 mainstream automakers and 30 Tier 1 suppliers, enhancing its competitive position in the automotive sector [4]. - The integration of its acquired assets is expected to create synergies that will positively impact profitability [4].

[盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 4 月 28 日，广和通发布 2024 年一季度报告，报告期内实 现营业总收入 21.23 亿元，同比去年增长 17.11%，归母净利润为 1.88 亿元， 同比去年增长 33.78%。 ➢ 24Q1 延续高质量增长，环比提升显著。公司 2024Q1 业绩延续高速高质量 发展，24Q1 营业收入规模创单季度历史新高，在同比快速增长的同时营收环比 2023Q4 增长 17.81%，归母净利润环比 2023Q4 增长 73.34%，我们认为主要 系公司产品下游需求侧好转所致。 ➢ 物联网行业发展延续高增态势，多下游应用领域蓬勃发展。据 GSMA 于 2024 年 2 月 28 日发布的《年度移动经济报告》，2023 年全球移动网络终端连 接数达 121 亿，其中蜂窝物联网连接数为 35 亿，预计 2030 年将达到 58 亿， 全球物联网的连接需求将持续增长。据工信部发布的《2023 年通信业统计公报》， 截至 2023 年底我国移动网络终端连接总数达 40.59 亿，其中蜂窝物联网终端用 户数达 23.32 亿，占移动终端连接数比重达到 ...

Investment Rating - The investment rating for the company is "Buy" [1][6][22] Core Views - The company achieved a revenue of 7.72 billion yuan in 2023, representing a year-on-year growth of 36.7%, and a net profit of 560 million yuan, up 54.6% year-on-year [1][11] - In Q1 2024, the company reported a revenue of 2.12 billion yuan, a 17.1% increase year-on-year, and a net profit of 190 million yuan, growing 33.8% year-on-year, indicating a steady growth trend [1][11] - The gross margin for wireless communication module products improved to 23.1% in 2023, an increase of 3.3 percentage points year-on-year, driven by scale effects and integration of resources post-acquisition [1][11] - The company is focusing on large market segments such as PC, automotive, and gateways, with expectations of continued growth in these areas [1][11] - The company is investing in R&D, with a research expense ratio of 9.2% in 2023, and is actively developing smart module products, including those for robotic applications [1][11] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 7.72 billion yuan and a net profit of 560 million yuan, with respective year-on-year growth rates of 36.7% and 54.6% [1][11] - The Q1 2024 results showed a revenue of 2.12 billion yuan and a net profit of 190 million yuan, reflecting year-on-year growth of 17.1% and 33.8% [1][11] - The gross margin for 2023 was 23.1%, up 3.3 percentage points from the previous year, while Q1 2024 saw a slight increase to 21.5% [1][11] Market Position and Strategy - The company is a leader in the module industry, focusing on PC, automotive, and gateway markets, with a positive outlook for growth driven by new customer acquisition and increased penetration of 5G products [1][11] - The FWA market is projected to grow significantly, with expected router and gateway spending reaching 4 billion USD by 2027 [1][11] Research and Development - The company maintains a strong commitment to R&D, with a 9.2% R&D expense ratio in 2023, and has launched several smart module products [1][11] - A dedicated smart computing product line has been established, focusing on applications such as robotic lawn mowers [1][11]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2024 performance reached a new quarterly high, with revenue increasing by 17.11% YoY to 2.123 billion yuan and net profit attributable to shareholders growing by 33.78% YoY to 188 million yuan [6] - The company's PC module business is expected to accelerate growth due to industry recovery and AI empowerment trends, with global PC shipments increasing by 3% YoY in Q1 2024 to 57.2 million units [1] - The company's vehicle business is progressing smoothly, with its subsidiaries achieving significant revenue and profit growth, and its 5G vehicle modules leading the industry in mass production [7] - The company's IoT cellular module shipments achieved double-digit growth in 2023, ranking second globally with a market share of 7.8% [15] Financial Performance - The company's revenue is expected to grow from 7.716 billion yuan in 2023 to 13.531 billion yuan in 2026, with a CAGR of 20.4% [4] - Net profit attributable to shareholders is projected to increase from 564 million yuan in 2023 to 1.119 billion yuan in 2026, with a CAGR of 25.6% [4] - The company's gross margin improved by 0.64 percentage points YoY to 21.52% in Q1 2024, while the net margin increased by 1.21 percentage points to 8.96% [15] - The company's R&D investment reached 716 million yuan in 2023, accounting for 9.3% of revenue, with R&D personnel making up nearly 70% of the workforce [7] Industry Trends - Global mobile network terminal connections reached 12.1 billion in 2023, with cellular IoT connections at 3.5 billion, expected to grow to 5.8 billion by 2030 [1] - The global IoT module market is expected to recover in the second half of 2024 and further grow in 2025 with the widespread adoption of 5G and 5G RedCap technologies [1] - The company has launched 5G RedCap modules and is expanding its product portfolio to meet the growing demand for 5G applications in various sectors [1] Business Development - The company's vehicle module business has established partnerships with global mainstream automakers and Tier 1 suppliers, achieving industry-leading mass production of 5G modules [7] - The company has developed a series of Linux edge AI solutions based on multiple intelligent modules, expanding applications in industrial and robotics fields [7][8] - The company's overseas revenue reached 4.484 billion yuan in 2023, a 32.74% YoY increase, with multiple products certified by mainstream European and American operators [15]

资料来源:公司公告,Wind,国信证券经济研究所整理 证券研究报告 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|---------------|-------|----------------------------------------| | 投资评级标准 | 类别 | 级别 | 说明 | | 报告中投资建议所涉及的评级（如有）分为股票评 | | 买入 | 股价表现优于市场代表性指数 20%以上 | | 级和行业评级（另有说明的除外）。评级标准为报 告发布日后 6 到 12 个月内的相对市场表现，也即报 | 股票 | 增持 | 股价表现优于市场代表性指数 10%-20%之间 | | 告发布日后的6到12个月内公司股价（或行业指数） | 投资评级 | 中性 | 股价表现介于市场代表性指数±10%之间 | | 相对同期相关证券市场代表性指数的涨跌幅作为基 准。A 股市场以沪深 300 指数（000300. ...

C o m p a n y U p d a t e 公司基本资讯 产业别 通信 A 股价(2024/4/28) 16.23 深证成指(2024/4/28) 9463.91 股价 12 个月高/低 25.53/11.62 总发行股数(百万) 765.74 A 股数(百万) 530.94 A 市值(亿元) 44.55 主要股东 张天瑜(36.76%) 每股净值(元) 3.96 股价/账面净值 2.12 一个月 三个月 一年 股价涨跌(%) 7.1 6.4 -14.2 广和通（300638） Buy 买进 C h i n a R e s e a r c h D e p t . 公司发布2023年年报、2024年一季报，2023年公司全年营收77.16亿元， YOY+36.7%，归母净利润5.64亿元，YOY+54.6%；扣非后归母净利润5.36亿元， YOY+69.5%。 2023年各项业务稳健发展，并表拉动业绩快速增长：公司车载和FWA业 务增速较高，公司子公司广通远驰+锐凌无线布局，基于 MT2735 平台的 车规 5G 模组 AN768 全球首款量产交付；此外PC方面方面行业竞争压 力放缓，行业较2022年有 ...

证券代码：300638 证券简称：广和通 公告编号：2024-042 深圳市广和通无线股份有限公司（以下简称"公司"）第三届监事会第四十三 次会议，于 2024 年 4 月 20 日发出会议通知，2024 年 4 月 25 日以现场会议方式 召开。本次会议应参与监事 3 名，实际参与监事 3 名。监事会主席舒敏主持本次 会议，监事会会议的举行和召开符合国家有关法律、法规及《公司章程》的规定。 经充分讨论和审议，会议形成决议如下： 一、审议通过了《关于公司 2024 年第一季度报告的议案》 公司 2024 年第一季度报告的编制程序符合法律、法规和中国证监会的有关 规定，报告内容真实、准确、完整地反映了公司 2024 年第一季度经营的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登于中国证监会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）的相关公告。 表决结果：3 票同意、0 票反对、0 票弃权，审议通过本项议案。 二、备查文件 1、深圳市广和通无线股份有限公司第三届监事会第四十三次会议决议 特此公告。 深圳市广和通无线股份有限公司 第三届监事 ...

二、备查文件 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"）第三届董事会第四十五 次会议，于 2024 年 4 月 20 日发出会议通知，2024 年 4 月 25 日以现场会议与通 讯表决方式召开。本次会议应参与董事 5 名，实际参与董事 5 名。董事长张天瑜 先生主持本次会议，董事会会议的举行和召开符合国家有关法律、法规及《公司 章程》的规定。经充分讨论和审议，会议形成决议如下： 一、审议通过了《关于公司 2024 年第一季度报告的议案》 公司 2024 年第一季度报告内容真实、准确、完整地反映了公司 2024 年第一 季度经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登于中国证监会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）的相关公告。 1、深圳市广和通无线股份有限公司第三届董事会第四十五次会议决议 特此公告。 证券代码：300638 证券简称：广和通 公告编号：2024-041 深圳市广和通无线股份有限公司 第三届董事会第四十五 ...

深圳市广和通无线股份有限公司（以下简称"公司"）根据中华人民共和国财 政部（以下简称"财政部"）颁布的《企业会计准则解释第 17 号》变更相应的会 计政策。公司本次会计政策变更事项属于根据法律法规或者国家统一的会计制度 要求的会计政策变更，该事项无需提交公司董事会、股东大会审议，不会对公司 财务状况、经营成果和现金流量产生重大影响。具体情况如下： 一、本次会计政策变更概述 1.变更原因 2023 年 10 月 25 日，财政部发布了《关于印发〈企业会计准则解释第 17 号〉 的通知》（财会〔2023〕21 号），规定了"关于流动负债与非流动负债的划分"、 "关于供应商融资安排的披露"、"关于售后租回交易的会计处理"的内容，自 2024 年 1 月 1 日起施行。 根据上述企业会计准则解释的规定和要求，公司对原采用的相关会计政策进 行相应调整，并按照上述文件规定的日期执行新的会计准则。 2.变更前采用的会计政策 本次变更前，公司按照财政部发布的《企业会计准则—基本准则》和各项具 体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定 执行。 证券代码：300638 证券简称：广和通 公告编号：2 ...