Investment Rating - The investment rating for the company is "Buy" (maintained) [4] 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%. 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 Performance Summary - In 2024, the company reported a revenue of 81.89 billion yuan, with a year-on-year growth of 6.13%. The net profit attributable to shareholders was 6.68 billion yuan, reflecting an 18.53% increase [4][9] - The revenue forecast for 2025 is 81.66 billion yuan, with a slight decrease from the previous estimate of 86.33 billion yuan. The net profit forecast for 2025 is 6.55 billion yuan, slightly down from the previous estimate of 6.58 billion yuan [8] - The company’s projected PE ratios for 2025, 2026, and 2027 are 29.4, 25.9, and 22.2 respectively, compared to an average valuation of 31 times PE for comparable companies in 2025 [8][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company's module business is experiencing growth in both volume and price, while the robotics sector is opening up new growth avenues. The AI terminal market is expected to expand, benefiting the company as it transitions from modules to complete solutions in AI toys and embodied intelligent robots [5][7]. - In 2024, the company achieved a revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34% [5][6]. - The company continues to invest in R&D, with an expenditure of 719 million yuan, maintaining its focus on innovation and enhancing its core competitiveness through a robust patent portfolio [6][7]. Summary by Sections Industry Perspective - DeepSeek has significantly reduced model inference costs through algorithm and engineering innovations, which may alter the value distribution within the AI industry chain. The transition from 4G to 5G and smart modules is expected to enhance the value of modules as AI terminals proliferate [5]. Company Performance - The company is poised to benefit from the growth in AI terminals and is expanding its capabilities in the AI toy and intelligent robotics sectors. The revenue and profit are expected to continue growing in 2025, even after excluding the impact of the wireless business [6][7]. Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 540 million yuan, 710 million yuan, and 890 million yuan, reflecting year-on-year growth rates of -19%, 31%, and 25%, respectively. The company is expected to maintain revenue and profit growth in 2025, excluding the effects of the wireless business [7].

Core Viewpoint - The company reported steady growth in its annual performance for 2024, driven by the growth in the 5G fixed wireless access (FWA) business within the automotive electronics and smart home sectors, and continues to invest in AI computing and robotics, maintaining a "Buy" rating [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 8.189 billion, a year-on-year increase of 6.13%, primarily due to growth in the domestic automotive electronics and smart home sectors [1] - The net profit attributable to shareholders reached 668 million, reflecting an 18.53% year-on-year increase, with a non-recurring net profit of 504 million [1] - For Q4 2024, the company reported revenue of 1.972 billion, a 9.45% year-on-year increase, with a net profit of 16 million and a non-recurring net profit of 54 million [1] - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 545 million, 778 million, and 862 million respectively, with corresponding PE ratios of 35.6, 24.9, and 22.5 [1] Group 2: Research and Development - In 2024, the company's R&D investment reached 719 million, accounting for 8.78% of total revenue, highlighting its commitment to innovation [2] - The company launched several new products, including the RedCap module FG332 series, Wi-Fi 6/7 CPE solutions, and various AI solutions based on multiple smart modules [2] Group 3: Strategic Expansion - The company is actively expanding into edge AI, vehicle networking, and robotics, having established an AI research institute in 2024 and launched its self-developed Fibocom AI Stack technology platform [3] - In 2024, the company introduced a fully automated lawn mowing robot solution and delivered its first batch of orders, marking its entry into the intelligent robotics market [3] - The company is exploring the field of embodied intelligent robots, having launched a solution in March 2024 and delivered prototypes to globally recognized companies [3]

Core Viewpoint - The company reported a revenue of 8.189 billion yuan for 2024, a year-on-year increase of 6.13%, and a net profit attributable to shareholders of 668 million yuan, up 18.53%, but below expectations of 750 million yuan [1] Group 1: Revenue and Profit Performance - In Q4 2024, the company's revenue was 1.972 billion yuan, a year-on-year increase of 9.45%, while the net profit was 16 million yuan, a significant decrease of 85.21% [1] - The wireless communication module revenue for 2024 was 7.909 billion yuan, reflecting a growth of 5.30%, despite the sale of the automotive business in Q3 2024 [2] - The solutions and other revenue reached 280 million yuan, showing a substantial increase of 36.73% [2] Group 2: Regional Performance - In 2024, the company's domestic revenue from South China and East China was 1.885 billion yuan and 1.020 billion yuan, with year-on-year changes of +10.27% and -12.85%, respectively [2] - The overseas business generated 4.972 billion yuan in revenue, marking a year-on-year growth of 10.89% [2] Group 3: Margin and Cost Management - The overall gross margin for 2024 was 19%, down 4 percentage points year-on-year, primarily due to product mix and material price fluctuations [3] - The company effectively managed expenses, with sales, management, and R&D expense ratios at 2.35%, 2.18%, and 8.39%, showing year-on-year decreases of -1.16, -0.05, and -0.78 percentage points, respectively [3] - Investment income for 2024 was 160 million yuan, a significant increase from 5.69 million yuan in 2023, mainly due to the sale of the overseas automotive pre-installation business [3] Group 4: Future Outlook and Ratings - The company is optimistic about the recovery of the IoT module market and the growth prospects in the context of AI computing penetrating edge and terminal sides [1][3] - The company maintains a "buy" rating, with adjusted revenue forecasts for 2025-2026 and an introduction of 2027 forecasts, expecting net profits of 580 million, 690 million, and 800 million yuan for 2025-2027 [4] - The target price is set at 28.89 yuan, reflecting a PE ratio of 38x for 2025, up from a previous 22x, due to improved valuations of comparable companies [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%, primarily driven by the growth in the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors [5] - The net profit attributable to the parent company for 2024 was 668 million yuan, an increase of 18.53% year-on-year, with a non-recurring net profit of 504 million yuan [5] - The company is expected to benefit from the increasing penetration of global 5G modules and the rapid growth in demand for intelligent computing modules driven by the AI wave [5] - The profit forecast for 2025 has been revised downwards, while the forecasts for 2026 and 2027 have been raised, with expected net profits of 545 million yuan, 778 million yuan, and 862 million yuan for 2025, 2026, and 2027 respectively [5] Financial Summary - The company reported a total revenue of 7.716 billion yuan in 2023, with a year-on-year growth of 36.7% [8] - The gross profit margin for 2024 was 19.3%, with a net profit margin of 8.2% [8] - The company’s R&D investment reached 719 million yuan in 2024, accounting for 8.78% of total revenue, indicating a strong focus on innovation and product development [6] - The company’s total assets are projected to grow from 79.89 billion yuan in 2025 to 106.59 billion yuan in 2027 [10] Growth Opportunities - The company is actively expanding into edge AI, vehicle networking, and robotics, with the establishment of an AI research institute in 2024 and the launch of various intelligent solutions [7] - The introduction of new products, such as the RedCap module FG332 series and Wi-Fi 6/7 CPE solutions, reflects the company's commitment to continuous innovation [6][7] - The company has also ventured into the field of embodied intelligent robots, with plans to deliver the first batch of fully automated lawn mowing robots by December 2024 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company reported a steady revenue growth of 6.13% year-on-year, achieving a total revenue of 8.189 billion yuan in 2024, primarily driven by the growth in the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors [5][8] - The net profit attributable to the parent company reached 668 million yuan, reflecting an 18.53% year-on-year increase [5][8] - The company is expected to benefit from the increasing penetration of global 5G modules and the rising demand for intelligent computing modules amid the AI wave [5][6] Financial Summary - Revenue (million yuan): 2023A: 7,716, 2024A: 8,189, 2025E: 8,621, 2026E: 10,634, 2027E: 13,334 [8][10] - Year-on-Year Growth (YOY %): 2023A: 36.7%, 2024A: 6.1%, 2025E: 5.3%, 2026E: 23.4%, 2027E: 25.4% [8][10] - Net Profit (million yuan): 2023A: 564, 2024A: 668, 2025E: 545, 2026E: 778, 2027E: 862 [8][10] - Price-to-Earnings Ratio (P/E): 2025E: 35.6, 2026E: 24.9, 2027E: 22.5 [8][10] Research and Development - The company invested 719 million yuan in R&D in 2024, accounting for 8.78% of total revenue, indicating a strong commitment to innovation [6][7] - New product releases include the RedCap module FG332 series and various AI solutions based on multiple smart modules [6][7] Market Expansion - The company is actively expanding into edge AI, vehicle networking, and robotics, with the establishment of an AI research institute in 2024 and the launch of an intelligent lawnmower robot solution [7][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][28] Core Views - The company is actively expanding its presence in edge AI applications, with a focus on intelligent modules and robotics, which are expected to drive significant revenue growth in the coming years [3][26] - The sale of the subsidiary, Ruilin Wireless, is expected to impact short-term performance, but the core wireless communication module business continues to grow rapidly, particularly in the automotive electronics and 5G fixed wireless access sectors [2][9] - The company's revenue for 2024 is projected to be 8.189 billion yuan, a year-on-year increase of 6.13%, with a net profit of 668 million yuan, reflecting an 18.53% increase [1][5] Financial Performance Summary - In 2024, the company's gross margin is expected to be 19.33%, a decrease of 3.81 percentage points year-on-year, influenced by product mix changes [2][18] - The company plans to issue H-shares to raise funds for investments in communication, edge intelligence, and robotics [3][26] - The projected net profits for 2025, 2026, and 2027 are 673 million yuan, 793 million yuan, and 929 million yuan respectively, with corresponding P/E ratios of 29, 25, and 21 [4][29]

证券研究报告 | 2025年04月21日 广和通（300638.SZ） 优于大市 2024 年归母净利润同比增长 19%，积极布局端侧 AI 广和通 2024 主营收入 81.89 亿元，同比上升 6.13%；归母净利润 6.68 亿元， 同比上升 18.53%；扣非净利润 5.04 亿元，同比下降 5.84%；其中 Q4 单季度 营收 19.72 亿元，同比上升 9.45%；归母净利润 0.16 亿元，同比下降 85.21%。 出售锐凌无线影响公司短期业绩，主营无线通信模块仍保持快速增长。根据 全球市场环境，结合锐凌无线个别客户需求，公司于 2024 年 7 月底出售美 国全资子公司锐凌无线车载业务（该子公司 2023 年收入 22.14 亿元，净利 润 2.6 亿元。），2024 年 8 月起不再纳入合并报表范围。若不考虑锐凌无线 车载前装业务影响，公司 2024 营收同比增长 23.34%；收入的增长主要来自 于国内汽车电子及 5G 固定无线接入（FWA）业务领域。分区域看，公司境外 /国内华南/国内华东地区收入占比分别为 60.7%/23.0%/12.5%，同比分别变 化+10.9%/+10.3%/- ...

证券代码：300638 证券简称：广和通 | 上市公司接待人员姓名 | 广和通副总经理、董事会秘书 陈仕江先生 | | --- | --- | | | 广和通副总经理、财务总监 王红艳女士 | | | 广和通证券部总监 习飞香先生 | | | 一、公司2024年度业绩情况介绍 | | | 公司2024年度实现营业收入81.89亿元，同比增长6.13%，实现归 | | | 属于上市公司股东的净利润6.68亿元，同比增长18.53%；剔除锐 | | | 凌无线车载前装业务的影响，公司营业收入同比增长23.34%。业 | | | 绩增长主要来自于国内车载业务和FWA业务的增长，国内车载业 | | | 务同比增长30%左右，FWA业务同比增长25%左右，增长原因主要 | | | 来自于5G渗透率的提升及新的客户或地区市场的开拓。2024年， | | | 公司在积极拓展传统模组业务的基础上，成立AI研究院，大力发 | | | 展端侧AI业务，推出智能机器人开发平台Fibot，优化割草机器 | | | 人解决方案，推出AI玩具、AI相机、AI box等解决方案，部分产 | | | 品预计将于今年实现量产。 | | | 二 ...

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达2.49%。 公募基金方面本期较上一季度持股减少的公募基金共计4个，包括南方中证1000ETF、华夏中证 1000ETF、华夏中证5G通信主题ETF、华夏国证2000指数增强发起式A，持股减少占比达0.40%。本期 较上一季度新披露的公募基金共计280个，主要包括东方红睿丰混合、信澳新能源产业股票、平安品质 优选混合A、平安策略先锋混合、信澳智远三年持有期混合A等。本期较上一季未再披露的公募基金共 计3个，包括民生加银中证500指数增强发起式A、博时中证1000增强ETF、明亚中证1000指数增强A。 2025年4月19日，广和通(300638.SZ)发布2024年年度报告。截至2025年4月18日，共有289个机构投资者 披露持有广和通A股股份，合计持股量达9513.99万股，占广和通总股本的12.43%。其中，前十大机构 投资者包括香港中央结算有限公司、新余市广和创虹企业管理中心(有限合伙)、招商银行股份有限公司- 南方中证1000交易型开放式指数证券投资基金、深圳市乾图私募证券基金管理有限公司-乾图唐玄甲私 募 ...