FIBOCOM(300638) 新浪财经·2025-04-21 06:36Core 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]