FIBOCOM(300638) 群益证券·2024-06-28 08:00Investment Rating - The report maintains a "Buy" rating for Guanghe Tong (300638) with a target price of 20.00 CNY [2]. Core Views - The company is expected to benefit significantly from the recovery in the IoT industry, with a notable increase in downstream demand [2]. - The company showcased multiple edge AI module products at the MWC Shanghai event, indicating a strong product portfolio and technological capabilities [2]. - The report highlights the company's leadership in the IoT module sector, projecting a robust growth trajectory due to the industry's recovery [2]. Financial Summary - The company's net profit is projected to grow from 364.46 million CNY in 2022 to 754.39 million CNY in 2024, reflecting a year-on-year growth of 33.86% [4]. - Earnings per share (EPS) are expected to increase from 0.48 CNY in 2022 to 0.99 CNY in 2024, with a similar growth rate of 33.86% [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 34 in 2023 to 16 in 2024, indicating a more attractive valuation as earnings grow [4]. Revenue and Cost Projections - Revenue is expected to rise from 5.646 billion CNY in 2022 to 9.239 billion CNY in 2024, with a compound annual growth rate (CAGR) reflecting the recovery in the IoT market [6]. - Operating costs are projected to increase in line with revenue, from 4.507 billion CNY in 2022 to 7.071 billion CNY in 2024, maintaining a healthy operating margin [6]. Market Position and Growth Drivers - The company is positioned to capture significant market share in the automotive sector, leveraging partnerships with major automotive manufacturers [2]. - The report emphasizes the potential for the company's edge computing solutions to integrate with AI technologies, enhancing application scenarios and data analysis efficiency [2]. - The anticipated recovery in the global IoT module shipments is expected to drive demand for the company's products, particularly in smart home, robotics, and industrial applications [2].