FIBOCOM(300638) Guolian Securities·2024-09-02 05:05Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 4.075 billion yuan for the first half of 2024, representing a year-on-year growth of 5.42%. The net profit attributable to shareholders was 333 million yuan, up 10.17% year-on-year, while the net profit excluding non-recurring items was 316 million yuan, reflecting an 11.45% increase [2][6]. - Q2 revenue faced short-term pressure, primarily due to a decline in FWA (Fixed Wireless Access) business. However, the company has a sufficient order backlog and expects to achieve its growth targets [2][6]. - The company is increasing its R&D investment and expanding into new segments, which is expected to enhance profitability [2][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit margin of 8.28%, an increase of 0.45 percentage points year-on-year. The operating cash flow was 338 million yuan, up 150.87% year-on-year [6]. - Q2 revenue was 1.952 billion yuan, a decrease of 4.91% year-on-year and 8.06% quarter-on-quarter [6]. R&D and Product Development - The company invested 388 million yuan in R&D in H1 2024, a year-on-year increase of 10.78%. It has accumulated 293 invention patents, 147 utility model patents, and 139 software copyrights [6]. - New products launched include the SC208 smart module and the upgraded SC171 module, compatible with Android, Linux, and Windows operating systems [6]. Market Expansion - The company is focusing on the 5G RedCap module, which is now in the commercial sample delivery stage, facilitating large-scale deployment in the IoT sector [6]. - Solutions for smart lawn mowers have been successfully implemented with multiple end customers, laying a solid foundation for further growth [6]. Future Projections - Revenue projections for 2024-2026 are 8.252 billion yuan, 8.823 billion yuan, and 10.034 billion yuan, with year-on-year growth rates of 6.95%, 6.92%, and 13.72% respectively. Net profits are expected to be 702 million yuan, 667 million yuan, and 761 million yuan, with growth rates of 24.48%, -4.97%, and 14.17% respectively [6][7].