FIBOCOM(300638)2024-09-06 00:10Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment from the previous "Buy" rating [4]. Core Views - The company reported a revenue of 4.08 billion yuan for the first half of 2024, representing a year-on-year growth of 5.4%, and a net profit attributable to shareholders of 330 million yuan, up 10.2% year-on-year [1]. - The company is actively expanding its AI and robotics business, which is expected to create new growth opportunities [1]. - The cash flow performance is strong, with a net cash flow from operating activities of 340 million yuan, a significant increase of 150.4% year-on-year [1]. - The company is focusing on the Internet of Things (IoT) sector, with new product launches aimed at enhancing its product matrix [2]. Financial Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 8.22 billion yuan, with a growth rate of 6.6% year-on-year [3]. - The net profit attributable to shareholders is expected to be 693 million yuan in 2024, reflecting a year-on-year growth of 22.9% [3]. - The earnings per share (EPS) for 2024 is estimated at 0.90 yuan [3]. - The price-to-earnings (P/E) ratio is projected to be 12.1 times for 2024 [3]. Business Development - The company is launching various AI solutions and smart modules, including those based on Qualcomm platforms, to enhance its market position [1]. - The company has successfully introduced industry solutions for smart lawn mowers, indicating a strategic focus on niche markets [1]. - The company is also expanding its product offerings in the automotive sector, particularly in 5G and vehicle-to-everything (V2X) communications [1][2].