FIBOCOM(300638) 长城证券·2024-11-03 12:54Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [6][15]. Core Insights - The company has shown steady revenue growth, with a 5.12% year-on-year increase in revenue for the first three quarters of 2024, reaching 6.217 billion yuan. The net profit attributable to shareholders increased by 43.22% year-on-year to 652 million yuan [2][3]. - The company is actively expanding into new business areas such as robotics, with significant growth in its vehicle-mounted and Fixed Wireless Access (FWA) businesses [2][3]. - The company has a strong order visibility in its FWA business, particularly in North America, and is expected to see continued growth in this segment over the next three years [3]. Financial Summary - For 2024, the company is projected to achieve a net profit of 717 million yuan, with earnings per share (EPS) expected to be 0.94 yuan. The net profit for 2025 and 2026 is forecasted to be 649 million yuan and 779 million yuan, respectively, with EPS of 0.85 yuan and 1.02 yuan [3][7]. - The company's revenue is expected to grow from 8.176 billion yuan in 2024 to 10.222 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.9% [1][9]. - The return on equity (ROE) is projected to be 20.2% in 2024, indicating strong profitability [9]. Business Developments - The company sold its vehicle-mounted wireless communication module business for 150 million USD in July 2024, which is expected to enhance operational efficiency and profitability [2][3]. - The company is focusing on research and development to expand its product matrix in the Internet of Things (IoT) verticals, with plans for mass production of new products like robotic lawn mowers and intelligent robots in the coming years [3][6].