FIBOCOM(300638) 光大证券·2025-02-09 14:59Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company, Fibocom (广和通), is a leading player in the Internet of Things (IoT) module sector in China, focusing on wireless communication technologies and solutions [1][13]. - The company is expanding its business into robotics and AI, with significant developments in intelligent robots and AI modules, which are expected to drive future growth [2][3][27]. - Despite a downward adjustment in profit forecasts for 2025-2026 due to asset divestiture, the growth potential in robotics and AI sectors is highlighted as a new growth avenue for the company [4]. Summary by Sections Company Overview - Fibocom has established strong R&D capabilities in communication, RF, data transmission, and signal processing technologies, positioning itself in the network layer of the IoT industry [1][13]. - The company’s product offerings include wireless communication modules across various generations (2G, 3G, 4G, 5G, NB-IoT) and solutions for diverse applications such as smart cities, industrial IoT, and remote healthcare [1][13]. Robotics Business - The company has launched the Fibot platform, a development platform for embodied intelligent robots, which supports software and algorithm development for various applications [2][27]. - Collaboration with partners like Digua Robotics has led to the commercial deployment of intelligent lawnmowers, leveraging the SC126 smart module [2][32]. AI Module Business - Fibocom has introduced AI solutions that integrate large models for smart toys, AI headphones, and AI glasses, enhancing user interaction through advanced features [3][47]. - The launch of the Fibocom AI Stack aims to facilitate rapid AI deployment across various platforms, supporting diverse applications in industries such as smart retail and robotics [3][53][58]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 8.106 billion CNY in 2024 to 10.902 billion CNY in 2026, with a corresponding net profit forecast of 731 million CNY in 2024 and 788 million CNY in 2026 [5][4]. - The report indicates a PE ratio of 38X for 2024, 46X for 2025, and 35X for 2026, reflecting the company's valuation adjustments following the divestiture of certain assets [4][5].