FIBOCOM(300638) 开源证券·2025-04-21 05:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company reported a steady revenue growth of 6.13% year-on-year, achieving a total revenue of 8.189 billion yuan in 2024, primarily driven by the growth in the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors [5][8] - The net profit attributable to the parent company reached 668 million yuan, reflecting an 18.53% year-on-year increase [5][8] - The company is expected to benefit from the increasing penetration of global 5G modules and the rising demand for intelligent computing modules amid the AI wave [5][6] Financial Summary - Revenue (million yuan): 2023A: 7,716, 2024A: 8,189, 2025E: 8,621, 2026E: 10,634, 2027E: 13,334 [8][10] - Year-on-Year Growth (YOY %): 2023A: 36.7%, 2024A: 6.1%, 2025E: 5.3%, 2026E: 23.4%, 2027E: 25.4% [8][10] - Net Profit (million yuan): 2023A: 564, 2024A: 668, 2025E: 545, 2026E: 778, 2027E: 862 [8][10] - Price-to-Earnings Ratio (P/E): 2025E: 35.6, 2026E: 24.9, 2027E: 22.5 [8][10] Research and Development - The company invested 719 million yuan in R&D in 2024, accounting for 8.78% of total revenue, indicating a strong commitment to innovation [6][7] - New product releases include the RedCap module FG332 series and various AI solutions based on multiple smart modules [6][7] Market Expansion - The company is actively expanding into edge AI, vehicle networking, and robotics, with the establishment of an AI research institute in 2024 and the launch of an intelligent lawnmower robot solution [7][8]