FIBOCOM(300638) 开源证券·2025-04-21 05:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%, primarily driven by the growth in the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors [5] - The net profit attributable to the parent company for 2024 was 668 million yuan, an increase of 18.53% year-on-year, with a non-recurring net profit of 504 million yuan [5] - The company is expected to benefit from the increasing penetration of global 5G modules and the rapid growth in demand for intelligent computing modules driven by the AI wave [5] - The profit forecast for 2025 has been revised downwards, while the forecasts for 2026 and 2027 have been raised, with expected net profits of 545 million yuan, 778 million yuan, and 862 million yuan for 2025, 2026, and 2027 respectively [5] Financial Summary - The company reported a total revenue of 7.716 billion yuan in 2023, with a year-on-year growth of 36.7% [8] - The gross profit margin for 2024 was 19.3%, with a net profit margin of 8.2% [8] - The company’s R&D investment reached 719 million yuan in 2024, accounting for 8.78% of total revenue, indicating a strong focus on innovation and product development [6] - The company’s total assets are projected to grow from 79.89 billion yuan in 2025 to 106.59 billion yuan in 2027 [10] Growth Opportunities - 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 various intelligent solutions [7] - The introduction of new products, such as the RedCap module FG332 series and Wi-Fi 6/7 CPE solutions, reflects the company's commitment to continuous innovation [6][7] - The company has also ventured into the field of embodied intelligent robots, with plans to deliver the first batch of fully automated lawn mowing robots by December 2024 [7]