FIBOCOM(300638) 长江证券·2025-04-21 15:16Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company's module business is experiencing growth in both volume and price, while the robotics sector is opening up new growth avenues. The AI terminal market is expected to expand, benefiting the company as it transitions from modules to complete solutions in AI toys and embodied intelligent robots [5][7]. - In 2024, the company achieved a revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34% [5][6]. - The company continues to invest in R&D, with an expenditure of 719 million yuan, maintaining its focus on innovation and enhancing its core competitiveness through a robust patent portfolio [6][7]. Summary by Sections Industry Perspective - DeepSeek has significantly reduced model inference costs through algorithm and engineering innovations, which may alter the value distribution within the AI industry chain. The transition from 4G to 5G and smart modules is expected to enhance the value of modules as AI terminals proliferate [5]. Company Performance - The company is poised to benefit from the growth in AI terminals and is expanding its capabilities in the AI toy and intelligent robotics sectors. The revenue and profit are expected to continue growing in 2025, even after excluding the impact of the wireless business [6][7]. Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 540 million yuan, 710 million yuan, and 890 million yuan, reflecting year-on-year growth rates of -19%, 31%, and 25%, respectively. The company is expected to maintain revenue and profit growth in 2025, excluding the effects of the wireless business [7].