FIBOCOM(300638) 华龙证券·2025-04-22 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34%. The net profit attributable to shareholders was 668 million yuan, an increase of 18.53% year-on-year. The growth in revenue and profit was primarily driven by the domestic automotive electronics and smart home sectors, particularly in the 5G fixed wireless access (FWA) business [4][7] - To seize new opportunities in the edge AI development, the company established an AI research institute in 2024, focusing on the technology ecosystem of edge AI [7] - The company has a strong first-mover advantage and customer base in the wireless communication module industry, having developed a complete product line and established quality clients across various sectors including automotive electronics, smart home, consumer electronics, smart retail, low-altitude economy, and robotics [7] Financial Summary - The company forecasts revenues of 8.166 billion yuan for 2025, 8.957 billion yuan for 2026, and 10.364 billion yuan for 2027. The net profit is projected to be 655 million yuan in 2025, 741 million yuan in 2026, and 868 million yuan in 2027. The corresponding price-to-earnings (P/E) ratios are expected to be 29.4, 25.9, and 22.2 respectively [8][9] - The company's revenue growth rates are projected to be -0.28% in 2025, 9.69% in 2026, and 15.70% in 2027. The net profit growth rates are expected to be -1.97% in 2025, 13.24% in 2026, and 17.06% in 2027 [9][13] - The company maintains a strong return on equity (ROE) of 16.42% in 2025, with a slight decrease to 16.38% in 2026 and an increase to 16.74% in 2027 [9][13]