FIBOCOM(300638) ZHONGTAI SECURITIES·2024-04-29 08:30Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2024 performance reached a new quarterly high, with revenue increasing by 17.11% YoY to 2.123 billion yuan and net profit attributable to shareholders growing by 33.78% YoY to 188 million yuan [6] - The company's PC module business is expected to accelerate growth due to industry recovery and AI empowerment trends, with global PC shipments increasing by 3% YoY in Q1 2024 to 57.2 million units [1] - The company's vehicle business is progressing smoothly, with its subsidiaries achieving significant revenue and profit growth, and its 5G vehicle modules leading the industry in mass production [7] - The company's IoT cellular module shipments achieved double-digit growth in 2023, ranking second globally with a market share of 7.8% [15] Financial Performance - The company's revenue is expected to grow from 7.716 billion yuan in 2023 to 13.531 billion yuan in 2026, with a CAGR of 20.4% [4] - Net profit attributable to shareholders is projected to increase from 564 million yuan in 2023 to 1.119 billion yuan in 2026, with a CAGR of 25.6% [4] - The company's gross margin improved by 0.64 percentage points YoY to 21.52% in Q1 2024, while the net margin increased by 1.21 percentage points to 8.96% [15] - The company's R&D investment reached 716 million yuan in 2023, accounting for 9.3% of revenue, with R&D personnel making up nearly 70% of the workforce [7] Industry Trends - Global mobile network terminal connections reached 12.1 billion in 2023, with cellular IoT connections at 3.5 billion, expected to grow to 5.8 billion by 2030 [1] - The global IoT module market is expected to recover in the second half of 2024 and further grow in 2025 with the widespread adoption of 5G and 5G RedCap technologies [1] - The company has launched 5G RedCap modules and is expanding its product portfolio to meet the growing demand for 5G applications in various sectors [1] Business Development - The company's vehicle module business has established partnerships with global mainstream automakers and Tier 1 suppliers, achieving industry-leading mass production of 5G modules [7] - The company has developed a series of Linux edge AI solutions based on multiple intelligent modules, expanding applications in industrial and robotics fields [7][8] - The company's overseas revenue reached 4.484 billion yuan in 2023, a 32.74% YoY increase, with multiple products certified by mainstream European and American operators [15]