FIBOCOM(300638) INDUSTRIAL SECURITIES·2024-04-30 05:32Investment Rating - The report maintains an "Accumulate" rating for the company [4][18]. Core Insights - The company's performance is expected to grow steadily, driven by both its in-vehicle and Fixed Wireless Access (FWA) businesses, with a strong outlook for future earnings growth [4][19]. - The company has strategically positioned itself in the robotics and edge computing sectors, leveraging its first-mover advantage to benefit from the growing demand for AIoT solutions [5][18]. - The recovery in downstream demand is reflected in the company's Q1 revenue and net profit growth, indicating a positive trend in its operational performance [19]. Summary by Sections Business Performance - In Q1 2024, the company achieved revenue of 2.123 billion yuan, representing a year-on-year increase of 17.11% and a quarter-on-quarter increase of 17.81%. The net profit attributable to the parent company was 188 million yuan, up 33.78% year-on-year and 73.36% quarter-on-quarter [17][19]. - The company anticipates net profits of 725 million, 906 million, and 1.115 billion yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 18, 15, and 12 based on the closing price on April 29 [18]. Financial Projections - The company is projected to achieve revenue growth rates of 36.7% in 2023, 24.6% in 2024, 21.8% in 2025, and 20.3% in 2026 [16]. - The gross profit margin is expected to remain stable around 23.1% to 23.5% over the forecast period [16]. Market Position - The company has established partnerships with over 20 mainstream automakers and 30 Tier 1 suppliers, enhancing its competitive position in the automotive sector [4]. - The integration of its acquired assets is expected to create synergies that will positively impact profitability [4].