Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its future performance [2][3] Core Views - The company's revenue growth accelerated in Q3 2024, driven by the rapid adoption of Wi-Fi7 technology, with Wi-Fi7 products accounting for a significant portion of revenue [1] - Despite a net loss of -34 million yuan in the first three quarters of 2024, the company's revenue grew by 34.04% year-over-year, reaching 378 million yuan, with Q3 revenue increasing by 37.51% [1] - The company's gross margin declined to 20.81%, down 5.37% year-over-year, due to increased R&D expenses, which rose to 19.99% of revenue [1] - The company's market share in the Wi-Fi communication sector has significantly increased, with domestic penetration rising, contrasting with declining revenues from international competitors like Skyworks and Qorvo [1] - The company is actively defending its intellectual property rights and maintaining its competitive position in the global market, particularly against legal challenges from Skyworks [1] Financial Performance - The company's revenue for 2024 is projected to reach 575.38 million yuan, with a growth rate of 38.66%, and is expected to grow further to 1.011 billion yuan by 2026 [4] - Net profit attributable to the parent company is forecasted to increase significantly, from 28.49 million yuan in 2024 to 84.68 million yuan in 2026, with EPS rising from 0.07 yuan to 0.20 yuan [4] - The company's EBITDA is expected to grow from 28.15 million yuan in 2024 to 89.60 million yuan in 2026, reflecting strong operational performance [4] Industry and Market Trends - The Wi-Fi7 market is expected to grow rapidly, with over 233 million devices projected to enter the market in 2024, increasing to 2.1 billion devices by 2028 [1] - The company's Wi-Fi7 products are priced at 1.5 times the average selling price of Wi-Fi6 products, indicating higher profitability potential [1] - The company has successfully entered the supply chains of major international SoC manufacturers like Qualcomm, MediaTek, and Broadcom, enhancing its global competitiveness [3] Strategic Initiatives - The company has established an industrial fund with Jinding Capital to invest in promising chip companies in the communication, automotive, and AI sectors, aiming to create synergies with its core business [1] - The company has completed the first round of investment in a project focused on consumer-grade and automotive-grade UWB chips, which have already achieved technological breakthroughs and entered the supplier lists of well-known manufacturers [1] Valuation Metrics - The company's P/E ratio is expected to decrease from 247.94 in 2024 to 83.41 in 2026, indicating improving valuation attractiveness [4] - The P/B ratio is projected to decline from 4.26 in 2024 to 3.89 in 2026, reflecting a more favorable valuation relative to book value [4] - The EV/EBITDA ratio is forecasted to drop from 217.99 in 2024 to 67.69 in 2026, suggesting a more attractive enterprise value relative to earnings [4]

Group 1: Financial Performance - The company reported revenue growth in 2024, attributed to the launch of the Wi-Fi 7 protocol, benefiting from early investments in this area [1] - As of September 30, 2024, the company has invested a total of 75.46 million yuan in R&D, representing a year-on-year increase of 63.29% [2] - The company's net profit has declined due to a focus on enhancing core competitiveness and increasing R&D expenditures [2] Group 2: Product Development and Market Position - The company has introduced multiple products related to the Star Flash RF front-end solutions, which are applied in the IoT sector and have entered the reference design list of domestic SoC chip manufacturers [2] - Wi-Fi 7 technology products account for over 25% of the company's sales, with expectations for continued growth in revenue contribution from new product launches [4] - The company has achieved significant sales in Wi-Fi 5 and Wi-Fi 6 product lines, with Wi-Fi 6 remaining the mainstream product [4] Group 3: International Expansion and Challenges - As of January to September 2024, overseas revenue accounted for approximately 15% of total revenue, indicating a growing international market presence [3] - The company is facing challenges from a 337 investigation initiated by Skyworks, which is perceived as a significant challenge to the company's technological capabilities and overseas market expansion [3] - The company aims to leverage this situation to defend its R&D achievements and protect shareholder interests [3]

Key Points Company and Industry Overview - **Company**: Grancongxi Communication Technology Co., Ltd. (Concise name: Grancongxi) - **Industry**: Wireless communication,射频前端芯片, WiFi, IoT - **Date**: Third quarter of 2024 Financial Highlights - **Revenue**: 3.78 billion yuan (378 million yuan in Q3) - **Revenue Growth**: 34.04% year-on-year - **Net Loss**: 33.86 million yuan - **Gross Margin**: 20.81% - **R&D Expenditure**: 754.62 million yuan (63.29% increase year-on-year) Business Strategy and Development - **Focus on WiFi FEM**: Grancongxi has a strong technical foundation in WiFi FEM and aims to enhance market competitiveness through continuous technological breakthroughs. - **Expansion into Mobile WiFi and IoT**: The company is expanding into mobile WiFi and IoT markets, aiming to achieve mass production and gain a larger market share. - **Diversification**: Grancongxi is actively exploring new technologies in wireless connectivity and expanding its product line to cover various applications such as smart cabins, road collaboration, smart security, and low-altitude flight. Market Competition and Challenges - **Intense Competition**: The company faces intense competition in the射频前端芯片 market, with global players like Skyworks and Qovo dominating the market. - **337 Investigation**: Grancongxi is facing a 337 investigation by the U.S. International Trade Commission (ITC) related to patent infringement claims by Skyworks. The company is actively defending itself and believes this will enhance its brand image and credibility in the international market. Future Outlook and Value Creation - **Strategic Expansion**: Grancongxi plans to continue expanding its product line and diversifying its business to achieve sustainable growth. - **Value Creation**: The company aims to enhance its investment value by optimizing its business operations, strengthening investor relations, and implementing share repurchase plans. Key Points from Q&A Session - **Sales Growth**: The company expects its sales growth to continue due to its early布局 in WiFi7 technology and strong customer relationships. - **Share Repurchase**: The company plans to complete the second round of share repurchase within three months after the board or shareholder meeting. - **Fund Progress**: The Qingdao Zhibing Venture Capital Fund, established in collaboration with Jingding Capital, has completed the first round of investment and is expected to undergo business registration soon. - **337 Investigation Costs**: The company will account for the legal fees related to the 337 investigation on a current basis.

证券代码：688653 证券简称：康希通信 公告编号：2024-044 格兰康希通信科技（上海）股份有限公司关于首次 公开发行部分限售股及部分战略配售限售股 上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 217,218,392 股。 除首发限售股外，本次股票上市类型为首发战略配售股份（限售期 12 月）； 股票认购方式为网下，上市股数为 5,895,238 股。本公司确认，上市流通数量等于 该限售期的全部战略配售股份数量。 本次股票上市流通总数为 223,113,630 股。 本次股票上市流通日期为 2024 年 11 月 18 日。（因 2024 年 11 月 17 日为非 交易日，故顺延至下一交易日）。 一、 本次上市流通的限售股类型 三、本次上市流通的限售股的有关承诺 根据《康希通信首次公开发行股票并在科创板上市招股说明书》及《康希通 信首次公开发行股票科创板上市公告书》，本次申请股份解除限售的股东关于其 持有的限售股的有 ...

招商证券股份有限公司 关于格兰康希通信科技（上海）股份有限公司 首次公开发行部分限售股及部分战略配售限售股上市流通 的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为格兰 康希通信科技（上海）股份有限公司（以下简称"康希通信"、"公司"）首次 公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则》等有关法律法规和规范性文件的要 求，对康希通信首次公开发行部分限售股及部分战略配售限售股上市流通的事项 进行了核查，具体情况如下： 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意格兰康希通信科技（上海）股份有限 公司首次公开发行股票注册的批复》（证监许可[2023]1532 号）同意注册，并经 上海证券交易所同意，公司首次公开发行人民币普通股（A 股）股票 6,368 万股， 并于 2023 年 11 月 17 日在上海证券交易所科创板上市，发行后总股本为 42,448 万股，其中有限售条件流通股为 373,713,390 股，占公司总股本的 88.0403%，无 限售条件流通股为 50,766,610 股，占公司总股 ...

格兰康希通信科技（上海）股份有限公司 2024 年第二次临时股东大会会议资料 证券代码：688653 证券简称：康希通信 格兰康希通信科技（上海）股份有限公司 2024 年第二次临时股东大会会议资料 二〇二四年十一月 格兰康希通信科技（上海）股份有限公司 2024 年第二次临时股东大会会议资料 | 2024 年第二次临时股东大会会议须知 1 | | --- | | 2024 年第二次临时股东大会议程 3 | | 议案一 关于修订《格兰康希通信科技（上海）股份有限公司章程》的议案 .. 5 | | 议案二 关于公司董事会换届选举暨选举第二届董事会非独立董事的议案 6 | | 议案三 关于公司董事会换届选举暨选举第二届董事会独立董事的议案 7 | | 议案四 关于公司监事会换届选举暨选举第二届监事会非职工代表监事的议案 8 | 格兰康希通信科技（上海）股份有限公司 2024 年第二次临时股东大会会议资料 格兰康希通信科技（上海）股份有限公司 2024 年第二次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》 ...

证券代码：688653 证券简称：康希通信 公告编号：2024-043 格兰康希通信科技（上海）股份有限公司 关于以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/8/26 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 月 日~2025 9 | 10 | 年 | 月 | 9 日 | | 预计回购金额 | 万元 3,000 万元~6,000 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 26.9619 万股 | | | | | | 累计已回购股数占总股本比例 | 0.0635% | | | | | | 累计已回购金额 | 350.00 万元 | | | | | | 实际回购价格区间 | 元/ ...

证券代码：688653 证券简称：康希通信 公告编号：2024-042 格兰康希通信科技（上海）股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 11 日（星期一） 上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 11 月 4 日（星期一）至 11 月 8 日（星期五）16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （kctzqb@kxcomtech.com）进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 格兰康希通信科技（上海）股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司《2024 年第三季度报告》，为便于广大投资者更全 ...

科创板上市公司独立董事提名人声明与承诺 提名人格兰康希通信科技（上海）股份有限公司（以下简称"康希通信"） 董事会，现提名张其秀女士为康希通信第二届董事会独立董事候选人，并已充分 了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等 不良记录等情况。被提名人已书面同意出任康希通信第二届董事会独立董事候选 人（参见该独立董事候选人声明）。提名人认为，被提名人具备独立董事任职资 格，与康希通信之间不存在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、规 章及其他规范性文件，具有五年以上法律、经济、会计、财务、管理等履行独立 董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料（如有）。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》等关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四 ...

证券代码：688653 证券简称：康希通信 公告编号：2024-038 格兰康希通信科技（上海）股份有限公司 关于修订《公司章程》及修改、制定 部分内部管理制度的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 格兰康希通信科技（上海）股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开了第一届董事会第二十次会议，审议通过了《关于修订<公司章程> 及修改、制定部分内部管理制度的议案》，修订《公司章程》事宜尚需提交股东 大会审议，现将有关情况公告如下： 一、《公司章程》修订的相关情况： 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所科创板股票上市规则（2024 年 4 月修订）》等法律、法规、规范性文件的规 定，为进一步完善公司治理结构，更好地促进公司规范运作，结合公司的实际情 况，现拟对《公司章程》中的部分条款进行修订，具体修订内容如下： | 序 | 修改前 | 修改后 | | --- | --- | --- | | 号 | | | | 1 | 第八条 董事长为公司的法定代表 ...