Investment Rating - The report maintains a "Buy-B" rating for the company Guanghetong (300638.SZ) [1] Core Views - The company is positioned as a leader in AI and IoT, with embodied intelligence gaining a competitive edge [1] - The global IoT industry is recovering, with edge AI presenting new opportunities, particularly in smart modules [5] - The company is focusing on vertical industries within IoT and continuously optimizing its product matrix [6] Financial Performance - In 2024, the company achieved revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, up 18.53% [4] - For Q1 2025, the company reported revenue of 1.856 billion yuan, a decrease of 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% [4] - Excluding the impact of Ruilin Wireless's automotive pre-installation business, the company's 2024 revenue grew by 23.34%, driven by significant growth in the domestic automotive electronics and smart home sectors [4] Market Data - As of May 20, 2025, the closing price was 27.43 yuan, with a total market capitalization of 146.18 billion yuan [3] - The company has a total share capital of 766 million shares, with 533 million shares in circulation [3] Growth Opportunities - The number of global IoT terminals is expected to reach 18.8 billion in 2024, a year-on-year increase of 13%, and projected to reach 41.1 billion by 2030 [5] - The company is launching various AI solutions, including AI toy models and multifunctional AI infrared camera solutions, which are expected to enhance user interaction and expand into multiple application scenarios [6][7] - The company is also developing edge AI solutions for various industries, including a grass-cutting robot solution that integrates advanced positioning and obstacle avoidance capabilities [7] Profit Forecast and Valuation Analysis - The company is projected to achieve net profits of 553 million yuan, 697 million yuan, and 873 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -17.3%, 26.1%, and 25.3% [8] - The estimated EPS for 2025, 2026, and 2027 is 0.72 yuan, 0.91 yuan, and 1.14 yuan, respectively, with corresponding P/E ratios of 38.0, 30.1, and 24.0 [8]

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is positioned as a leader in AI and IoT, with embodied intelligence gaining a competitive edge [1] - The global IoT industry is recovering, with edge AI presenting new opportunities, and smart modules becoming a new growth direction [5] - The company focuses on vertical industries within IoT and continues to optimize its product matrix [6] Financial Performance - In 2024, the company achieved revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, up 18.53% year-on-year [4] - For Q1 2025, the company reported revenue of 1.856 billion yuan, a decrease of 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% year-on-year [4] - Excluding the impact of RuiLing Wireless's automotive business, the company's 2024 revenue grew by 23.34%, driven by significant growth in the 5G fixed wireless access (FWA) sector [4] Market Data - As of May 20, 2025, the closing price was 27.43 yuan, with a total market capitalization of 146.18 billion yuan [3] - The company has a total share capital of 766 million shares, with 533 million shares in circulation [3] Growth Opportunities - The number of global IoT terminals is expected to reach 18.8 billion in 2024, a year-on-year increase of 13%, and is projected to reach 41.1 billion by 2030 [5] - The company has launched various AI solutions, including the MagiCore AI toy model solution and multi-functional AI infrared camera solutions, which are expected to enhance user interaction and application in various fields [6][7] - The company is also focusing on embodied intelligence and has introduced solutions for unmanned lawn mowing and humanoid robots, aiming to establish a commercial closed loop [7] Profit Forecast and Valuation Analysis - The company is expected to achieve net profits of 553 million yuan, 697 million yuan, and 873 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -17.3%, 26.1%, and 25.3% [8] - The estimated EPS for 2025, 2026, and 2027 are 0.72 yuan, 0.91 yuan, and 1.14 yuan respectively, with corresponding P/E ratios of 38.0, 30.1, and 24.0 [8] - The company's valuation is currently at a historically low level, and with the potential growth in edge AI and robotics, the "Buy-B" rating is maintained [8]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][13]. Core Views - The company's Q1 2025 performance shows a recovery in profitability, with a reported revenue of 1.856 billion yuan, down 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% year-on-year [1][6]. - The company has submitted an application for H-share listing, with funds expected to be allocated for R&D, manufacturing facilities, strategic investments, and debt repayment [6][1]. - The company is focusing on advancements in edge AI and robotics, aiming to capitalize on the trend of intelligent connectivity, with several new products expected to positively impact future performance [6][1]. Financial Summary - For 2025, the company is projected to achieve total revenue of 8.29 billion yuan, with a year-on-year growth rate of 1.2% [1][7]. - The net profit for 2025 is estimated at 594 million yuan, reflecting a decline of 11.1% year-on-year, but is expected to recover to 752 million yuan by 2026 [1][7]. - The earnings per share (EPS) is projected to be 0.78 yuan in 2025, with a price-to-earnings (P/E) ratio of 32 [1][7]. Market Position - The company is recognized as a leading player in the global IoT module market, with a strong focus on wireless communication and a commitment to enhancing its market position through investments in edge AI and robotics [6][1]. - The total market capitalization of the company is approximately 21.249 billion yuan, with a circulating market value of about 14.794 billion yuan [3][6].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][13]. Core Views - The company's Q1 2025 performance shows a recovery in profitability, with total revenue of 1.856 billion yuan, down 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% year-on-year. However, there is a significant sequential improvement in net profit, up 634.66% [6][7]. - The company has submitted an application for H-share listing, with funds expected to be allocated for R&D, manufacturing facilities, strategic investments, debt repayment, and working capital [6][7]. - The company is focusing on advancements in edge AI and robotics, with plans for significant R&D investment in these areas, which are anticipated to positively impact future performance [6][7]. Financial Summary - For 2025, the company is projected to achieve total revenue of 8.29 billion yuan, with a year-on-year growth rate of 1.2%. The net profit is expected to be 594 million yuan, reflecting a decline of 11.1% year-on-year [6][7]. - The earnings per share (EPS) for 2025 is estimated at 0.78 yuan, with a price-to-earnings (P/E) ratio of 32 times [6][7]. - The company’s total market capitalization is approximately 21.249 billion yuan, with a circulating market value of about 14.794 billion yuan [6][7].

中国 深圳 福田区 益田路6001号 太平金融大厦11、12楼 邮政编码：518038 11/F、12/F., TAIPING FINANCE TOWER, NO.6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话（Tel.）：（86-755) 88265288 传真（Fax.）：（86-755）88265537 网站（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市广和通无线股份有限公司 信达律师根据《规则》的要求，按照律师行业公认的业务标准、道德规范和 勤勉尽责精神，对本次股东大会的相关事实出具如下见证意见： 1 法律意见书 一、本次股东大会的召集与召开程序 2024年度股东大会 法律意见书 信达会字（2025）第 126 号 致：深圳市广和通无线股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东 大会规则》（下称"《规则》"）等法律、法规以及现行有效的《深圳市广和通 无线股份有限公司章程》（下称"《公司章程》"）的规定，广东信达律师事务 所（下称"信达"）接受贵公司的委托，指派律师 ...

证券代码：300638 证券简称：广和通 公告编号：2025-041 深圳市广和通无线股份有限公司 （一）会议召开情况 1、现场会议召开日期、时间：2025 年 5 月 14 日下午 14:30 2、网络投票时间：2025 年 5 月 14 日 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无变更、否决议案的情况。 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 14 日上午 9:15 至 9:25、9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券 交易所互联网投票的具体时间为：2025 年 5 月 14 日上午 9:15 至下午 15:00。 3、现场会议召开地点： 深圳市南山区西丽街道西丽社区打石一路深圳国际 创新谷六栋 A 座 10 楼公司会议室 4、会议主持人：董事长张天瑜先生因公出差无法参加本次现场会议，由出 席会议的半数以上董事共同推选董事应凌鹏先生主持本次会议 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The report highlights that the AI terminal and robotics sectors are expected to contribute to new growth opportunities for the company. The transition from modules to complete solutions in AI toys and embodied intelligent robots is anticipated to enhance the company's value capture within the industry [5][11]. - The company reported a revenue of 1.856 billion yuan in Q1 2025, a year-on-year decrease of 12.59%, and a net profit attributable to shareholders of 118 million yuan, down 37.30% year-on-year [5][11]. - The report emphasizes that the decline in revenue is primarily due to asset divestiture, particularly the impact of Rolling Wireless (H.K.) Limited, which had significant revenue and profit contributions in 2023 [11]. Summary by Sections Industry Overview - DeepSeek has achieved cost reductions in model inference through algorithmic and engineering innovations, which may alter the value distribution within the AI industry chain. The transition from 4G to 5G and the upgrade of smart modules are expected to enhance value [5][11]. Company Performance - The company is positioned to benefit from the growth of AI terminals and the transition to smart modules, which are expected to increase in value. The report forecasts that, excluding the impact of Rolling Wireless in 2024, the company will still see year-on-year revenue and profit growth in 2025 [5][11]. Financial Projections - The company is projected to achieve net profits of 510 million yuan, 670 million yuan, and 840 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -24%, 32%, and 25% [11].

Core Insights - Guanghe Tong's revenue and net profit both declined in Q1 2025, with revenue decreasing by 12.59% to 1.856 billion yuan and net profit dropping by 37.3% to 118 million yuan compared to the same period in 2024 [2][3] - The company reported a significant increase in revenue and net profit in 2024, with revenue reaching 6.971 billion yuan, a 23.3% increase year-on-year, and net profit of 677 million yuan, up 19.8% [2][3] - The decline in 2025 is attributed to the sale of its overseas vehicle-mounted communication module business, which previously contributed nearly 30% of revenue and over 30% of net profit in 2023 [2][4] Financial Performance - In Q1 2025, Guanghe Tong's other income decreased by 39.96% to 16.958 million yuan due to reduced government subsidies, while sales expenses fell by 34.65% to 35.1147 million yuan, primarily due to the sale of the vehicle-mounted business [3] - The company's gross margin fell to 18.2% in 2024, down from 21% in 2023 and 20.5% in 2022, indicating a decline in profitability [7] Business Segments - Wireless communication modules accounted for 96.1% of Guanghe Tong's revenue in 2024, with the sales of data transmission modules and smart modules showing significant growth [6] - The average selling price of data transmission modules decreased by 21 yuan, while smart modules saw a reduction of 17.9 yuan in 2024, reflecting a shift towards more cost-effective options by customers [6] Dividends and Shareholder Information - Guanghe Tong announced a cash dividend plan of 3.50 yuan per 10 shares, totaling approximately 267 million yuan, continuing its trend of annual dividends since 2022 [8] - The company's chairman, Zhang Tianyu, is the largest shareholder with a 36.78% stake, and has a history of share reductions and cashing out significant amounts [9] Research and Development - Guanghe Tong's R&D expenses were 583 million yuan in 2024, representing 8.4% of total revenue, indicating a slower growth rate in R&D spending compared to revenue growth [9][10]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4] Core Views - The company's apparent performance is under pressure due to asset sales, but it is actively positioning itself in edge AI and robotics sectors [8] - In 2024, the company achieved a revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, a year-on-year increase of 18.53% [1] - The company is focusing on developing integrated communication capabilities and edge intelligent computing solutions, with a positive long-term growth outlook [8] Financial Performance Summary - **2024 Financials**: Revenue of 8.189 billion yuan, net profit of 668 million yuan, and a decrease in non-recurring net profit by 5.84% [1][3] - **2025 Q1 Performance**: Revenue of 1.856 billion yuan, a year-on-year decrease of 12.59%, and net profit of 118 million yuan, a year-on-year decrease of 37.30% [1] - **Future Projections**: Expected net profits for 2025, 2026, and 2027 are 539 million yuan, 669 million yuan, and 832 million yuan respectively, with corresponding growth rates of -19%, 24%, and 24% [8] Valuation Metrics - **Current Stock Price**: 25.42 yuan with a total market capitalization of 19.5 billion yuan [4] - **PE Ratios**: Projected PE ratios for 2025, 2026, and 2027 are 36.1X, 29.1X, and 23.4X respectively [8] - **ROE**: The company has a trailing twelve months ROE of 16.0% [4]

Core Viewpoint - The company, Guanghe Tong, is preparing for a secondary listing in Hong Kong amid a wave of A+H listings, despite facing challenges such as declining profit margins and significant insider selling by executives [3][6][10]. Company Overview - Guanghe Tong, a leader in wireless communication modules, was listed on the A-share market in 2017 and is now the second-largest global player in this sector, alongside another giant, Yiyuan Communication [3][5]. - The company has experienced explosive revenue growth, with sales increasing from 344 million yuan in 2016 to 8.189 billion yuan in 2024, marking a 2280% rise [5]. Financial Performance - Over 90% of Guanghe Tong's revenue comes from its wireless communication module business, which holds the top market share in automotive electronics, smart homes, and consumer electronics [5]. - The gross margin for its module products is projected to decline from 21.0% in 2023 to 18.2% in 2024, indicating pressure on profitability [6]. Strategic Moves - To counteract competitive pressures, Guanghe Tong plans to expand its product line, including entering the humanoid robot sector with AI solutions [6]. - The company recently sold its subsidiary, Rui Ling Wireless, for 1.065 billion yuan, which was a significant profit-generating unit, contributing 36% of its net profit in 2023 [11][14]. Insider Activity - The chairman, Zhang Tianyu, has engaged in substantial share sell-offs, totaling over 1 billion yuan from 2020 to 2023, raising concerns about the company's internal confidence [9][10]. - The company has distributed 869 million yuan in dividends since its IPO, with a notable 290 million yuan in 2023 alone, reflecting a high dividend payout ratio of 51.9% [9][10]. Market Challenges - The sale of Rui Ling Wireless was partly driven by external pressures, including potential sanctions on Chinese-made cellular modules, which could impact Guanghe Tong's operations [15][16]. - The company's net profit is expected to decline further in 2024 due to the divestiture of Rui Ling Wireless, which had been a key profit driver [16].