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]

Group 1 - The China Securities Regulatory Commission (CSRC) has accepted the listing applications for three companies intending to conduct initial public offerings (IPOs) in Hong Kong: Hehui Optoelectronics, Zhongwei Co., and Guanghetong [1] - Hehui Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, ranked second globally in large-size AMOLED panel shipments from 2022 to 2024, and first in China [2] - Zhongwei Co. has been the global leader in the shipment of nickel and cobalt lithium-ion battery precursor materials (pCAM) for five consecutive years since 2020, and is the top supplier of phosphate pCAM in the global export market as of Q1 2025 [3] - Guanghetong is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules, along with customized solutions for various applications [3]

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].

Core Viewpoint - The collaboration between Guanghetong and Yundenchu Technology aims to enhance outdoor navigation and positioning accuracy for quadruped robots through the integration of advanced AI visual algorithms and hardware solutions [1][6]. Group 1: Technical Innovations - The dual-camera visual module RV-BOT developed by Guanghetong significantly improves positioning accuracy in outdoor environments, addressing the challenges of single-sensor reliance in quadruped robots [1]. - The multi-modal data fusion algorithm combines visual feature point matching with satellite positioning data for real-time calibration, ensuring centimeter-level continuous positioning even in areas with limited satellite signals [1]. - A deep learning-optimized stereo matching model identifies typical multipath interference patterns, dynamically correcting RTK positioning errors to enhance robustness in complex scenes [2]. - Edge computing capabilities allow for real-time image processing on-site, reducing latency and ensuring the efficiency and safety of the robotic systems [3]. Group 2: Application Areas - The quadruped robot equipped with Guanghetong's dual-camera visual algorithm is expected to excel in various fields, including industrial inspection, disaster rescue, and urban services [4]. - In industrial inspection, the robot can autonomously navigate unstructured terrains, accurately identify equipment status, and improve the reliability and coverage of inspection tasks [4]. - In disaster rescue scenarios, the depth perception capabilities of the dual-camera system will assist rescue personnel in conducting reconnaissance in hazardous environments [4]. - The algorithm's ability to predict the trajectories of moving obstacles will facilitate safe autonomous transportation of goods in high-traffic urban settings [4]. Group 3: Industry Implications - The collaboration highlights the potential for synergistic innovation between AI visual algorithms and robotic hardware, paving the way for new possibilities and breakthroughs in the intelligent robotics industry [6]. - The application of Guanghetong's dual-camera visual algorithm provides a new approach to outdoor positioning for quadruped robots, supported by an edge-cloud collaborative architecture that optimizes computational power while maintaining low energy consumption [6]. - The deep coupling of dual-camera vision and motion control transforms quadruped robots from mere execution tools into intelligent entities capable of interacting with their environments, which is expected to drive further exploration of visual algorithm integration in the industry [6].

Core Viewpoint - Guanghe Tong's self-developed binocular vision algorithm significantly enhances positioning accuracy in outdoor scenarios, paving new paths for the intelligent application of domestic quadruped robots [1][2]. Group 1: Technological Innovations - The collaboration between Guanghe Tong and Yundenshu Technology integrates Guanghe Tong's self-developed binocular vision module RV-BOT into Yundenshu's quadruped robot, improving outdoor operational capabilities [2]. - The binocular vision algorithm utilizes multi-modal data fusion, combining visual feature point matching with real-time calibration of satellite positioning data, ensuring centimeter-level continuous positioning even in satellite signal-limited areas [2]. - A deep learning-optimized stereo matching model identifies typical multipath interference patterns, dynamically correcting RTK positioning deviations to enhance robustness in complex environments [3]. Group 2: Edge Computing and Real-time Processing - The algorithm leverages Guanghe Tong's edge AI deployment capabilities, enabling real-time image processing locally, which significantly reduces latency and ensures the efficiency and safety of the robot's responses [5]. Group 3: Application Areas - The quadruped robot equipped with Guanghe Tong's binocular vision algorithm is expected to demonstrate adaptive advantages in various fields, including: - Industrial Inspection: The robot autonomously navigates unstructured terrains, accurately identifying equipment status and enhancing the reliability and coverage of inspection tasks [8]. - Disaster Rescue: The depth perception capabilities of the binocular vision will assist rescue personnel in conducting reconnaissance in post-disaster ruins and hazardous environments [8]. - Urban Services: The algorithm predicts the trajectories of moving obstacles in high-dynamic pedestrian environments, enabling safe autonomous transportation of goods and other operations [8]. Group 4: Future Prospects - The application of Guanghe Tong's binocular vision algorithm provides new insights for outdoor positioning of quadruped robots, with an edge-cloud collaborative architecture supporting computational optimization for running complex visual algorithms under limited power consumption [9]. - The deep coupling of binocular vision and motion control transforms the robot from a single execution tool into an intelligent agent for environmental interaction, with further exploration of visual algorithm integration expected to promote broader applications in various scenarios [9].

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 ...

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 ...

Electronic Sector - TSMC's April revenue exceeded expectations, reaching NT$349.6 billion, with a month-on-month growth of 22.2% and a year-on-year growth of 48.1%, marking a historical monthly high [1] - Cumulative revenue for January to April was NT$1,188.8 billion, a year-on-year increase of 43.5%, also a record for the same period [1] - The growth is driven by AI demand and preemptive stocking by clients concerned about tariff impacts [1] - The electronic sector's Q1 2025 revenue was NT$839.2 billion, a year-on-year increase of 17.6%, with net profit of NT$35.5 billion, up 31.2% [1] - The semiconductor materials sector showed strong performance, benefiting from increased wafer fab utilization and accelerated domestic substitution [1] Communication Sector - Leading optical module companies reported Q1 performance exceeding expectations, with revenue and profit both achieving high growth [2] - The market demand for optical modules is expected to further release due to positive signals from policy and ongoing high capital expenditures from cloud vendors [2] - Major cloud companies' capital expenditures increased significantly, with Microsoft, Meta, Google, and Amazon's spending rising 69% to US$70.6 billion [2] Computer Sector - Google DeepMind released an updated version of Gemini 2.5 Pro, enhancing programming capabilities, allowing users to generate complete web applications and games from a single prompt [3] - The AI industry chain is expected to maintain high prosperity, with strong growth in sectors like intelligent driving and software outsourcing [3] - The impact of tariff policies on computer companies' fundamentals is minimal, with domestic substitution and self-control sectors likely to benefit [3] Media and Internet Sector - Continuous tracking of AI application landing situations is recommended, with a focus on companies with upward marginal fundamentals and M&A themes [4] - The digital media sector has shown strong performance recently, while the film and television sector is expected to decline due to the off-season [4] - Companies like Tencent and Kuaishou are advancing in AI-generated content, indicating a growing potential for AI applications in media [4]

Summary of Key Points Core Viewpoint - As of May 6, the total market financing balance reached 1.79 trillion yuan, indicating an increase of 143.81 billion yuan from the previous trading day, with notable contributions from both the Shanghai and Shenzhen stock exchanges [1]. Financing Balances - Shanghai stock exchange financing balance: 908.24 billion yuan, up by 59.40 billion yuan - Shenzhen stock exchange financing balance: 876.71 billion yuan, up by 83.55 billion yuan - Beijing Stock Exchange financing balance: 5.12 billion yuan, up by 86.21 million yuan [1]. Individual Stock Performance - On May 6, 2,239 stocks received net financing purchases, with 566 stocks having net purchases exceeding 10 million yuan, and 21 stocks exceeding 100 million yuan [1]. - Leading net purchases included: - Luxshare Precision: 228 million yuan - Runhe Software: 212 million yuan - Changshan Beiming: 199 million yuan - Other notable stocks: Inspur Information, Sichuan Changhong, and Dongfang Caifu [1][2]. Industry Concentration - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan included: - Computer: 5 stocks - Non-ferrous metals: 3 stocks - Electronics: 3 stocks [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.78% - Stocks with the highest ratios included: - Hanyu Group: 9.63% - Guanghetong: 8.53% - Dongfang Caifu: 7.51% - Runhe Software: 7.49% [2][3]. Notable Stock Data - Top net purchases on May 6 included: - Luxshare Precision: 3.11% increase, net purchase of 227.62 million yuan - Runhe Software: 9.55% increase, net purchase of 212.02 million yuan - Changshan Beiming: 10.02% increase, net purchase of 198.69 million yuan - Other significant stocks included Inspur Information, Sichuan Changhong, and Dongfang Caifu [2][3].