Group 1 - Shenzhen Guanghetong Wireless Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1]

深圳市广和通无线股份有限公司 关于参加深圳证券交易所"信通智联·引领新浪潮" 2024 年度集体业绩说明会的公告 证券代码：300638 证券简称：广和通 公告编号：2025-035 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。 深圳市广和通无线股份有限公司（以下简称"公司"）将于 2025 年 5 月 9 日（星期五）15:00－17:00 参加由深圳证券交易所组织召开的以"信通智联·引 领新浪潮"为主题的集体业绩说明会活动，现将有关事项公告如下： 一、本次业绩说明会的安排 1、召开时间：2025 年 5 月 9 日（星期五）15:00－17:00 2、召开地点：深圳证券交易所 8 楼上市大厅 3、召开方式：视频直播与图文转播 4、公司出席人员：公司董事、总经理应凌鹏先生，独立董事赵静女士，副 总经理、董事会秘书陈仕江先生，副总经理、财务总监王红艳女士 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可提前登陆深交所"互动 易"平台（http://irm.cninfo.com.cn）"云访 ...

Investment Rating - The report maintains a "Recommended" rating for Guanghetong (300638.SZ) [1] Core Views - Guanghetong's 2024 revenue reached 8.189 billion, a year-on-year increase of 6.13%. Excluding the impact of Ruilin's wireless vehicle-mounted pre-installation business, revenue growth was 23.34%. The net profit attributable to shareholders was 668 million, up 18.53% year-on-year [3][4] - The growth in revenue is primarily driven by the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors. The company has enhanced its communication module product line and launched new products such as the 5G FG370-KR and upgraded the SC171 series smart module [3] - The global IoT terminal scale is steadily growing, with an expected increase in connected devices to 41.1 billion by 2030. In China, the cellular IoT terminal user base reached 2.656 billion by the end of 2024, with a significant increase in mobile IoT access traffic [3] - The company has established an AI research institute to focus on core technologies and has made significant progress in the AIoT strategic sector, particularly in robotics applications [3] Financial Performance Summary - The forecasted revenue for 2025, 2026, and 2027 is 9.212 billion, 10.733 billion, and 12.181 billion respectively, with year-on-year growth rates of 12.50%, 16.50%, and 13.50% [4][6] - The net profit attributable to shareholders is projected to be 758 million, 896 million, and 1.022 billion for the years 2025, 2026, and 2027, reflecting growth rates of 13.48%, 18.20%, and 14.10% respectively [4][6] - The company's PE ratios for 2025, 2026, and 2027 are expected to be 25.46, 21.54, and 18.88 respectively, indicating a favorable valuation trend [4][6]

Investment Rating - The investment rating for the company is "Buy" with a forecasted stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Viewpoints - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34%, primarily driven by the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors [2][3]. - The net profit attributable to the parent company for 2024 was 668 million yuan, a year-on-year increase of 18.53%, mainly due to revenue growth and investment income from the sale of the wireless vehicle-mounted business [2]. - The company invested 719 million yuan in R&D in 2024, focusing on enhancing its deployment in AI, edge computing, and intelligent robotics, while also expanding its traditional module business [2][3]. Financial Summary - The company's projected financial performance for 2025-2027 includes: - Net profit attributable to the parent company: 558 million yuan in 2025, 709 million yuan in 2026, and 871 million yuan in 2027 [4][9]. - Earnings per share (EPS) are expected to be 0.73 yuan in 2025, 0.93 yuan in 2026, and 1.14 yuan in 2027 [9]. - The price-to-earnings (P/E) ratio is projected to be 33.3 in 2025, 26.2 in 2026, and 21.3 in 2027 [9].

Core Insights - The company reported a revenue of 8.189 billion yuan for 2024, representing a year-on-year growth of 6.13%, and a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year [1] - The revenue growth was primarily driven by the domestic automotive electronics and smart home sectors, particularly in the 5G fixed wireless access (FWA) business, with a 23.34% increase when excluding the impact of the sale of the wireless vehicle-mounted business [1] - The company invested 719 million yuan in R&D to enhance its deployment in emerging fields such as AI, edge computing, and intelligent robotics, while also establishing an AI research institute [1] Product Development and Market Position - The company is focusing on the Internet of Things (IoT) vertical industries and has enriched its product matrix, leading in the edge AI field with the launch of the Fibocom AI Stack technology platform [2] - The integration of various AI models, including machine vision and voice recognition, has significantly improved the market competitiveness of the company's AI module products [2] - The company has established strategic partnerships in the field of embodied intelligence and has received recognition for its RTK visual fusion positioning solution from leading manufacturers in the multi-legged robot sector [2] Financial Forecast and Investment Outlook - The projected net profits for 2025-2027 are estimated at 558 million, 709 million, and 871 million yuan, with corresponding EPS of 0.73, 0.93, and 1.14 yuan, indicating a positive outlook for the company's performance [3] - The current price-to-earnings (PE) ratios are forecasted to be 33, 26, and 21 times for the years 2025-2027, reflecting confidence in the company's future growth driven by new business initiatives such as robotic lawn mowers [3]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Insights - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%, while the net profit attributable to shareholders was 668 million yuan, up 18.53% year-on-year [1][7]. - The growth in revenue is primarily driven by the domestic automotive and Fixed Wireless Access (FWA) businesses, with the automotive segment experiencing approximately 30% growth due to increased performance from major clients and the penetration of 5G technology [7][8]. - The company plans to issue H shares to enhance its investment in communication, edge AI, and robotics, which are seen as new growth areas [7][8]. Financial Summary - The company’s total revenue is projected to grow from 8.189 billion yuan in 2024 to 11 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.2% [3][8]. - The net profit attributable to shareholders is expected to fluctuate, with estimates of 594 million yuan in 2025, 752 million yuan in 2026, and 900 million yuan in 2027, reflecting a growth rate of 26.6% in 2026 and 19.7% in 2027 [3][8]. - The company's gross margin for 2024 is reported at 19.33%, with a slight decline attributed to product mix and material cost fluctuations [7][8]. Market Performance - The company's stock price target for 2025 is set at 31.04 yuan, compared to the current price of 24.28 yuan, indicating a potential upside [3][8]. - The company has shown a significant market performance compared to the benchmark index, with a notable increase of 181% over the past 12 months [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34%. The net profit attributable to shareholders was 668 million yuan, an increase of 18.53% year-on-year. The growth in revenue and profit was primarily driven by the domestic automotive electronics and smart home sectors, particularly in the 5G fixed wireless access (FWA) business [4][7] - To seize new opportunities in the edge AI development, the company established an AI research institute in 2024, focusing on the technology ecosystem of edge AI [7] - The company has a strong first-mover advantage and customer base in the wireless communication module industry, having developed a complete product line and established quality clients across various sectors including automotive electronics, smart home, consumer electronics, smart retail, low-altitude economy, and robotics [7] Financial Summary - The company forecasts revenues of 8.166 billion yuan for 2025, 8.957 billion yuan for 2026, and 10.364 billion yuan for 2027. The net profit is projected to be 655 million yuan in 2025, 741 million yuan in 2026, and 868 million yuan in 2027. The corresponding price-to-earnings (P/E) ratios are expected to be 29.4, 25.9, and 22.2 respectively [8][9] - The company's revenue growth rates are projected to be -0.28% in 2025, 9.69% in 2026, and 15.70% in 2027. The net profit growth rates are expected to be -1.97% in 2025, 13.24% in 2026, and 17.06% in 2027 [9][13] - The company maintains a strong return on equity (ROE) of 16.42% in 2025, with a slight decrease to 16.38% in 2026 and an increase to 16.74% in 2027 [9][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Viewpoints - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34%. The net profit attributable to shareholders was 668 million yuan, an increase of 18.53% year-on-year. The growth in revenue and profit was primarily driven by the domestic automotive electronics and smart home sectors, particularly in the 5G fixed wireless access (FWA) business [4][7] - To seize new opportunities in the edge AI development, the company established an AI Research Institute in 2024, focusing on the technology ecosystem of edge AI [7] - The company has a strong first-mover advantage and customer base in the wireless communication module industry, having developed a complete product line and established quality clients across various sectors including automotive electronics, smart home, consumer electronics, smart retail, low-altitude economy, and robotics [7] Financial Performance Summary - In 2024, the company reported a revenue of 81.89 billion yuan, with a year-on-year growth of 6.13%. The net profit attributable to shareholders was 6.68 billion yuan, reflecting an 18.53% increase [4][9] - The revenue forecast for 2025 is 81.66 billion yuan, with a slight decrease from the previous estimate of 86.33 billion yuan. The net profit forecast for 2025 is 6.55 billion yuan, slightly down from the previous estimate of 6.58 billion yuan [8] - The company’s projected PE ratios for 2025, 2026, and 2027 are 29.4, 25.9, and 22.2 respectively, compared to an average valuation of 31 times PE for comparable companies in 2025 [8][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company's module business is experiencing growth in both volume and price, while the robotics sector is opening up new growth avenues. The AI terminal market is expected to expand, benefiting the company as it transitions from modules to complete solutions in AI toys and embodied intelligent robots [5][7]. - In 2024, the company achieved a revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year. Excluding the impact of the sale of the wireless vehicle-mounted business, the revenue growth was 23.34% [5][6]. - The company continues to invest in R&D, with an expenditure of 719 million yuan, maintaining its focus on innovation and enhancing its core competitiveness through a robust patent portfolio [6][7]. Summary by Sections Industry Perspective - DeepSeek has significantly reduced model inference costs through algorithm and engineering innovations, which may alter the value distribution within the AI industry chain. The transition from 4G to 5G and smart modules is expected to enhance the value of modules as AI terminals proliferate [5]. Company Performance - The company is poised to benefit from the growth in AI terminals and is expanding its capabilities in the AI toy and intelligent robotics sectors. The revenue and profit are expected to continue growing in 2025, even after excluding the impact of the wireless business [6][7]. Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 540 million yuan, 710 million yuan, and 890 million yuan, reflecting year-on-year growth rates of -19%, 31%, and 25%, respectively. The company is expected to maintain revenue and profit growth in 2025, excluding the effects of the wireless business [7].

业绩方面，基金调研公司中，6家公司已经公布了一季报，净利润同比增幅最高的是中际旭创、顺络电 子，净利润增长幅度为56.83%、37.02%。公布一季度业绩预告的共有1家。以净利润增幅中值来看，净 利润增幅最高的是天融信，预计净利润中值为-7000.00万元，同比增幅为21.62%。（数据宝） 4月20日基金调研公司一览 昨日基金共对9家公司进行调研，扎堆调研甘源食品、顺络电子、中际旭创等。 证券时报·数据宝统计，4月20日共9家公司被机构调研，按调研机构类型看，基金参与9家公司的调研活 动，其中，10家以上基金扎堆调研公司共6家。甘源食品最受关注，参与调研的基金达39家；顺络电 子、中际旭创等分别获26家、24家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有3家，创业板公司有6家。所属行业来看，基 金调研的公司共涉及5个行业，所属医药生物行业最多，有3家公司上榜；电子、通信等紧随其后，分别 有2家、2家公司上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有1家，总市值不足100亿元的有3家，分 别是透景生命、甘源食品、天融信等。 市场表现上，基金调研股中，近5日上涨的有 ...