Investment Rating - The report upgrades the company's rating to "Buy-B" [5] Core Views - The company continues to expand its product line in the IoT vertical industry, launching new products such as the SC208 smart module, MC610-GL LTE Cat1 bis module, WN372-GL Wi-Fi7 module, and FG332 series RedCap module based on MediaTek T300 platform [1] - The company is actively developing AIOT, partnering with Digua Robotics for lawn mowing robots and collaborating with DaFa Technology (a subsidiary of MediaTek) on 5G FWA solutions [2] - The company's Q3 2024 revenue reached 2 142 billion yuan, up 4 55% YoY and 9 74% QoQ, with net profit attributable to shareholders of 318 million yuan, up 108 87% YoY and 118 69% QoQ [2] - Excluding the impact of Ruiling's deconsolidation, the company's adjusted net profit for Q1-Q3 2024 was 450 million yuan, up 3 83% YoY [3] - The company's market share in the global cellular IoT module market reached 7 5% in Q2 2024, ranking third [3] - The company is expected to achieve net profit of 721 million yuan, 665 million yuan, and 819 million yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 27 9%, -7 7%, and 23 1% [5] Financial Performance - Q1-Q3 2024 revenue: 6 217 billion yuan, up 5 12% YoY [2] - Q1-Q3 2024 net profit attributable to shareholders: 652 million yuan, up 43 22% YoY [2] - Q3 2024 revenue: 2 142 billion yuan, up 4 55% YoY and 9 74% QoQ [2] - Q3 2024 net profit attributable to shareholders: 318 million yuan, up 108 87% YoY and 118 69% QoQ [2] - 2024E revenue: 8 175 billion yuan, up 6 0% YoY [7] - 2024E net profit: 721 million yuan, up 27 9% YoY [7] - 2025E revenue: 8 706 billion yuan, up 6 5% YoY [7] - 2025E net profit: 665 million yuan, down 7 7% YoY [7] - 2026E revenue: 10 166 billion yuan, up 16 8% YoY [7] - 2026E net profit: 819 million yuan, up 23 1% YoY [7] Market Position and Growth Drivers - The company's IoT module market is recovering, with global cellular IoT module shipments increasing by 11% YoY and 6% QoQ in Q2 2024, driven by strong performance in China and India [3] - The company is expected to benefit from the growth of AIPC, AI agent, and edge AI markets, with its PC business recovering since Q3 2023 [5] - The company's customized solutions for low-altitude economy can achieve "no disconnection in the air, real-time image transmission," applicable in logistics and urban inspection [5] Valuation Metrics - 2024E P/E: 19 3x [7] - 2024E P/B: 3 9x [7] - 2024E EV/EBITDA: 15 1x [9] - 2025E P/E: 20 9x [7] - 2025E P/B: 3 5x [7] - 2025E EV/EBITDA: 15 3x [9] - 2026E P/E: 17 0x [7] - 2026E P/B: 3 0x [7] - 2026E EV/EBITDA: 13 3x [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has shown steady growth in performance, with a revenue of 6.217 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.12%. The net profit attributable to shareholders reached 652 million yuan, up 43.22% year-on-year [2][3] - In Q3 2024 alone, the company achieved a revenue of 2.142 billion yuan, marking a 4.55% year-on-year growth and a 9.74% quarter-on-quarter increase. The net profit for the same quarter was 318 million yuan, reflecting a significant year-on-year growth of 108.87% and a quarter-on-quarter increase of 118.69% [2][3] Financial Performance Summary - For 2024, the company has adjusted its revenue forecasts to 9.311 billion yuan, 8.633 billion yuan, and 10.122 billion yuan for 2024, 2025, and 2026 respectively. The net profit forecasts are set at 713 million yuan, 658 million yuan, and 782 million yuan for the same years [3][6] - The current price of the stock is 15.50 yuan, with a market capitalization of approximately 11.87 billion yuan [3][5] - The company is focusing on the vertical industry of the Internet of Things (IoT), launching multiple new products to meet diverse customer needs globally. The promotion and application of new products in the IoT sector are progressing well, with successful implementations in smart lawn mower solutions [3][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 6.217 billion yuan for the first three quarters, representing a year-on-year increase of 5.12%, and a net profit attributable to the parent company of 652 million yuan, up 43.22% year-on-year [3] - In Q3 2024, the company achieved a revenue of 2.142 billion yuan, a year-on-year increase of 4.55% and a quarter-on-quarter increase of 9.74%, with a net profit of 318 million yuan, reflecting a year-on-year growth of 108.87% [3] - The domestic vehicle-mounted and Fixed Wireless Access (FWA) businesses are the main contributors to revenue growth, with significant market share in North America and expansion into India and Europe [4] - The company is also expanding into AI and robotics, with plans for mass production of smart modules and intelligent robots in Q4 2024 [4] - The company expects substantial growth in FWA business over the next three years due to market opportunities [4] Financial Summary - The company forecasts revenues of 8.428 billion yuan, 8.985 billion yuan, and 11.090 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 760 million yuan, 614 million yuan, and 783 million yuan [5] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.99 yuan, 0.80 yuan, and 1.02 yuan respectively [5] - The company’s gross margin is expected to be around 20.5% in 2024, with a net profit margin of 9.0% [9] - The company’s total revenue is projected to grow at a rate of 9.23% in 2024 and 6.61% in 2025 [8] Business Segmentation - The wireless communication equipment segment is expected to generate revenues of 8.121 billion yuan in 2024, with a growth rate of 8.12% [8] - The other segment is projected to see revenues of 307.15 million yuan in 2024, with a growth rate of 50% [8] - The overall gross margin for the company is expected to stabilize around 20.5% in the coming years [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [6][15]. Core Insights - The company has shown steady revenue growth, with a 5.12% year-on-year increase in revenue for the first three quarters of 2024, reaching 6.217 billion yuan. The net profit attributable to shareholders increased by 43.22% year-on-year to 652 million yuan [2][3]. - The company is actively expanding into new business areas such as robotics, with significant growth in its vehicle-mounted and Fixed Wireless Access (FWA) businesses [2][3]. - The company has a strong order visibility in its FWA business, particularly in North America, and is expected to see continued growth in this segment over the next three years [3]. Financial Summary - For 2024, the company is projected to achieve a net profit of 717 million yuan, with earnings per share (EPS) expected to be 0.94 yuan. The net profit for 2025 and 2026 is forecasted to be 649 million yuan and 779 million yuan, respectively, with EPS of 0.85 yuan and 1.02 yuan [3][7]. - The company's revenue is expected to grow from 8.176 billion yuan in 2024 to 10.222 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.9% [1][9]. - The return on equity (ROE) is projected to be 20.2% in 2024, indicating strong profitability [9]. Business Developments - The company sold its vehicle-mounted wireless communication module business for 150 million USD in July 2024, which is expected to enhance operational efficiency and profitability [2][3]. - The company is focusing on research and development to expand its product matrix in the Internet of Things (IoT) verticals, with plans for mass production of new products like robotic lawn mowers and intelligent robots in the coming years [3][6].

公司报告 | 季报点评 业务呈复苏态势，积极布局 AI、机器人新领域拓展更大成长空间 事件： 公司公告，2024 年前三季度营收约 62.17 亿元，同比增加 5.12%；归属于 上市公司股东的净利润约 6.52 亿元，同比增加 43.22%；扣非净利润 4.5 亿 元，同比增长 3.83%。 Q3 收入 21.42 亿元，同比增长 4.55%，较高基数下（去年同期含锐凌车载 收入）扭转 Q2 下滑趋势，环比增长近 2 亿元，反映公司业务在整体物联 网行业复苏下呈现回暖；Q3 净利润 3.18 亿元，同比增长 108.87%，主要系 处置锐凌车载业务产生投资收益 1.79 亿元，Q3 扣非净利润 1.34 亿元，同 比下滑 10.62%，也是和锐凌去年同期贡献利润基数有关。其中锐凌无线于 2024 年 7 月 26 日完成交割。 毛利率下滑，费用率下降 2024 年前三季度毛利率20.71%，同比下降1.8 个百分点；Q3 毛利率19.06%， 同比下降 4.15 个百分点，环比下滑 2.6 个百分点。费用端，前三季度销售 /管理/研发/财务费用率分别为 2.44%、2.09%、8.4%和 0.45%，同比变 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has shown a steady revenue growth with a year-on-year increase of 5.12% in the first three quarters of 2024, achieving a revenue of 62.16 billion yuan [1]. - The net profit attributable to the parent company reached 6.52 billion yuan, reflecting a significant year-on-year growth of 43.22% [1]. - The company is positioned as a leading provider of IoT communication solutions, with strong market competitiveness and technological advantages [1]. Financial Summary - **Revenue Forecast**: - 2022A: 5,646 million yuan - 2023A: 7,716 million yuan - 2024E: 8,115 million yuan - 2025E: 8,670 million yuan - 2026E: 10,632 million yuan [1][4] - **Net Profit Forecast**: - 2022A: 364 million yuan - 2023A: 564 million yuan - 2024E: 715 million yuan - 2025E: 611 million yuan - 2026E: 764 million yuan [1][4] - **Earnings Per Share (EPS)**: - 2022A: 0.48 yuan - 2023A: 0.74 yuan - 2024E: 0.93 yuan - 2025E: 0.80 yuan - 2026E: 1.00 yuan [1][4] - **Key Financial Ratios**: - P/E ratio for 2024E is projected at 17.5, and P/B ratio at 3.5 [1]. - Return on Equity (ROE) is expected to be 20% in 2024E [1]. Market Position and Growth Potential - The company is actively advancing its robotics business, with a focus on smart computing products and applications in various fields, including smart homes and autonomous vehicles [1]. - The global demand for cellular IoT connections is projected to exceed 6.2 billion by 2030, indicating significant growth potential for the company's IoT modules [1]. - The company has launched multiple products in the smart robotics sector, aiming to capture market share in emerging markets [1].

证券研究报告 非金融公司|公司点评|广和通（300638） 2024 年三季报点评： 营收稳健增长，持续开拓新业务 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月30日 证券研究报告 |报告要点 公司发布 2024 年 Q3 业绩报告，公司前三季度实现营业收入 62.17 亿元，同比增长 5.12%；归 母净利润 6.52 亿元，同比增长 43.22%。公司国内车载业务和 FWA 业务蓬勃发展，子公司广通 远驰持续布局 5G 车联网模组和智能座舱 SOC 产品，为客户提供高性价的解决方案。公司布局 5G RedCap 模组，助力 5G 在物联网行业的大规模部署。鉴于公司加大研发投入，持续拓展新 的细分领域，维持"买入"评级。 |分析师及联系人 张宁 张建宇 SAC：S0590523120003 SAC：S0590524050003 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月30日 广和通(300638) 2024 年三季报点评： 营收稳健增长，持续开拓新业务 | --- | --- | |-------------- ...

证券代码：300638 证券简称：广和通 深圳市广和通无线股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |------------------------|----------------|--------------------------|------------|-----------------| | 投资者关系活动类别 | ☐ 特定对象调研 | ☐ | 分析师会议 | 编号： 2024-006 | | | ☐ 媒体采访 | ☐ | 业绩说明会 | | | | ☐ 新闻发布会 | ☐ | 路演活动 | | | | ☐ 现场参观 | | | | | | | 其他（投资者线上交流会） | | | | | 沈振华 | 浙江龙航 | 龚海刚 | 上海丹羿投资 | | | 刘云坤 | 东北通信 | 黄玉琥 | 浙商证券 | | | 孙楠 | 中国人民 | 陈宁玉 | 中泰证券 | | | | | | | | | 佘雨晴 | 中泰证券 | 陈新华 | 上海迈维资产 | | | | | | | | | 禹世亮 | 中信建投 | 陈昭旭 | 中邮人寿 | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady performance in Q3 2024, with a revenue of 6.217 billion yuan, a year-on-year increase of 5.12%, and a net profit attributable to shareholders of 0.652 billion yuan, up 43.22% year-on-year [3] - The company continues to invest in overseas markets and is expanding into sectors such as edge AI and low-altitude economy [3][5] - Despite the sale of its overseas vehicle-mounted business, the company maintains a positive outlook on its profitability, with projected net profits for 2024-2026 at 0.697 billion, 0.632 billion, and 0.722 billion yuan respectively [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 62.17 billion yuan, with a net profit of 6.52 billion yuan [3] - The Q3 2024 revenue was 21.42 billion yuan, reflecting a 4.55% year-on-year growth, while the net profit for the same period was 3.18 billion yuan, showing a significant increase of 108.87% year-on-year [3] - The company reported R&D expenses of 5.22 billion yuan for the first three quarters of 2024, with an R&D expense ratio of 8.40% [4] Market Expansion and Product Development - The company is actively expanding into edge AI, low-altitude economy, and robotics, with a focus on long-term benefits from AI applications [5] - The company has established a smart module production line and launched several new products, including the SC208 smart module and the MC610-GL LTE Cat.1 bis module [4] - The company is also focusing on 5G and V2X vehicle networking modules, as well as AI intelligent cockpit products [4]

二、募集资金管理及存放情况 证券代码：300638 证券简称：广和通 公告编号：2024-112 深圳市广和通无线股份有限公司 关于部分募集资金专项账户销户完成的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳市广和通无线股份有限公司向 深圳前海红土并购基金合伙企业（有限合伙）等发行股份购买资产并募集配套资 金注册的批复》，深圳市广和通无线股份有限公司（以下简称"公司"）于 2023 年 6 月向发行对象发行人民币普通股（A 股）7,884,972 股,每股发行认购价格为 人民币 21.56 元，共计募集人民币 169,999,996.32 元。扣除与发行有关的费用人 民币（不含税）4,364,021.21 元，公司实际募集资金净额为人民币 165,635,975.11 元。该募集资金已于 2023 年 6 月 26 日全部到位，业经致同会计师事务所（特殊 普通合伙）验资，并出具了《深圳市广和通无线股份有限公司验资报告》（致同 验字（2023）第 441C000306 号）。 | 序号 | 账 ...