内容概要：通信模组是将基带、射频、电源、存储等芯片与阻容感等电子元器件集成在一起，并配以特 定的封装形式和软件设计，以满足不同应用场景下物联网智能终端设备的联网需求。近些年来，受益于 物联网设备普及、5G商用及政策支持，我国蜂窝通信模组（如5G、NB-IoT）、无线通信模组（Wi-Fi、 蓝牙等）等通信模组核心产品广泛应用于智能家居、工业自动化、车联网及低空经济等新兴领域，市场 应用需求日益增长，推动国内通信模组市场规模呈现加速扩容态势。以蜂窝通信模组市场为例，2024年 我国蜂窝通信模组市场规模已从2020年的174亿元增长至247亿元，年均复合增长率达9.15%；根据市场 预测，至2025年，国内蜂窝通信模组市场规模将达到282亿元，有望达到全国通信模组行业突破至720亿 元。 相关上市企业：乐鑫科技（688018）；利尔达（832149）；美格智能（002881）；日海智能 （002313）；有方科技（688159）；广和通（300638）；移远通信（603236）等 相关企业：中移物联网有限公司；富士康科技集团有限公司；深圳市天工测控技术有限公司等 关键词：产业链；蜂窝通信模组市场规模；竞争格局；重点 ...

Core Viewpoint - The satellite ETF (159206) is experiencing significant activity, driven by the recent announcement from the FCC to expand satellite communication frequency spectrum, which is expected to enhance the satellite communication industry and stimulate competition [1][2][3]. Group 1: Market Activity - As of May 29, the satellite ETF (159206) rose by 1.52% in early trading, with key component stocks such as Xinyisheng increasing by over 5% [1]. - The top-performing stocks within the ETF include: - Xinyisheng: +5.85%, trading volume of 30.34 million, market cap of 26.72 billion - Hangyuwei: +4.44%, trading volume of 15.80 million, market cap of 1.96 billion - Zhongji Xuchuang: +4.20%, trading volume of 21.36 million, market cap of 20.35 billion - Xinyu Communication: +3.94%, trading volume of 12.19 million, market cap of 2.68 billion - Shanghai Huanxun: +3.54%, trading volume of 9.87 million, market cap of 2.09 billion [2]. Group 2: Industry Developments - The FCC plans to release over 20,000 MHz of frequency resources to support the development of low Earth orbit (LEO) satellites and next-generation satellite broadband services, addressing the spectrum shortage faced by the commercial space and satellite internet sectors [3]. - Recent advancements in ground communication technology have achieved a record communication speed of 2100 Mbps in the X-band, marking a 75% increase in microwave communication code rate [3]. - The satellite internet sector is rapidly evolving, with regular satellite launches increasing communication capacity and reducing latency, paving the way for applications like direct satellite connections for mobile broadband and intelligent driving systems [3]. Group 3: Future Outlook - The satellite communication industry is positioned as a foundational technology for the development of 6G, vehicle networking, and the Internet of Things (IoT) [3]. - The Chinese satellite industry is expected to enter a phase of mass satellite deployment by 2025, with both state-owned and private enterprises collaborating on low-cost satellite manufacturing [3].

另外，广和通早在2023年就专门成立了机器人产品线，招揽业内优秀的视觉感知与运动控制的算法团 队，围绕多传感器融合定位，视觉感知、自主导航及运动控制、自然语言理解以及实时环境感知等方面 功能布局，卡位机器人智能化及场景融合的发展趋势。 对于当前机器人而言，家庭场景被公认为作业难度最大的场景类型。全球具身智能领域的独角兽企业 Physical Intelligence在去年就发布了基于端到端的具身智能模型Pi0，可以实现家庭场景中清理桌面、叠 衣服、浇花等多种家务技能；而Pi0模型训练所需的数据采集和模型的端侧部署，就是基于广和通开发 的具身智开发平台Fibot，成为首款国产"Mobile ALOHA"机器人的升级配置版。 走入深圳"机器人谷"核心腹地，广和通（300638）就位于国际创新谷的机器人与智能装备专业园。公司 新拓建的展厅中，一半的面积陈列着公司人工智能解决方案与产品矩阵，其中就包括割草机器人以及具 身智能机器人开发平台Fibot。 据了解，后续广和通将从机械臂轻量化、提升算力主控性价比以及机器人垂直场景模型开发等方面优 化；而公司具身智能机器人解决方案以终端产品的形式交付，目前已向行业内知名的具身 ...

Group 1 - The core viewpoint of the articles highlights the increasing trend of A-share companies, particularly in the semiconductor sector, pursuing dual listings in Hong Kong, driven by favorable regulatory policies and the need for global expansion [1][6][8] - The "A+H model" allows companies to access both domestic and international capital markets, enhancing their financial strength and market recognition [6][8] - Several semiconductor companies, including Zhaoyi Innovation, Unisoc, and others, have announced plans for Hong Kong listings, indicating a significant shift towards internationalization [2][4][5] Group 2 - The semiconductor companies aim to strengthen their global presence, with many explicitly stating that their Hong Kong listings are part of a strategy to enhance their international business operations and competitiveness [6][7] - The funds raised from these listings are primarily targeted at improving core technology capabilities, expanding product lines, and enhancing overseas sales networks [6][7] - Recent regulatory changes, such as the "Five Measures to Benefit Hong Kong" policy and adjustments to listing requirements, have made it easier for A-share companies to pursue dual listings in Hong Kong [7][8]

2024年11月，英伟达创始人黄仁勋获香港科技大学工程学荣誉博士学位时，盛赞粤港澳大湾区机器人产 业："这里是全球唯一兼具机电与人工智能技术的地区，机器人产业迎来黄金发展期。"这番评价，道出 了珠三角具身智能的核心竞争力。 "历经数十年发展，珠三角已构建起覆盖设计、研发、生产制造与应用的独特生态。这里汇聚了全球顶 尖的垂直细分供应链资源，使得我们的产品迭代速度可以达到硅谷的5—10倍，而成本仅为硅谷的1/10 —1/5。"深圳科创学院创始合伙人、副院长于盈向证券时报记者阐述道。 广东省工业和信息化厅数据显示，截至今年一季度末，广东人工智能核心产业规模突破2200亿元。凭借 深厚的电子信息制造根基与全产业链覆盖优势，珠三角在具身智能机器人这片"新赛场"上迅速崛起，产 业链各环节创新加速，在资本市场的强力赋能下，正稳步迈向全球具身智能机器人产业创新的制高点。 产业落地加速推进 坐落于东莞松山湖国家高新区的XbotPark机器人产业基地，是2014年由香港科技大学教授李泽湘与高秉 强、甘洁联合创办，专注于发现、培育、投资勇于革新的早期硬科技创业者。基地链接大湾区乃至全球 高校、研究所与供应链资源，已先后培育出智能机 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000938 | 紫光股份 | -0.65 | 0.93 | -7371.69 | | 603236 | 移远通信 | -2.18 | 2.19 | -6523.78 | | 300638 | 广和通 | -1.97 | 3.56 | -5877.11 | | 000801 | 四川九洲 | -2.22 | 2.29 | -5830.50 | | 603083 | 剑桥科技 | -1.72 | 6.13 | -5280.01 | | 603990 | 麦迪科技 | -3.15 | 9.72 | -4766.62 | | 300870 | 欧陆通 | -3.14 | 2.41 | -4445.72 | | 300322 | 硕贝德 | -3.04 | 5.38 | -4039.83 | | 002369 | 卓翼科技 | -3.01 | 6.39 | -3919.11 | | 300782 | 卓胜微 | -1.24 | 0.85 | -3366.26 ...

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]

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].