证券代码：300638 证券简称：广和通 公告编号：2024-045 深圳市广和通无线股份有限公司 第三届监事会第四十四次会议决议公告 本公司及监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"）第三届监事会第四十 四次会议，于 2024 年 5 月 8 日发出会议通知，2024 年 5 月 8 日以现场会议方式 召开，经监事会成员一致同意，本次监事会豁免会议通知时间要求。本次会议应 参与监事 3 名，实际参与监事 3 名。监事会主席舒敏主持本次会议，监事会会议 的举行和召开符合国家有关法律、法规及《公司章程》的规定。经充分讨论和审 议，会议形成决议如下： 一、审议通过了《关于终止向不特定对象发行可转换公司债券的议案》 本次终止向不特定对象发行可转换公司债券事项是综合考虑公司前次募集 资金使用和自身实际情况等因素并经与相关各方充分沟通及审慎分析后而作出 的，不会对公司的生产经营活动产生重大影响，不存在损害公司及全体股东特别 是中小股东利益的情形。因此，监事会同意终止向不特定对象发行可转换公司债 券事项。 详见同 日刊登 于中 ...

证券代码：300638 证券简称：广和通 公告编号：2024-044 深圳市广和通无线股份有限公司 关于终止向不特定对象发行可转换公司债券的公告 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。 深圳市广和通无线股份有限公司（以下简称"公司"）于 2024 年 5 月 8 日召 开第三届董事会第四十六次会议、第三届监事会第四十四次会议，审议通过了《关 于终止向不特定对象发行可转换公司债券的议案》，同意公司终止向不特定对象 发行可转换公司债券的事项，公司 2024 年第一次临时股东大会已授权公司董事 会全权办理本次向不特定对象发行可转换公司债券的具体事宜，本议案无须提交 股东大会审议，现将有关情况公告如下： 一、本次向不特定对象发行可转换公司债券的基本情况 公司目前各项业务经营情况良好，本次向不特定对象发行可转换公司债券事 项终止后，原募投项目仍在按计划有序推进中。公司此次终止向不特定对象发行 可转换公司债券事项的决定是综合考虑公司前次募集资金使用和自身实际情况 等因素，经各方充分讨论后作出的，不会对公司当前生产经营活动产生重大影响， 亦不存在损害公司股东特别是中 ...

Investment Rating - The report assigns a "Buy" rating for the company, with corresponding P/E ratios of 18.5x, 15.0x, and 12.5x for 2024E, 2025E, and 2026E respectively [5] Core Views - The company achieved robust revenue growth of 36.65% YoY in 2023, reaching RMB 7.716 billion, with net profit attributable to shareholders increasing by 54.47% YoY to RMB 564 million [11] - In Q1 2024, the company maintained strong performance with revenue growth of 17.11% YoY to RMB 2.123 billion and net profit growth of 33.78% YoY to RMB 188 million [11] - The company has established a strong market position in vertical sectors such as automotive, FWA, and PC, with IOT wireless communication applications achieving a gross margin of 23.20% in 2023, up 3.12 percentage points YoY [11] - R&D investment accounted for 9.28% of revenue in 2023, supporting the company's technological innovation and product development [11] Financial Projections Income Statement - Revenue is projected to grow from RMB 5.646 billion in 2022A to RMB 13.486 billion in 2026E, with a CAGR of 24.3% [6] - Net profit attributable to shareholders is expected to increase from RMB 364 million in 2022A to RMB 1.061 billion in 2026E, with a CAGR of 30.7% [6] - EPS is forecasted to grow from RMB 0.48 in 2022A to RMB 1.39 in 2026E [6] Balance Sheet - Total assets are projected to increase from RMB 6.399 billion in 2022A to RMB 9.221 billion in 2026E [7] - The company's debt-to-asset ratio is expected to decline from 62.1% in 2022A to 45.2% in 2026E, indicating improving financial health [20] Cash Flow - Operating cash flow is forecasted to grow significantly from RMB 300 million in 2022A to RMB 1.318 billion in 2026E [20] - Free cash flow is expected to turn positive in 2026E, reaching RMB 645 million [20] Valuation Metrics - The company's P/E ratio is projected to decline from 36.4x in 2022A to 12.5x in 2026E, indicating improving valuation attractiveness [6] - EV/EBITDA is expected to decrease from 28.4x in 2022A to 9.3x in 2026E [20] Profitability and Efficiency - ROE is forecasted to improve from 15.0% in 2022A to 21.7% in 2026E [6] - Gross margin is expected to remain stable at around 23.9% from 2024E to 2026E [20] - Asset turnover ratio is projected to increase from 1.1x in 2022A to 1.5x in 2026E, indicating improving asset utilization efficiency [20]

Investment Rating - The report maintains a "Buy" rating for the company [17][18]. Core Views - The company is focusing on commercializing RedCap technology and has launched several new 5G modules in collaboration with industry partners, enhancing its product offerings in the IoT sector [2][7]. - The company reported a significant increase in revenue and net profit for Q1 2024, indicating strong growth potential [6][17]. - The global IoT connection numbers are expected to continue growing, benefiting the company as it operates in a rapidly expanding market [16]. Financial Performance - In Q1 2024, the company achieved a revenue of 2.123 billion yuan, a year-on-year increase of 17.11%, and a net profit of 188 million yuan, up 33.78% year-on-year [6]. - The company's revenue growth rates from 2022 to 2026 are projected to decline gradually from 37.41% to 18.01%, while net profit growth rates are expected to decrease from -9.19% to 17.89% [3][12]. - The earnings per share (EPS) is forecasted to increase from 0.58 yuan in 2022 to 1.36 yuan in 2026 [3][12]. Market Position and Strategy - The company is actively increasing its R&D investment and expanding its product matrix to meet diverse IoT demands globally [7][16]. - The report highlights the company's collaboration with various partners, including operators and chip manufacturers, to enhance its product offerings and market reach [2][7]. Valuation Metrics - The company is projected to have a price-to-earnings (P/E) ratio decreasing from 30 in 2022 to 13 in 2026, indicating a potentially attractive valuation as earnings grow [3][12]. - The price-to-book (P/B) ratio is also expected to decline from 4.5 in 2022 to 2.8 in 2026, suggesting improved value for investors over time [3][12].

业绩延续快速增长，业务有望持续高景气，边缘算力赋能未来成长 公司发布 2024 年一季报，24Q1 实现营收 21.23 亿元，同比增长 17.11%， 归母净利润 1.88 亿元，同比增长 33.78%，扣非归母净利润 1.74 亿元，同 比增长 27.35%。 2、AI PC 有望成为发展趋势，赋能笔电模组销量增长 从未来发展来看，边缘算力确实有望成为 AI 算力发展的重要形式（更快 地处理和存储数据，实现对公司至关重要的更高效的实时应用），通过边 缘计算模型，算法可以在边缘服务器或网关上本地运行，甚至可以在智能 手机上运行。而智能模组作为集算力与通讯功能于一体的边缘侧产品，已 成为边缘计算需求新的载体，并已经应用于车机、消费等多个领域。2023 年公司推出了 SC151-GL 智能模组和 SC228 智能模组，为智能物流终端、 无线智能支付、无人机和智能机器人等行业领域赋能。 4、展望未来，公司布局优质赛道，丰富产品布局，行业持续高景气&份 额扩张业绩增长动力强劲：1）产品端，公司推出多款新产品，取得多项 产品认证，并推出 5G 智能模组以及适配于共享两轮车的全平台 5G/LTE 系 列模组，持续丰富产 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the company's investment return is expected to outperform the CSI 300 Index by 5% to 15% over the next 6 months [29] Core Views - The company achieved significant revenue and profit growth in 2023, with operating revenue reaching 7.716 billion yuan, a year-on-year increase of 36.65%, and net profit attributable to the parent company reaching 564 million yuan, a year-on-year increase of 54.47% [17] - In Q1 2024, the company continued its growth trajectory with operating revenue of 2.123 billion yuan, a year-on-year increase of 17.11%, and net profit attributable to the parent company of 188 million yuan, a year-on-year increase of 33.78% [17] - The company's wireless communication applications accounted for 99.63% of its revenue, with a gross margin of 23.20%, an increase of 3.12 percentage points year-on-year [17] - The company has been expanding its international business, with overseas revenue reaching 4.484 billion yuan in 2023, a year-on-year increase of 32.74% [8] Financial Performance and Forecast - The company's revenue is expected to grow to 9.892 billion yuan in 2024, 12.107 billion yuan in 2025, and 14.275 billion yuan in 2026, with year-on-year growth rates of 28.2%, 22.4%, and 17.9% respectively [19] - Net profit attributable to the parent company is forecasted to reach 760 million yuan in 2024, 923 million yuan in 2025, and 1.147 billion yuan in 2026, with year-on-year growth rates of 34.8%, 21.5%, and 24.3% respectively [19] - The company's gross margin is expected to remain stable, with forecasts of 23.9% in 2024, 23.6% in 2025, and 23.8% in 2026 [19] R&D and Innovation - The company invested 716 million yuan in R&D in 2023, accounting for 9.28% of its operating revenue [17] - The company has a strong R&D team, with 69% of its 1,968 employees being R&D personnel, and has accumulated 228 invention patents, 135 utility model patents, and 132 software copyrights [17] - The company has developed a comprehensive product matrix for smart modules, covering 4G, 5G, RedCap, C-V2X, Wi-Fi, and satellite communication modules [17] Market Expansion and Product Development - The company has successfully expanded its market presence in North America, Europe, and Australia, with its 5G modules receiving certifications from major operators such as Telstra and CE certification for European markets [17][8] - The company has launched several new smart modules, including the SC151-GL, SC228, and SC171, which are widely used in industries such as smart logistics, video surveillance, drones, and smart robots [17] - The company's acquisition of Rolling Wireless has strengthened its position in the automotive wireless communication module market, with Rolling Wireless generating revenue of 2.21 billion yuan in 2023 [18]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][18]. Core Insights - The company's performance is expected to grow steadily, driven by both its in-vehicle and Fixed Wireless Access (FWA) businesses, with a strong outlook for future earnings growth [4][19]. - The company has strategically positioned itself in the robotics and edge computing sectors, leveraging its first-mover advantage to benefit from the growing demand for AIoT solutions [5][18]. - The recovery in downstream demand is reflected in the company's Q1 revenue and net profit growth, indicating a positive trend in its operational performance [19]. Summary by Sections Business Performance - In Q1 2024, the company achieved revenue of 2.123 billion yuan, representing a year-on-year increase of 17.11% and a quarter-on-quarter increase of 17.81%. The net profit attributable to the parent company was 188 million yuan, up 33.78% year-on-year and 73.36% quarter-on-quarter [17][19]. - The company anticipates net profits of 725 million, 906 million, and 1.115 billion yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 18, 15, and 12 based on the closing price on April 29 [18]. Financial Projections - The company is projected to achieve revenue growth rates of 36.7% in 2023, 24.6% in 2024, 21.8% in 2025, and 20.3% in 2026 [16]. - The gross profit margin is expected to remain stable around 23.1% to 23.5% over the forecast period [16]. Market Position - The company has established partnerships with over 20 mainstream automakers and 30 Tier 1 suppliers, enhancing its competitive position in the automotive sector [4]. - The integration of its acquired assets is expected to create synergies that will positively impact profitability [4].

[盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 4 月 28 日，广和通发布 2024 年一季度报告，报告期内实 现营业总收入 21.23 亿元，同比去年增长 17.11%，归母净利润为 1.88 亿元， 同比去年增长 33.78%。 ➢ 24Q1 延续高质量增长，环比提升显著。公司 2024Q1 业绩延续高速高质量 发展，24Q1 营业收入规模创单季度历史新高，在同比快速增长的同时营收环比 2023Q4 增长 17.81%，归母净利润环比 2023Q4 增长 73.34%，我们认为主要 系公司产品下游需求侧好转所致。 ➢ 物联网行业发展延续高增态势，多下游应用领域蓬勃发展。据 GSMA 于 2024 年 2 月 28 日发布的《年度移动经济报告》，2023 年全球移动网络终端连 接数达 121 亿，其中蜂窝物联网连接数为 35 亿，预计 2030 年将达到 58 亿， 全球物联网的连接需求将持续增长。据工信部发布的《2023 年通信业统计公报》， 截至 2023 年底我国移动网络终端连接总数达 40.59 亿，其中蜂窝物联网终端用 户数达 23.32 亿，占移动终端连接数比重达到 ...

Investment Rating - The investment rating for the company is "Buy" [1][6][22] Core Views - The company achieved a revenue of 7.72 billion yuan in 2023, representing a year-on-year growth of 36.7%, and a net profit of 560 million yuan, up 54.6% year-on-year [1][11] - In Q1 2024, the company reported a revenue of 2.12 billion yuan, a 17.1% increase year-on-year, and a net profit of 190 million yuan, growing 33.8% year-on-year, indicating a steady growth trend [1][11] - The gross margin for wireless communication module products improved to 23.1% in 2023, an increase of 3.3 percentage points year-on-year, driven by scale effects and integration of resources post-acquisition [1][11] - The company is focusing on large market segments such as PC, automotive, and gateways, with expectations of continued growth in these areas [1][11] - The company is investing in R&D, with a research expense ratio of 9.2% in 2023, and is actively developing smart module products, including those for robotic applications [1][11] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 7.72 billion yuan and a net profit of 560 million yuan, with respective year-on-year growth rates of 36.7% and 54.6% [1][11] - The Q1 2024 results showed a revenue of 2.12 billion yuan and a net profit of 190 million yuan, reflecting year-on-year growth of 17.1% and 33.8% [1][11] - The gross margin for 2023 was 23.1%, up 3.3 percentage points from the previous year, while Q1 2024 saw a slight increase to 21.5% [1][11] Market Position and Strategy - The company is a leader in the module industry, focusing on PC, automotive, and gateway markets, with a positive outlook for growth driven by new customer acquisition and increased penetration of 5G products [1][11] - The FWA market is projected to grow significantly, with expected router and gateway spending reaching 4 billion USD by 2027 [1][11] Research and Development - The company maintains a strong commitment to R&D, with a 9.2% R&D expense ratio in 2023, and has launched several smart module products [1][11] - A dedicated smart computing product line has been established, focusing on applications such as robotic lawn mowers [1][11]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2024 performance reached a new quarterly high, with revenue increasing by 17.11% YoY to 2.123 billion yuan and net profit attributable to shareholders growing by 33.78% YoY to 188 million yuan [6] - The company's PC module business is expected to accelerate growth due to industry recovery and AI empowerment trends, with global PC shipments increasing by 3% YoY in Q1 2024 to 57.2 million units [1] - The company's vehicle business is progressing smoothly, with its subsidiaries achieving significant revenue and profit growth, and its 5G vehicle modules leading the industry in mass production [7] - The company's IoT cellular module shipments achieved double-digit growth in 2023, ranking second globally with a market share of 7.8% [15] Financial Performance - The company's revenue is expected to grow from 7.716 billion yuan in 2023 to 13.531 billion yuan in 2026, with a CAGR of 20.4% [4] - Net profit attributable to shareholders is projected to increase from 564 million yuan in 2023 to 1.119 billion yuan in 2026, with a CAGR of 25.6% [4] - The company's gross margin improved by 0.64 percentage points YoY to 21.52% in Q1 2024, while the net margin increased by 1.21 percentage points to 8.96% [15] - The company's R&D investment reached 716 million yuan in 2023, accounting for 9.3% of revenue, with R&D personnel making up nearly 70% of the workforce [7] Industry Trends - Global mobile network terminal connections reached 12.1 billion in 2023, with cellular IoT connections at 3.5 billion, expected to grow to 5.8 billion by 2030 [1] - The global IoT module market is expected to recover in the second half of 2024 and further grow in 2025 with the widespread adoption of 5G and 5G RedCap technologies [1] - The company has launched 5G RedCap modules and is expanding its product portfolio to meet the growing demand for 5G applications in various sectors [1] Business Development - The company's vehicle module business has established partnerships with global mainstream automakers and Tier 1 suppliers, achieving industry-leading mass production of 5G modules [7] - The company has developed a series of Linux edge AI solutions based on multiple intelligent modules, expanding applications in industrial and robotics fields [7][8] - The company's overseas revenue reached 4.484 billion yuan in 2023, a 32.74% YoY increase, with multiple products certified by mainstream European and American operators [15]