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].

在智能机器人领域，室外工作场景对视觉算法与能力处理提出了诸多挑战。长期以来，如何在复杂多变的 室外环境中实现机器人精准定位与自主导航，一直是行业亟待攻克的技术难题。 近日 ，全球领先的 AI解决方案提供商广和通和具身智能行业应用与技术创新引领者 云深处科技 达成 合作 。此次合作中， 广和通利用自研双目视觉模块 RV-BOT为云深处科技 四足机器人 打通室外工作链路。 通过深度融合广和通自主研发的双目视觉算法， RV-BOT将 显著提升了室外场景中的定位精度，为国产足 式机器人的自主导航与智能化应用开辟了新路径。 四足机器人在 侦查巡检、抢险救灾 等复杂室外环境中，常因依赖单一传感器而出现定位偏差或数据缺失 ，定位稳定性不足 。广和通的双目视觉算法通过以下创新设计攻克了技术难点： 多模态数据融合 算法结合双目摄像头，实现视觉特征点匹配与卫星定位数据的实时校准。即使在卫星信号受限区域， 仍可通 过实时补偿确保厘米级连续定位。 动态环境自适应 采用深度学习优化的立体匹配模型， 可以识别典型多径干扰模式，结合视觉语义信息和运动学解 算，动态修正 RTK定位偏差， 增强复杂场景下的定位鲁棒性。 边缘计算优化 依托广和 ...

算法结合双目摄像头，实现视觉特征点匹配与卫星定位数据的实时校准。即使在卫星信号受限区 域，仍可通过实时补偿确保厘米级连续定位。 动态环境自适应 采用深度学习优化的立体匹配模型，可以识别典型多径干扰模式，结合视觉语义信息和运动学解 算，动态修正RTK定位偏差，增强复杂场景下的定位鲁棒性。 " 广和通自主研发的双目视觉算法，将显著提升室外场景中的定位 精度，为国产足式机器人智能化应用开辟了新路径。 " 作者丨李希 在智能机器人领域，运用视觉算法和能力处理室外工作长期面临挑战。据官方报道，全球领先的AI解决方 案提供商广和通和具身智能行业应用与技术创新引领者云深处科技合作，广和通利用自研双目视觉模块 RV-BOT为云深处科技四足机器人打通室外工作链路。通过深度融合广和通自主研发的双目视觉算法， RV-BOT将显著提升了室外场景中的定位精度，为国产足式机器人的自主导航与智能化应用开辟了新路 径。 四足机器人在侦查巡检、抢险救灾等复杂室外环境中，常因依赖单一传感器而出现定位偏差或数据缺失， 定位稳定性不足。广和通的双目视觉算法通过以下创新设计攻克了技术难点： 多模态数据融合 工业巡检 ：在非结构化地形中，机器狗通过多模 ...

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 ...

| 代码 | 简称 | 5月6日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 002475 | 立讯精 | 3.11 | 22762.09 | 366746.67 | 1.59 | 电子 | | | 密 | | | | | | | 300339 | 润和软 | 9.55 | 21202.14 | 329127.09 | 7.49 | 计算机 | | | 件 | | | | | | | 000158 | 常山北 明 | 10.02 | 19869.88 | 129714.39 | 3.29 | 计算机 | | 000977 | 浪潮信 息 | 2.81 | 16598.98 | 435062.27 | 5.66 | 计算机 | | 600839 | 四川长 | 7.05 | 15626.99 | 239086.15 | 4.61 | 家用电 | | | 虹 | | | | | 器 | | 300059 | 东方财 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The report highlights that the AI terminal and robotics sectors are expected to contribute to new growth opportunities for the company. The transition from modules to complete solutions in AI toys and embodied intelligent robots is anticipated to enhance the company's value capture within the industry [5][11]. - The company reported a revenue of 1.856 billion yuan in Q1 2025, a year-on-year decrease of 12.59%, and a net profit attributable to shareholders of 118 million yuan, down 37.30% year-on-year [5][11]. - The report emphasizes that the decline in revenue is primarily due to asset divestiture, particularly the impact of Rolling Wireless (H.K.) Limited, which had significant revenue and profit contributions in 2023 [11]. Summary by Sections Industry Overview - DeepSeek has achieved cost reductions in model inference through algorithmic and engineering innovations, which may alter the value distribution within the AI industry chain. The transition from 4G to 5G and the upgrade of smart modules are expected to enhance value [5][11]. Company Performance - The company is positioned to benefit from the growth of AI terminals and the transition to smart modules, which are expected to increase in value. The report forecasts that, excluding the impact of Rolling Wireless in 2024, the company will still see year-on-year revenue and profit growth in 2025 [5][11]. Financial Projections - The company is projected to achieve net profits of 510 million yuan, 670 million yuan, and 840 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -24%, 32%, and 25% [11].

Core Insights - Guanghe Tong's revenue and net profit both declined in Q1 2025, with revenue decreasing by 12.59% to 1.856 billion yuan and net profit dropping by 37.3% to 118 million yuan compared to the same period in 2024 [2][3] - The company reported a significant increase in revenue and net profit in 2024, with revenue reaching 6.971 billion yuan, a 23.3% increase year-on-year, and net profit of 677 million yuan, up 19.8% [2][3] - The decline in 2025 is attributed to the sale of its overseas vehicle-mounted communication module business, which previously contributed nearly 30% of revenue and over 30% of net profit in 2023 [2][4] Financial Performance - In Q1 2025, Guanghe Tong's other income decreased by 39.96% to 16.958 million yuan due to reduced government subsidies, while sales expenses fell by 34.65% to 35.1147 million yuan, primarily due to the sale of the vehicle-mounted business [3] - The company's gross margin fell to 18.2% in 2024, down from 21% in 2023 and 20.5% in 2022, indicating a decline in profitability [7] Business Segments - Wireless communication modules accounted for 96.1% of Guanghe Tong's revenue in 2024, with the sales of data transmission modules and smart modules showing significant growth [6] - The average selling price of data transmission modules decreased by 21 yuan, while smart modules saw a reduction of 17.9 yuan in 2024, reflecting a shift towards more cost-effective options by customers [6] Dividends and Shareholder Information - Guanghe Tong announced a cash dividend plan of 3.50 yuan per 10 shares, totaling approximately 267 million yuan, continuing its trend of annual dividends since 2022 [8] - The company's chairman, Zhang Tianyu, is the largest shareholder with a 36.78% stake, and has a history of share reductions and cashing out significant amounts [9] Research and Development - Guanghe Tong's R&D expenses were 583 million yuan in 2024, representing 8.4% of total revenue, indicating a slower growth rate in R&D spending compared to revenue growth [9][10]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4] Core Views - The company's apparent performance is under pressure due to asset sales, but it is actively positioning itself in edge AI and robotics sectors [8] - In 2024, the company achieved a revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, a year-on-year increase of 18.53% [1] - The company is focusing on developing integrated communication capabilities and edge intelligent computing solutions, with a positive long-term growth outlook [8] Financial Performance Summary - **2024 Financials**: Revenue of 8.189 billion yuan, net profit of 668 million yuan, and a decrease in non-recurring net profit by 5.84% [1][3] - **2025 Q1 Performance**: Revenue of 1.856 billion yuan, a year-on-year decrease of 12.59%, and net profit of 118 million yuan, a year-on-year decrease of 37.30% [1] - **Future Projections**: Expected net profits for 2025, 2026, and 2027 are 539 million yuan, 669 million yuan, and 832 million yuan respectively, with corresponding growth rates of -19%, 24%, and 24% [8] Valuation Metrics - **Current Stock Price**: 25.42 yuan with a total market capitalization of 19.5 billion yuan [4] - **PE Ratios**: Projected PE ratios for 2025, 2026, and 2027 are 36.1X, 29.1X, and 23.4X respectively [8] - **ROE**: The company has a trailing twelve months ROE of 16.0% [4]

Market Overview - The Shanghai Composite Index is at 3305.11 points, below the six-month moving average, with a change of 0.80% [1] - The total trading volume of A-shares is 646.819 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 272 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhongcheng Technology: 14.42% deviation, with a price increase of 14.99% [1] - Oulutong: 10.01% deviation, with a price increase of 11.78% [1] - Jiusheng Electric: 9.22% deviation, with a price increase of 19.97% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Yongdong Co., Sumeida, and Yuhua Tian, which have just crossed the six-month line [1] Additional Stocks with Notable Performance - Other stocks with notable performance include: - Benlang New Materials: 8.45% deviation, with a price increase of 10.35% [1] - Quanzhu Co.: 8.00% deviation, with a price increase of 9.85% [1] - Chuanrun Co.: 7.95% deviation, with a price increase of 10.03% [1]