Core Viewpoint - Guanghetong Wireless Co., Ltd. is set to list on the Hong Kong Stock Exchange, having already been listed on the Shenzhen Stock Exchange, with CITIC Securities as its sole sponsor. The company is recognized as the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from continuing operations in 2024 [1][4]. Group 1: Company Overview - Guanghetong specializes in wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its module products and understanding of downstream application scenarios [4]. - The company has achieved significant breakthroughs in wireless communication technology, including the launch of one of the world's first 5G data transmission modules in collaboration with Intel in 2019, and the first 5G data transmission module integrated with blockchain technology [4]. Group 2: Market Position - In the automotive electronics sector, Guanghetong ranks second globally with a market share of 14.4%. The market size for automotive electronics applications is projected to reach RMB 11.7 billion in 2024, accounting for 26.8% of the global wireless communication module market [4]. - In the smart home sector, Guanghetong holds the top position globally with a market share of 36.6%, with the market size expected to be RMB 6.6 billion in 2024, representing 15.1% of the global market [5]. - In the consumer electronics sector, Guanghetong also leads globally with a market share of 75.9%, with a projected market size of RMB 2.2 billion in 2024, making up 5.0% of the global market [5]. Group 3: Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first four months of 2025 is approximately RMB 5.20 billion, RMB 5.65 billion, RMB 6.97 billion, and RMB 2.48 billion, respectively. Corresponding net profits are approximately RMB 365 million, RMB 565 million, RMB 677 million, and RMB 160 million [5][7]. - The gross profit margins for the years 2022, 2023, and 2024 are 20.5%, 21.0%, and 18.2%, respectively, indicating a slight decline in profitability [7].

Core Viewpoint - Guanghetong Wireless Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange, having already been listed on the Shenzhen Stock Exchange, and is recognized as the second-largest wireless communication module provider globally with a market share of 15.4% as of 2024 [1][3]. Company Overview - Guanghetong specializes in wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its module products and understanding of downstream application scenarios [3]. - The company has achieved significant breakthroughs in wireless communication technology, including the launch of one of the world's first 5G data transmission modules in collaboration with Intel in 2019 and the first domestic 5G data transmission module equipped with a domestic chip in 2020 [3]. Market Position - In the automotive electronics sector, Guanghetong holds a global market share of 14.4%, ranking second, with the market size projected to reach RMB 11.7 billion in 2024, accounting for 26.8% of the global wireless communication module market [3]. - In the smart home sector, Guanghetong leads with a market share of 36.6%, with the market size expected to be RMB 6.6 billion in 2024, representing 15.1% of the global market [4]. - In the consumer electronics sector, the company also ranks first with a market share of 75.9%, with a projected market size of RMB 2.2 billion in 2024, making up 5.0% of the global market [4]. Financial Performance - The revenue figures for Guanghetong are as follows: approximately RMB 5.203 billion in 2022, RMB 5.652 billion in 2023, RMB 6.971 billion in 2024, and RMB 2.481 billion for the first four months of 2025 [4][6]. - The net profit for the same periods is approximately RMB 365 million in 2022, RMB 565 million in 2023, RMB 678 million in 2024, and RMB 160 million for the first four months of 2025 [4][6].

Core Viewpoint - Guanghetong (300638.SZ) has relevant products and solutions applicable to AI glasses [1] Company Summary - The company has indicated its capability to provide products and solutions that can be utilized in the development of AI glasses [1]

Group 1: Semiconductor Industry - SMIC is the only domestic foundry with advanced process technology, benefiting from the explosion in AI chip demand and domestic substitution trends[1] - In 2025, advanced process revenue is expected to grow by 68% year-on-year, with plans to expand capacity to become the third-largest foundry globally[1] - The company's orders visibility has extended to 2026, indicating strong demand from key clients[1] Group 2: AI and Computing - Fourth Paradigm's platform sales are expected to turn from loss to profit, with a projected EPS increase from -0.6 to 0.4[1] - The overall valuation is currently around 4 times P/S, which is relatively low compared to domestic AI companies like SenseTime and US-based Palantir[1] - Risks include underperformance in AI technology development and market demand not meeting expectations[1] Group 3: Battery and Energy Storage - Zhongxin Innovation's revenue is projected to grow significantly, with a 101% increase in net profit expected in 2025[1] - The company is benefiting from high margins in overseas sales of power batteries and strong growth in commercial vehicles and energy storage batteries[1] - Risks include fluctuations in raw material prices and intensified competition in the industry[1] Group 4: Aerospace and Defense - AVIC Shenyang Aircraft's performance is expected to improve due to the implementation of fundraising projects aimed at enhancing research and production capabilities[1] - The company is focusing on modernizing weaponry and defense equipment, with a projected revenue increase of 13% in 2025[1] - Risks include legal penalties and management challenges affecting operational efficiency[1] Group 5: Pharmaceutical Sector - Zai Lab is advancing its commercialization efforts with three approved products, including a JAK inhibitor participating in the 2025 medical insurance negotiations[1] - The company is expected to accelerate product promotion, benefiting patients and enhancing revenue streams[1] - Risks include potential failures in new drug development and regulatory approval delays[1]

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [5][53]. Core Viewpoints - The global cloud service providers (CSP) are accelerating the AI arms race, benefiting the computing infrastructure development, which is considered the main track for investment [4][50]. - The report highlights the importance of the three major telecom operators as significant assets for dividend allocation, emphasizing their stable operations and increasing dividend payout ratios [4][50]. - Key recommended stocks for the upcoming week include China Mobile, Zhongji Xuchuang, ZTE Corporation, and Guanghetong [4][50]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the "Panjun 128" ultra-node AI server, which supports various AI chips and has a power density of up to 350kW [2][12]. - ZTE Corporation showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - NVIDIA announced a $100 billion investment in OpenAI, with plans to deploy at least 10GW of NVIDIA systems [3][29]. Market Performance Review - The communication index decreased by 0.28% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, resulting in a relative return of -1.35% [3][41]. - Among the sub-sectors, fiber optic cables, communication equipment manufacturers, and IDC performed relatively well [3][41]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform the Market, with an estimated EPS of 6.72 in 2025 and a PE ratio of 15.74 [5]. - Zhongji Xuchuang: Outperform the Market, with an estimated EPS of 8.08 in 2025 and a PE ratio of 51.18 [5]. - ZTE Corporation: Outperform the Market, with an estimated EPS of 1.79 in 2025 and a PE ratio of 24.83 [5].

Core Viewpoint - Guanghetong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The listing hearing by the Hong Kong Stock Exchange Listing Committee is scheduled for September 25, 2025, to review the company's application for issuance and listing [1] - The sponsor of the company's issuance and listing received a letter from the Hong Kong Stock Exchange on September 26, 2025, indicating that the Listing Committee has reviewed the company's application [1] - The letter from the Hong Kong Stock Exchange does not constitute approval for the listing and does not guarantee that approval will be granted [1]

Core Viewpoint - Guanghetong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The listing hearing by the Hong Kong Stock Exchange Listing Committee is scheduled for September 25, 2025, to review the company's application for issuance and listing [1] - The sponsor of the company's issuance has received a letter from the Hong Kong Stock Exchange on September 26, 2025, indicating that the Listing Committee has reviewed the listing application [1] - The letter from the Hong Kong Stock Exchange does not constitute approval for the listing and does not guarantee that approval will be granted [1]

Core Viewpoint - Guanghe Tong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H shares) and listing on the main board of the Hong Kong Stock Exchange, with a hearing scheduled for September 25, 2025 [1] Group 1 - The company has appointed a sponsor for the issuance and listing process, which received a letter from the Hong Kong Stock Exchange on September 26, 2025 [1] - The letter indicates that the listing committee has reviewed the company's application, but it does not constitute approval for the listing nor guarantee that approval will be granted [1] - The Hong Kong Stock Exchange may provide further comments or additional conditions regarding the application if necessary [1]

Core Viewpoint - Guanghetong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H shares) and listing on the main board of the Hong Kong Stock Exchange [1] Group 1 - The Hong Kong Stock Exchange Listing Committee held a hearing on September 25, 2025, to review the company's listing application [1] - The sponsor of the company's issuance and listing received a letter from the Hong Kong Stock Exchange on September 26, 2025, indicating that the Listing Committee has reviewed the application [1] - The letter does not constitute approval for the listing and does not guarantee that approval will be granted; the Hong Kong Stock Exchange may provide further comments or additional conditions if necessary [1]

格隆汇9月28日丨广和通(300638.SZ)公布，公司正在进行申请发行境外上市外资股（H股）并在香港联 合交易所有限公司（简称"香港联交所"）主板挂牌上市的相关工作，香港联交所上市委员会于2025年9 月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次发行上市的保荐人已于2025年9月26日 收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函并 不构成对上市的批准，也不表示将获得批准。如有需要，香港联交所可能会对申请提出进一步意见或附 加条件。 ...