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]

资料来源:公司公告,Wind,国信证券经济研究所整理 证券研究报告 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|---------------|-------|----------------------------------------| | 投资评级标准 | 类别 | 级别 | 说明 | | 报告中投资建议所涉及的评级（如有）分为股票评 | | 买入 | 股价表现优于市场代表性指数 20%以上 | | 级和行业评级（另有说明的除外）。评级标准为报 告发布日后 6 到 12 个月内的相对市场表现，也即报 | 股票 | 增持 | 股价表现优于市场代表性指数 10%-20%之间 | | 告发布日后的6到12个月内公司股价（或行业指数） | 投资评级 | 中性 | 股价表现介于市场代表性指数±10%之间 | | 相对同期相关证券市场代表性指数的涨跌幅作为基 准。A 股市场以沪深 300 指数（000300. ...

C o m p a n y U p d a t e 公司基本资讯 产业别 通信 A 股价(2024/4/28) 16.23 深证成指(2024/4/28) 9463.91 股价 12 个月高/低 25.53/11.62 总发行股数(百万) 765.74 A 股数(百万) 530.94 A 市值(亿元) 44.55 主要股东 张天瑜(36.76%) 每股净值(元) 3.96 股价/账面净值 2.12 一个月 三个月 一年 股价涨跌(%) 7.1 6.4 -14.2 广和通（300638） Buy 买进 C h i n a R e s e a r c h D e p t . 公司发布2023年年报、2024年一季报，2023年公司全年营收77.16亿元， YOY+36.7%，归母净利润5.64亿元，YOY+54.6%；扣非后归母净利润5.36亿元， YOY+69.5%。 2023年各项业务稳健发展，并表拉动业绩快速增长：公司车载和FWA业 务增速较高，公司子公司广通远驰+锐凌无线布局，基于 MT2735 平台的 车规 5G 模组 AN768 全球首款量产交付；此外PC方面方面行业竞争压 力放缓，行业较2022年有 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,122,951,636.25, representing a 17.11% increase compared to ¥1,812,738,114.79 in the same period last year[11] - Net profit attributable to shareholders for Q1 2024 was ¥187,879,452.71, a 33.78% increase from ¥140,434,073.80 year-on-year[11] - Basic earnings per share for Q1 2024 were ¥0.2453, up 32.38% from ¥0.1853 in the same quarter last year[11] - The total comprehensive income for the current period is CNY 191,054,063.49, compared to CNY 126,913,179.76 in the previous period, indicating an increase of about 50.5%[46] - The net profit for the current period is CNY 190,251,218.95, an increase from CNY 140,434,073.80 in the previous period, representing a growth of approximately 35.5%[46] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥109,060,643.97, compared to a negative cash flow of ¥115,402,924.74 in the previous year, marking a 194.50% change[11] - The net cash flow from financing activities is CNY 35,584,622.03, a significant improvement compared to a net outflow of CNY -69,922,427.90 in the previous period[49] - Cash and cash equivalents at the end of the period amount to CNY 952,766,662.51, a decrease from CNY 596,684,605.01 in the previous period[49] - The company's cash received from sales of goods and services was ¥1,807,392,143.38, down from ¥1,899,789,121.52, indicating a decline of about 4.8%[57] Assets and Liabilities - Total assets at the end of Q1 2024 reached ¥7,280,037,665.51, reflecting a 2.60% increase from ¥7,095,286,100.16 at the end of the previous year[11] - The company's total liabilities decreased slightly to ¥3,956,521,898.54 from ¥3,966,677,243.02, showing a reduction of about 0.3%[54] - The total current assets increased to CNY 5,603,944,422.00 from CNY 5,485,653,019.50, showing a growth of approximately 2.2%[52] - The balance of short-term loans decreased by 33.97% to CNY 180,957,118.47 from CNY 274,055,371.87 at the end of 2023[34] Shareholder Information - The total number of common shareholders at the end of the reporting period is 38,616[18] - Zhang Tianyu holds 36.76% of the shares, amounting to 281,512,495 shares, with 211,134,371 shares pledged[18] - The National Social Security Fund holds 4.37% of the shares, totaling 33,502,926 shares[18] - The top ten shareholders account for a significant portion of the company's equity, with the largest shareholder holding over 36%[18] Expenses and Investments - Total operating costs amounted to CNY 1,961,738,334.41, up 17.0% from CNY 1,675,799,919.29 in the previous year[30] - Research and development expenses increased to CNY 185,140,918.68, representing a rise of 22.1% from CNY 151,595,782.59 in Q1 2023[30] - Financial expenses increased by 138.41% to ¥10,541,520.57 from ¥4,421,634.87 in the previous year, mainly due to last year's exchange gains[15] - The company’s other payables rose by 55.79% to CNY 175,418,333.12, primarily due to increased payments related to land acquisition[34] Investment Income - Investment income for the quarter was ¥1,951,334.97, a significant recovery from a loss of ¥798,853.87 in the same period last year, representing a 344.27% increase[15] - The company reported a net investment income of CNY 1,951,334.97, recovering from a loss of CNY 798,853.87 in the same period last year[30] Development and Future Plans - The company plans to issue convertible bonds to raise up to CNY 962.76 million, pending regulatory approvals[41] - Development expenses increased to ¥18,626,186.72 from ¥12,685,718.24, reflecting a significant investment in data resources[53] - The company has issued convertible bonds to unspecified investors as part of its financing strategy[50]

证券代码：300638 证券简称：广和通 公告编号：2024-042 深圳市广和通无线股份有限公司（以下简称"公司"）第三届监事会第四十三 次会议，于 2024 年 4 月 20 日发出会议通知，2024 年 4 月 25 日以现场会议方式 召开。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《关于公司 2024 年第一季度报告的议案》 公司 2024 年第一季度报告的编制程序符合法律、法规和中国证监会的有关 规定，报告内容真实、准确、完整地反映了公司 2024 年第一季度经营的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登于中国证监会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）的相关公告。 表决结果：3 票同意、0 票反对、0 票弃权，审议通过本项议案。 二、备查文件 1、深圳市广和通无线股份有限公司第三届监事会第四十三次会议决议 特此公告。 深圳市广和通无线股份有限公司 第三届监事 ...

二、备查文件 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"）第三届董事会第四十五 次会议，于 2024 年 4 月 20 日发出会议通知，2024 年 4 月 25 日以现场会议与通 讯表决方式召开。本次会议应参与董事 5 名，实际参与董事 5 名。董事长张天瑜 先生主持本次会议，董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《关于公司 2024 年第一季度报告的议案》 公司 2024 年第一季度报告内容真实、准确、完整地反映了公司 2024 年第一 季度经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登于中国证监会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）的相关公告。 1、深圳市广和通无线股份有限公司第三届董事会第四十五次会议决议 特此公告。 证券代码：300638 证券简称：广和通 公告编号：2024-041 深圳市广和通无线股份有限公司 第三届董事会第四十五 ...

深圳市广和通无线股份有限公司（以下简称"公司"）根据中华人民共和国财 政部（以下简称"财政部"）颁布的《企业会计准则解释第 17 号》变更相应的会 计政策。公司本次会计政策变更事项属于根据法律法规或者国家统一的会计制度 要求的会计政策变更，该事项无需提交公司董事会、股东大会审议，不会对公司 财务状况、经营成果和现金流量产生重大影响。具体情况如下： 一、本次会计政策变更概述 1.变更原因 2023 年 10 月 25 日，财政部发布了《关于印发〈企业会计准则解释第 17 号〉 的通知》（财会〔2023〕21 号），规定了"关于流动负债与非流动负债的划分"、 "关于供应商融资安排的披露"、"关于售后租回交易的会计处理"的内容，自 2024 年 1 月 1 日起施行。 根据上述企业会计准则解释的规定和要求，公司对原采用的相关会计政策进 行相应调整，并按照上述文件规定的日期执行新的会计准则。 2.变更前采用的会计政策 本次变更前，公司按照财政部发布的《企业会计准则—基本准则》和各项具 体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定 执行。 证券代码：300638 证券简称：广和通 公告编号：2 ...

证券代码：300638 证券简称：广和通 公告编号：2024-038 深圳市广和通无线股份有限公司 2023 年年度权益分派实施公告 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、深圳市广和通无线股份有限公司（以下简称"公司"）回购专用证券账户中 的 2,627,960 股公司股份不参与本次权益分派。公司 2023 年年度权益分派方案为： 以公司现有总股本 765,744,029 股剔除公司回购专用证券账户中已回购股份 2,627,960 股后的 763,116,069 股为基数，向全体股东每 10 股派发现金红利 3.80 元（含 税），共计派发现金 289,984,106.22 元（含税），送红股 0 股（含税），以资本公 积金向全体股东每 10 股转增 0 股。 2、本次权益分派实施后计算除权除息价格时，按公司总股本折算每 10 股现金 分红（含税）=现金分红总额/总股本*10=289,984,106.22 元/765,744,029*10=3.786958 元（保留六位小数，最后一位直接截取，不四舍五入）。本次权益分派实施后的除 权除 ...

证券代码：300638 证券简称：广和通 公告编号：2024-037 深圳市广和通无线股份有限公司 1、本次股东大会无增加、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 （一）会议召开情况 1、现场会议召开日期、时间：2024 年 4 月 16 日（星期二）下午 14:30 2、网络投票时间：2024 年 4 月 16 日 2023 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： 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 2024 年 4 月 16 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：2024 年 4 月 16 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 1、股东出席的总体情况： 参加本次会议的股东及授权代表人数 35 人，持有公司股份 370,548,418 ...