Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].

Company Overview - Guanghetong Wireless Co., Ltd. was established in 1999 and is headquartered in Shenzhen, China. It was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2017, becoming the first IoT wireless module company to go public in A-shares [1] - The company is the second-largest wireless communication module provider globally, holding a market share of 15.4%. It leads in the smart home and consumer electronics segments with the highest global market share [1] Financial Performance - The company's revenue has shown stable growth, increasing from 5.203 billion yuan in 2022 to 6.971 billion yuan in 2024. During the same period, net profit rose from 365 million yuan to 677 million yuan [3] - In the first four months of 2025, revenue reached 2.481 billion yuan, reflecting a year-on-year growth of 21.2%, with a net profit of 160 million yuan [3] IPO Details - Guanghetong is conducting an IPO from October 14 to 17, with plans to globally offer 135 million shares, of which 10% is for public sale. The price per share is set between 19.88 and 21.5 HKD [8] - The company has secured cornerstone investors for 40.66% of the offering and has a greenshoe option. The underwriter for the IPO is CITIC Securities [8] Subscription Information - The subscription mechanism for the IPO is categorized into two groups, with a total of 67,541 lots available. The expected subscription rate is relatively high, with a potential for lower multiples [8] - The stock is considered an A+H arbitrage opportunity, with the A-share price around 31 yuan, indicating a premium of over 30% [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is launching five new measures in 2024 to support mainland companies in listing in Hong Kong, including a 30-day fast-track approval process for A-share companies with a market capitalization exceeding 10 billion [1] Company Overview - Guanghetong, established in 1999 in Shenzhen, is a leading global provider of wireless communication modules and solutions, with a market share of 15.4% in 2024, making it the second-largest in the world [2][5] - The company offers a range of products including data transmission modules, smart modules, and AI modules, catering to various applications such as automotive electronics, smart homes, consumer electronics, and smart retail [2][3] Market Position - Guanghetong holds the largest market share in the smart home sector at 36.6% and in consumer electronics at 75.9%, while it ranks second in automotive electronics with a market share of 14.4% [3] Financial Performance - From 2022 to 2024, Guanghetong's revenue is projected to grow from 5.203 billion RMB to 6.971 billion RMB, reflecting a compound annual growth rate (CAGR) of over 14%. Net profit is expected to increase from 365 million RMB to 677 million RMB during the same period [5][6] - In the first half of 2025, the company reported a revenue of 3.707 billion RMB, a year-on-year decline of 9.02%, primarily due to the sale of its wireless vehicle-mounted business. Excluding this factor, the core business revenue grew by 23.49% [6] Revenue Breakdown - Guanghetong's overseas revenue accounts for approximately 60%, with Taiwan contributing 35.7% and the U.S. 10.9%. The company faces significant uncertainty due to potential geopolitical risks [8] Industry Outlook - The global IoT industry is experiencing rapid growth, with the number of IoT devices expected to reach 21.5 billion by 2025, a year-on-year increase of 14.4%. The integration of AI and IoT is anticipated to create new opportunities in the smart era [9] IPO Details - Guanghetong's IPO will issue 15% of its total shares, raising approximately 2.9 billion HKD at the upper end of the price range of 21.5 HKD per share. The company has secured cornerstone investments from 10 investors, accounting for 44.8% of the offering [12][10]

Core Viewpoint - Guanghetong (300638) announced a global offering of H-shares, with a total of 135 million shares to be issued, subject to the exercise of the over-allotment option [1] Summary by Sections Global Offering Details - The total number of H-shares for global issuance is 135 million, with 13.5082 million shares allocated for public offering in Hong Kong, accounting for approximately 10% of the total [1] - The international offering will consist of 122 million H-shares, representing about 90% of the total offering [1] - In the event of full exercise of the over-allotment option, the maximum number of H-shares to be issued will increase to 155 million [1] Pricing and Timeline - The price range for the H-share issuance is preliminarily set between HKD 19.88 and HKD 21.50 [1] - The Hong Kong public offering is scheduled to commence on October 14, 2025, and is expected to conclude on October 17, 2025 [1] - The issuance price is anticipated to be announced by October 21, 2025, inclusive of that date [1]

Core Viewpoint - The company, Guanghe Tong, is set to issue H-shares globally, with a total of 135,080,200 shares available, subject to the exercise of the over-allotment option [1] Summary by Sections H-share Offering Details - The global offering consists of 135,080,200 H-shares, with 13,508,200 shares allocated for public sale in Hong Kong, representing approximately 10% of the total offering [1] - The international offering will comprise 121,572,000 H-shares, accounting for about 90% of the total offering [1] - An over-allotment option allows the underwriters to request the issuance of up to 20,262,000 additional H-shares at the offering price, potentially increasing the total to 155,342,200 shares if fully exercised [1] Pricing and Timeline - The preliminary price range for the H-shares is set between HKD 19.88 and HKD 21.50 [1] - The public offering in Hong Kong is scheduled to begin on October 14, 2025, and is expected to conclude on October 17, 2025 [1] - The final offering price is anticipated to be announced by October 21, 2025, and the shares are expected to commence trading on the Hong Kong Stock Exchange on October 22, 2025 [1]

Core Viewpoint - The company, Guanghe Tong, is set to launch a global offering of H-shares, with a total of 135 million shares available, subject to the exercise of the over-allotment option [1] Group 1: Offering Details - The global offering consists of 135 million H-shares, with 13.51 million shares allocated for public sale in Hong Kong, representing approximately 10% of the total offering [1] - The international offering will comprise 122 million H-shares, accounting for about 90% of the total offering [1] - In the event of full exercise of the over-allotment option, the maximum number of H-shares to be issued will increase to 155 million [1] Group 2: Pricing and Timeline - The preliminary price range for the H-shares is set between HKD 19.88 and HKD 21.50 [1] - The Hong Kong public offering is scheduled to commence on October 14, 2025, and is expected to conclude on October 17, 2025 [1] - The final issuance price is anticipated to be announced by October 21, 2025 [1]

Core Viewpoint - The company, Guanghe Tong, is set to issue H-shares globally, with a total of 135,080,200 shares available, subject to the exercise of the over-allotment option [1] Group 1: H-share Issuance Details - The initial arrangement includes a public offering of 13,508,200 H-shares in Hong Kong, accounting for approximately 10% of the total global offering [1] - The international offering consists of 121,572,000 H-shares, representing about 90% of the total global offering [1] - The maximum number of H-shares that can be issued, including the over-allotment option, is 155,342,200 shares [1] Group 2: Pricing and Timeline - The price range for the H-share issuance is preliminarily set between HKD 19.88 and HKD 21.50 [1] - The Hong Kong public offering is scheduled to start on October 14, 2025, and is expected to end on October 17, 2025 [1] - The issuance price is anticipated to be announced by October 21, 2025, and the H-shares are expected to be listed on the Hong Kong Stock Exchange on October 22, 2025 [1]

证券代码：300638 证券简称：广和通 公告编号：2025-069 深圳市广和通无线股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1014/2025101400008 _c.pdf 及 H 股香港公开发售等事宜的公告 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"）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（以下简称"香港联交所"） 主板挂牌上市（以下简称"本次发行上市"）的相关工作。 2025 年 4 月 25 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 4 月 28 日在 巨潮资讯网（www.cninfo.com.cn）上披露的《关于向香港联交所递交 H 股发行 与上市申请并刊发申请资料的公告》（公告编号：2025-036）。 2025 年 9 月 18 日，公司收到中国证券监督管 ...

Core Viewpoint - Guanghetong, a wireless communication module provider based in Nanshan District, Shenzhen, Guangdong, is launching its IPO from October 9 to October 14, 2025, with plans to list on the Hong Kong Stock Exchange on October 22, 2025, under the sponsorship of CITIC Securities [2][6]. Summary by Sections IPO Details - The company plans to issue 135.08 million H-shares, representing 15% of the total shares post-IPO, with 90% allocated for international offering and 10% for public offering [3][4]. - The expected share price range is between HKD 19.88 and HKD 21.50, aiming to raise approximately HKD 26.85 billion to HKD 29.04 billion [3][4]. - The entry fee for investors is HKD 4,343.37 for 200 shares [3]. Financial Projections - Assuming the midpoint of the share price at HKD 20.69 and no exercise of the over-allotment option, the total estimated expenses for the IPO are around HKD 105.4 million, which includes a 2% underwriting commission [4]. - The net proceeds from the IPO are projected to be approximately HKD 26.89 billion, with allocations of 55% for R&D, 15% for manufacturing facilities in Shenzhen, 10% for repaying bank loans, 10% for strategic investments or acquisitions, and 10% for working capital and other general corporate purposes [5]. Shareholder Structure - Post-IPO, the controlling shareholder, Mr. Zhang Tianyu, will hold 31.26% of the shares [7][8]. - Other shareholders include Mr. Ying Lingpeng with 2.83%, and various other shareholders holding a combined 68.74% [8]. Company Overview - Established in 1999, Guanghetong is a leading global provider of wireless communication modules, with products including data transmission modules, smart modules, and AI modules [8]. - According to Frost & Sullivan, Guanghetong ranks as the second-largest wireless communication module provider globally, with a market share of 15.4% in 2024 [8]. - The company leads in several downstream application markets, ranking second in automotive electronics with a market share of 26.8%, and first in smart home and consumer electronics with market shares of 15.1% and 5%, respectively [8].

Group 1 - The core viewpoint of the article is that Guanghetong (0638.HK), a wireless communication module provider listed in Shenzhen, is launching an IPO from October 14 to October 17, offering 135 million H-shares at a price range of HKD 19.88 to HKD 21.5, aiming to raise up to HKD 2.904 billion [1] Group 2 - The public offering accounts for 10% of the total shares, while the remaining 90% is allocated for international placement [1] - The expected listing date for the stock is October 22 [1] - The company plans to allocate approximately 55% of the net proceeds for R&D, focusing on AI and robotics technology innovation and product development [1] - About 15% of the proceeds will be used to build manufacturing facilities in Shenzhen over the next five years, primarily for module products and related terminal products [1] - Approximately 10% will be allocated to repay certain interest-bearing bank loans [1] - Another 10% is designated for strategic investments and/or acquisitions, with the remaining 10% for working capital and other general corporate purposes [1]