Core Viewpoint - The company, Guanghe Tong, is preparing for a secondary listing in Hong Kong amid a wave of A+H listings, despite facing challenges such as declining profit margins and significant insider selling by executives [3][6][10]. Company Overview - Guanghe Tong, a leader in wireless communication modules, was listed on the A-share market in 2017 and is now the second-largest global player in this sector, alongside another giant, Yiyuan Communication [3][5]. - The company has experienced explosive revenue growth, with sales increasing from 344 million yuan in 2016 to 8.189 billion yuan in 2024, marking a 2280% rise [5]. Financial Performance - Over 90% of Guanghe Tong's revenue comes from its wireless communication module business, which holds the top market share in automotive electronics, smart homes, and consumer electronics [5]. - The gross margin for its module products is projected to decline from 21.0% in 2023 to 18.2% in 2024, indicating pressure on profitability [6]. Strategic Moves - To counteract competitive pressures, Guanghe Tong plans to expand its product line, including entering the humanoid robot sector with AI solutions [6]. - The company recently sold its subsidiary, Rui Ling Wireless, for 1.065 billion yuan, which was a significant profit-generating unit, contributing 36% of its net profit in 2023 [11][14]. Insider Activity - The chairman, Zhang Tianyu, has engaged in substantial share sell-offs, totaling over 1 billion yuan from 2020 to 2023, raising concerns about the company's internal confidence [9][10]. - The company has distributed 869 million yuan in dividends since its IPO, with a notable 290 million yuan in 2023 alone, reflecting a high dividend payout ratio of 51.9% [9][10]. Market Challenges - The sale of Rui Ling Wireless was partly driven by external pressures, including potential sanctions on Chinese-made cellular modules, which could impact Guanghe Tong's operations [15][16]. - The company's net profit is expected to decline further in 2024 due to the divestiture of Rui Ling Wireless, which had been a key profit driver [16].

Group 1 - Since 2025, there has been a surge in A-share listed companies planning to list on the Hong Kong stock market, with over 30 companies having submitted applications or announced plans for such listings [1][2] - Companies are motivated by the desire to enhance their global business presence and competitiveness, as indicated by their announcements regarding the benefits of global development [3] - Supportive policies from the Chinese government, including measures to facilitate the listing of leading domestic companies in Hong Kong, have contributed to this trend [3] Group 2 - Guanghetong has submitted an application for H-share listing in Hong Kong, with the primary use of raised funds focused on AI and robotics technology innovation and product development [5] - The company plans to invest in R&D, build a new manufacturing facility in Shenzhen, pursue strategic investments and acquisitions, repay bank loans, and supplement working capital [5] - Despite the planned fundraising, the company's R&D expenditure as a percentage of revenue has been declining, from 11% in 2021 to 8.78% in 2024 [6] Group 3 - As of 2024, Guanghetong has over 1.4 billion yuan in cash, which is sufficient to cover its approximately 1.2 billion yuan in interest-bearing debt [8] - The company's financial expenses have decreased over the past three years, indicating improved financial management [8] - Previous fundraising efforts through convertible bonds were questioned regarding their necessity and ultimately terminated [10][13] Group 4 - Guanghetong is a leading global provider of wireless communication modules, with significant revenue growth in its core product lines, particularly driven by the adoption of 5G technology [11][12] - The company holds a substantial market share in various application scenarios, including automotive electronics and smart home solutions, ranking first in several categories [14] - However, the company's profitability and growth quality have been called into question, with a notable divergence between revenue growth and net cash flow from operating activities [16] Group 5 - The company has a high dependency on a few major clients, with revenue from the top five clients accounting for over 58% of total revenue in recent years [18] - This concentration poses risks, as any financial difficulties faced by these clients could significantly impact the company's financial health [18] - The company has implemented a comprehensive accounts receivable management system to mitigate risks associated with high accounts receivable levels [18]

事件简评 2025 年 4 月 29 日，公司发布 2025 年第一季度报告，2025 年 Q1 公司实现营业收入 18.56 亿元，同比减少 12.59%；实现归母净利 润 1.18 亿元，同比减少 37.30%。 业务调整致收入短期承压，盈利能力环比改善：受锐凌无线车载 前装业务剥离影响，公司 2025 年 Q1 营收同比下滑 12.6%。剔除锐 凌无线车载前装业务影响后，我们认为公司 1Q25 营收同比增长。 盈利端由于锐凌无线业务毛利率较高，剥离该业务后公司产品结 构受到影响，毛利率承压。1Q25 毛利率 17%，同比下降 4.51pct， 但环比提升 2.04pct，我们预计 2025 年公司毛利率环比将逐渐趋 稳。费用端看，公司经营效率有所提升，销售费用同比下降 34.65%， 财务费用因汇兑损失减少骤降 93.57%。公司 1Q25 净利率 6.5%， 环比增加 5.5pct，有所改善。 车载、FWA 支撑主业增长：我们预计公司收入主要由车载业务与 FWA 业务贡献。其中车载业务主要受新客户拓展的驱动，FWA 业务 则受益于 5G 渗透率提升带来海外市场的开拓。2024 年美国、印度 的 5G ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q1 2025 performance met expectations, with revenue of 1.856 billion RMB, a year-on-year decline of 12.59%, and a net profit of 118 million RMB, down 37.30% year-on-year, primarily due to the sale of the automotive pre-installation business [1][2]. - The report expresses optimism about the recovery of demand in the IoT module market and the company's growth prospects in the context of AI computing penetrating edge and terminal sides [1][3]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 17.0%, a year-on-year decrease of 4.5% but a quarter-on-quarter increase of 2.0 percentage points, indicating a potential improvement trend as the company's shipment structure is expected to optimize [2]. - The company effectively controlled expenses, with sales, management, and R&D expense ratios of 1.89%, 1.86%, and 7.16%, respectively, showing year-on-year decreases of 0.64, 0.18, and 1.56 percentage points [2]. Market Outlook - Short-term demand for the company's domestic automotive and overseas FWA businesses is expected to remain positive, while long-term prospects are bolstered by the trend of AI computing moving from cloud to edge, positioning the company to capture new opportunities in edge computing markets such as AIPC and outdoor robotics [3][4]. Valuation - The report maintains the net profit forecasts for 2025-2027 at 580 million, 690 million, and 800 million RMB, respectively, with a target price of 29.65 RMB, reflecting a PE ratio of 39x for 2025 [4][7].

证券代码：300638 证券简称：广和通 公告编号：2025-040 深圳市广和通无线股份有限公司 关于 2025 年第一季度报告披露提示性公告 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。 2025 年 4 月 28 日，深圳市广和通无线股份有限公司（以下简称"公司"）召 开第四届董事会第十四次会议，审议通过了《关于公司 2025 年第一季度报告的 议案》。公司 2025 年第一季度报告全文于 2025 年 4 月 30 日在中国证监会指定 的创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）上披露，敬请投 资者注意查阅。 特此公告！ 深圳市广和通无线股份有限公司 董事会 二 О 二五年四月三十日 ...

证券代码：300638 证券简称：广和通 公告编号：2025-037 深圳市广和通无线股份有限公司 第四届监事会第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"）第四届监事会第十四 次会议，于 2025 年 4 月 24 日发出会议通知，2025 年 4 月 28 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。监事会主席陈绮华女士主 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 2025 年第一季度报告的议案》 公司 2025 年第一季度报告内容真实、准确、完整地反映了公司 2025 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、 ...

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"）第四届董事会第十四次 会议，于 2025 年 4 月 24 日发出会议通知，2025 年 4 月 28 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 2025 年第一季度报告的议案》 公司 2025 年第一季度报告内容真实、准确、完整地反映了公司 2025 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。 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。 证券代码：300638 证券简称：广和通 公告编号：2025-038 深圳市广和通无线股份有限公司 第四届董事会第十四次会议决议公告 表决结果：5 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 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,855,618,486.60, a decrease of 12.59% compared to ¥2,122,951,636.25 in the same period last year[5] - Net profit attributable to shareholders was ¥117,791,138.47, down 37.30% from ¥187,879,452.71 year-on-year[5] - Basic earnings per share decreased by 37.21% to ¥0.1549 from ¥0.2467 in the same period last year[5] - The company's operating profit for the current period is approximately ¥124.15 million, compared to ¥190.15 million in the previous period, reflecting a decrease of about 34.7%[22] - The net profit attributable to the parent company is approximately ¥117.79 million, down from ¥187.88 million, indicating a decline of about 37.2%[22] - The total comprehensive income for the current period is approximately ¥117.18 million, compared to ¥191.05 million in the previous period, representing a decrease of about 38.5%[22] - The company's total profit for the current period is approximately ¥124.13 million, compared to ¥192.38 million in the previous period, a decrease of about 35.4%[22] Cash Flow and Liquidity - The net cash flow from operating activities was -¥148,593,671.30, a decline of 236.25% compared to ¥109,060,643.97 in the previous year[5] - The company's cash flow from operating activities showed a positive trend, indicating improved liquidity management[21] - Cash and cash equivalents decreased to CNY 931,918,029.64 from CNY 1,119,659,068.00, a decline of 16.73%[18] - Cash and cash equivalents at the end of the period stand at approximately ¥475.28 million, down from ¥952.77 million at the end of the previous period, a decrease of about 50.1%[25] - The company reported cash inflows from investment activities of approximately ¥733.77 million, significantly higher than ¥82.77 million in the previous period[24] - The net cash flow from financing activities is approximately ¥93.07 million, an increase from ¥35.58 million in the previous period, indicating a growth of about 161.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,525,793,291.46, a slight decrease of 0.31% from ¥7,549,055,309.29 at the end of the previous year[5] - Total liabilities decreased to CNY 3,786,013,232.21 from CNY 3,936,094,418.37, a decline of 3.81%[19] Shareholder Information - The largest shareholder, Zhang Tianyu, holds 36.78% of the shares, totaling 281,512,495 shares, with 93,700,330 shares pledged[13] - The second-largest shareholder, Ying Lingpeng, holds 3.33% of the shares, totaling 25,526,106 shares[13] - The total number of restricted shares at the end of the period is 232,526,992 shares, with 592,584 shares released during the period[15] - The total number of shares held by the top 10 unrestricted shareholders is 132,000,000 shares[13] - The total number of shares held by the top 10 shareholders is 353,000,000 shares[13] Operational Efficiency - The company reported a significant reduction in sales expenses by 34.65% to ¥35,114,745.53, primarily due to the sale of the vehicle-mounted business[10] - Financial expenses decreased by 93.57% to ¥677,688.35, attributed to reduced exchange losses[10] - The company experienced a 161.55% increase in net cash flow from financing activities, amounting to ¥93,072,256.26, due to new loans[10] - Total operating costs amounted to CNY 1,747,753,438.04, down 10.89% from CNY 1,961,738,334.41 in the prior period[21] - The company reported a significant increase in research and development expenses to CNY 132,800,596.01, compared to CNY 185,140,918.68, a decrease of 28.25%[21] Future Plans - The company plans to issue H shares and apply for listing on the Hong Kong Stock Exchange, with the application submitted on April 25, 2025[16] - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[21]

2024年，中兴通讯5G基站与核心网连续第五年全球发货量位居第二、国产智算服务器实现规模发货； 太辰光多个光密集连接产品实现技术突破；广和通让机器视觉、语音交互等能力在模组级产品中实 现"轻量化落地" ◎记者时娜徐潇潇 5G标准必要专利声明量全球领先，空芯光纤、高速光电模块器件研制取得新进展，万兆光网启动试 点，低空智联网、星间及星地通信等加快建设应用，自研AI大模型多项能力实现升级……2024年以 来，我国通信行业关键领域创新持续取得突破，深市通信企业成为其中的重要贡献者。 从通信元器件到智算新基建，聚焦"连接+算力+AI"，深市通信企业全面助力全球构建万物互联的智能 世界。2024年，中兴通讯5G基站与核心网连续第五年全球发货量位居第二、国产智算服务器实现规模 发货；太辰光多个光密集连接产品实现技术突破；广和通让机器视觉、语音交互等能力在模组级产品中 实现"轻量化落地"。 夯实数字经济通信"底座" 资本市场助力通信龙头抢抓机遇 深交所通过多元化的资本市场工具和创新服务生态，为中兴通讯、广和通、太辰光等通信龙头企业筑路 数字经济、赋能各行各业智能化升级、竞逐AI与算力新赛道提供了强大助力。 2020年，中兴 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 8.19 billion yuan for 2024, representing a year-on-year growth of 6.13%, with a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year [6] - The growth in revenue is primarily driven by domestic vehicle and 5G FWA businesses, with a notable increase in revenue from the core business excluding the impact of the divested wireless vehicle business [6] - The company is positioned to benefit from the expected explosion in applications of edge AI and robotics, with new product launches such as the "Nebula Series" AI modules and the Fibot embodied intelligent robot development platform [6] - The company has a strong outlook for its vehicle and FWA businesses, with expectations for continued high growth supported by advancements in AI capabilities and product offerings [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 7.716 billion yuan in 2023 to 13.105 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.4% from 2025 to 2027 [5][8] - Net profit is expected to fluctuate, with estimates of 626 million yuan in 2025, 752 million yuan in 2026, and 966 million yuan in 2027, reflecting a growth trajectory despite a slight dip in 2025 [5][8] - The company's gross margin is projected to stabilize around 19.7% to 20.2% over the forecast period, indicating a focus on maintaining profitability amid revenue growth [5]