FIBOCOM(300638) 搜狐财经·2025-05-01 02:26Core 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].