营收净利润双降，赴港递表的广和通如何解题

Core Insights - Guanghe Tong's revenue and net profit both declined in Q1 2025, with revenue decreasing by 12.59% to 1.856 billion yuan and net profit dropping by 37.3% to 118 million yuan compared to the same period in 2024 [2][3] - The company reported a significant increase in revenue and net profit in 2024, with revenue reaching 6.971 billion yuan, a 23.3% increase year-on-year, and net profit of 677 million yuan, up 19.8% [2][3] - The decline in 2025 is attributed to the sale of its overseas vehicle-mounted communication module business, which previously contributed nearly 30% of revenue and over 30% of net profit in 2023 [2][4] Financial Performance - In Q1 2025, Guanghe Tong's other income decreased by 39.96% to 16.958 million yuan due to reduced government subsidies, while sales expenses fell by 34.65% to 35.1147 million yuan, primarily due to the sale of the vehicle-mounted business [3] - The company's gross margin fell to 18.2% in 2024, down from 21% in 2023 and 20.5% in 2022, indicating a decline in profitability [7] Business Segments - Wireless communication modules accounted for 96.1% of Guanghe Tong's revenue in 2024, with the sales of data transmission modules and smart modules showing significant growth [6] - The average selling price of data transmission modules decreased by 21 yuan, while smart modules saw a reduction of 17.9 yuan in 2024, reflecting a shift towards more cost-effective options by customers [6] Dividends and Shareholder Information - Guanghe Tong announced a cash dividend plan of 3.50 yuan per 10 shares, totaling approximately 267 million yuan, continuing its trend of annual dividends since 2022 [8] - The company's chairman, Zhang Tianyu, is the largest shareholder with a 36.78% stake, and has a history of share reductions and cashing out significant amounts [9] Research and Development - Guanghe Tong's R&D expenses were 583 million yuan in 2024, representing 8.4% of total revenue, indicating a slower growth rate in R&D spending compared to revenue growth [9][10]