FIBOCOM(SZ:300638) Xin Lang Cai Jing·2025-09-23 08:34Core Viewpoint - Guanghetong's H1 2025 financial results show a decline in revenue and net profit, but excluding the impact of a specific business segment, the company experienced growth in core operations [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 3.707 billion yuan, a year-on-year decrease of 9.02%, and a net profit attributable to shareholders of 218 million yuan, down 34.66% [1]. - In Q2 2025, the company reported operating revenue of 1.851 billion yuan, a decline of 5.14%, with a net profit of 100 million yuan, down 31.25% [2]. - Excluding the impact of the wireless communication module business from Ruilin, H1 2025 operating revenue grew by 23.49%, and net profit increased by 6.54% year-on-year [2]. Gross Margin Analysis - The gross margin for Q2 2025 was 15.83%, a decrease of 5.82 percentage points, attributed to product mix and fluctuations in material procurement prices [3]. - Smart modules accounted for over 55% of the revenue, with increased storage costs affecting the gross margin due to a higher proportion of storage in smart modules [3]. Strategic Initiatives - The company is expanding beyond module manufacturing by establishing an AI research institute and advancing into the AI edge computing sector, positioning itself as an industry leader [4]. - In the AI toy sector, the company launched an AI toy model solution that integrates domestic and international AI models, enhancing smart toys with AI capabilities [4]. - In robotics, the company has formed strategic partnerships with leading firms in embodied intelligence and is developing a dedicated robotics team focusing on lawn mowing and embodied intelligent robots [4]. - The company introduced the next-generation AI voice assistant FiboVista, which integrates with the Volcano Engine's model for automatic speech recognition and text-to-speech capabilities, already applied in connected vehicles [4]. Profit Forecast and Investment Recommendations - Considering the overall operational challenges and pressure on sales gross margin for 2024, the company is actively pursuing new applications in AI and robotics, indicating significant future growth potential [5]. - The adjusted net profit forecasts for 2025-2027 are 540 million, 690 million, and 850 million yuan, respectively, with corresponding PE valuations of 45, 35, and 29 times [5].