FIBOCOM(SZ:300638) Zhi Tong Cai Jing·2025-10-05 23:57Core Viewpoint - Guanghetong Wireless Co., Ltd. is set to list on the Hong Kong Stock Exchange, having already been listed on the Shenzhen Stock Exchange, with CITIC Securities as its sole sponsor. The company is recognized as the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from continuing operations in 2024 [1][4]. Group 1: Company Overview - Guanghetong specializes in wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its module products and understanding of downstream application scenarios [4]. - The company has achieved significant breakthroughs in wireless communication technology, including the launch of one of the world's first 5G data transmission modules in collaboration with Intel in 2019, and the first 5G data transmission module integrated with blockchain technology [4]. Group 2: Market Position - In the automotive electronics sector, Guanghetong ranks second globally with a market share of 14.4%. The market size for automotive electronics applications is projected to reach RMB 11.7 billion in 2024, accounting for 26.8% of the global wireless communication module market [4]. - In the smart home sector, Guanghetong holds the top position globally with a market share of 36.6%, with the market size expected to be RMB 6.6 billion in 2024, representing 15.1% of the global market [5]. - In the consumer electronics sector, Guanghetong also leads globally with a market share of 75.9%, with a projected market size of RMB 2.2 billion in 2024, making up 5.0% of the global market [5]. Group 3: Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first four months of 2025 is approximately RMB 5.20 billion, RMB 5.65 billion, RMB 6.97 billion, and RMB 2.48 billion, respectively. Corresponding net profits are approximately RMB 365 million, RMB 565 million, RMB 677 million, and RMB 160 million [5][7]. - The gross profit margins for the years 2022, 2023, and 2024 are 20.5%, 21.0%, and 18.2%, respectively, indicating a slight decline in profitability [7].