“A+H”估值再定锚：广和通的价值韧性与边缘AIoT的增长新周期

Core Insights - The capital market is actively pursuing core assets related to "connectivity" and "intelligence" amid the AIoT wave, with companies like Guanghetong making significant strides in the wireless communication module sector [1] - Guanghetong has passed the Hong Kong Stock Exchange main board listing hearing, moving towards a dual listing strategy (A+H) to enhance its global presence [1][4] Company Overview - Guanghetong is the world's second-largest wireless communication module provider, holding a market share of 15.4%, and leads in several high-growth segments, including smart home and consumer electronics, where it has a 75.9% market share [2] - The company generates 60% of its revenue from overseas markets, which helps mitigate risks associated with single-country policies and economic cycles [2] Financial Performance - From fiscal years 2022 to 2024, Guanghetong's revenue is projected to grow from RMB 5.203 billion to approximately RMB 6.971 billion, reflecting a compound annual growth rate (CAGR) of over 14% [2] - The net profit from continuing operations is expected to increase from RMB 352 million to RMB 423 million during the same period, indicating resilience in profitability amid market fluctuations [2] Recent Developments - In the first four months of 2025, the company reported a decline in total revenue and net profit, primarily due to accounting treatment related to the exclusion of Ruijun Wireless; however, core business revenue grew by 23.49% year-on-year [3] - The company has transitioned from basic data transmission modules to smart and AI modules, with smart modules accounting for 61.3% of revenue in early 2025, enhancing its value proposition [3] Strategic Initiatives - The A+H listing strategy aims to integrate resources and accelerate internationalization, allowing Guanghetong to tap into domestic IoT resources and benefit from national policies in areas like vehicle networking and 5G [4][5] - The company is shifting its growth engine from basic connectivity to AIoT empowerment, with plans to actively develop edge AI solutions and robotics, positioning itself as a comprehensive solution provider [5] Market Dynamics - The wireless communication module industry is characterized by a concentrated competitive landscape, with the top five manufacturers holding 76.1% of the market share [5] - In 2024, the top five customers contributed 58.3% of revenue, while the top five suppliers accounted for 79.3% of sales costs, indicating a high dependency on key relationships [6] Challenges - The company faces challenges from supply chain fluctuations and rapid technological iterations, which could impact its market share if there are missteps in technology selection or certification processes [5][6] - Recent financial data indicates a decline in gross margin due to fluctuations in storage chip procurement prices, highlighting the company's reliance on key raw materials [6]