FIBOCOM(SZ:300638) Guoxin Securities·2024-08-01 09:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][9]. Core Views - The company announced the sale of its overseas vehicle-mounted wireless communication module business for $150 million to EUROPASOLAR, which will lead to a short-term impact on revenue and profit growth due to the divestment of the asset [2][3]. - Despite the divestment, the company has a strong track record of growth in various markets, including mobile payments and PC, and is expected to refocus on AI applications, particularly in robotics, which aligns with industry trends [3][6]. - The company has adjusted its revenue and profit forecasts for 2024-2026, now expecting revenues of 81.5 billion, 86.9 billion, and 103.9 billion yuan, and net profits of 5.94 billion, 6.59 billion, and 7.77 billion yuan, respectively [3][12]. Summary by Sections Company Announcement - The company will no longer engage in the vehicle-mounted wireless communication module business after the sale, and the associated assets will be excluded from the consolidated financial statements [2]. Financial Impact - The divestment is expected to have a short-term negative impact on sales and profits, with the vehicle-mounted wireless communication module business contributing 2.04 billion yuan in net profit in 2023 [4][12]. - The company anticipates a one-time investment gain of 160 million yuan in 2024 from the asset sale, which will adjust the net profit forecast for that year to 7.54 billion yuan [3][9]. Future Focus - The company plans to concentrate on edge AI and robotics, with a specific focus on the smart lawn mower segment as a breakthrough point [5][6]. - The wireless communication module industry is expected to continue its long-term growth trajectory, with the company investing in 5G RedCap products and exploring applications in satellite communication and V2X vehicle-road collaboration [4][5]. Growth Potential - The company has a strong brand and scale advantage, and the management's ability to seize market opportunities is expected to facilitate a return to a high growth trajectory post-divestment [3][6]. - The company is projected to return to high growth after 2026, driven by its exploration in edge AI and robotics [8].