广和通：业绩稳健增长，布局AI与机器人领域

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][9]. Core Insights - In H1 2024, the company achieved revenue of 4.075 billion RMB, a year-on-year increase of 5.42%, and a net profit attributable to shareholders of 333 million RMB, up 10.17% year-on-year [2]. - The company is focusing on enhancing its R&D capabilities and expanding its product line in emerging fields such as AI, edge computing, and intelligent robotics [2]. - The company sold its vehicle-mounted wireless communication module business for 150 million USD to adapt to the complex international market environment, while still planning to invest in communication modules in Europe and the US [2]. - Future growth is anticipated in the AI and robotics sectors, with the establishment of dedicated product lines and increased R&D investment [2]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 1.952 billion RMB, a decrease of 4.91% year-on-year and 8.06% quarter-on-quarter, with a net profit of 146 million RMB, down 10.27% year-on-year and 22.50% quarter-on-quarter [2]. - The gross margin for H1 2024 was 21.58%, a slight decrease of 0.56 percentage points year-on-year, while the net margin increased by 0.35 percentage points to 8.18% [2]. - R&D expenditure in H1 2024 was 388 million RMB, a 10.78% increase compared to the same period last year [2]. Business Strategy - The company is actively expanding into the AI and robotics sectors, having established a smart module product line in 2019 and a smart computing product line in 2023 [2]. - The focus on the Indian market has shown promising results, with expectations for significant progress in this region [2]. Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 8.183 billion RMB, 8.923 billion RMB, and 10.530 billion RMB, respectively, with corresponding net profits of 710 million RMB, 638 million RMB, and 766 million RMB [2]. - The expected price-to-earnings ratios for these years are 12, 13, and 11 times, respectively [2].