FIBOCOM(SZ:300638) Huaan Securities·2024-09-02 08:31Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [1] Core Views - The company's FWA business is under short-term pressure, but there are opportunities in AI and robotics [1] - The company plans to sell its overseas vehicle-mounted pre-installation business (Ruiling Wireless), which is expected to bring short-term investment returns while impacting some vehicle-mounted business revenue and profit [1][2] - The company aims to allocate more resources to the AI and robotics sectors to reshape its second growth curve [1] Financial Performance - In the first half of 2024, the company achieved revenue of 4.075 billion yuan, a year-on-year increase of 5.42%, and a net profit of 333 million yuan, up 10.17% year-on-year [1] - The overall industry is showing signs of recovery, although individual business lines are affected by downstream customer rhythms, leading to revenue and profit pressure in Q2 [1] - The company has a solid order backlog for its FWA business, with significant shipment growth expected in July [1] Business Segments - Vehicle-mounted business continues to grow well, with domestic vehicle-mounted pre-installation business rapidly increasing [1] - The PC business has been growing rapidly since Q3 of last year, benefiting from low downstream inventory cycles and a replacement cycle following the pandemic [1] - FWA business has seen a year-on-year decline due to the impact of downstream overseas operators' delivery schedules, but there is a sufficient order backlog [1] - Other IoT businesses are maintaining good growth, with gradual recovery in industry applications [1] Market Position - The company ranks second globally in cellular module shipments and third in overseas markets according to ABI Research [1] - The global demand for IoT modules is expected to improve, with projections indicating that global cellular module shipments could reach 790 million units by 2029, with a market size of 9.495 billion USD [1] Financial Forecasts - The company's net profit forecasts for 2024-2026 are adjusted to 711 million, 767 million, and 912 million yuan respectively, with corresponding EPS of 0.93, 1.00, and 1.19 yuan [2] - The current stock price corresponds to a PE ratio of 11.99X for 2024, 11.11X for 2025, and 9.34X for 2026 [2]