FIBOCOM(300638) 开源证券·2024-10-28 15:57Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady performance in Q3 2024, with a revenue of 6.217 billion yuan, a year-on-year increase of 5.12%, and a net profit attributable to shareholders of 0.652 billion yuan, up 43.22% year-on-year [3] - The company continues to invest in overseas markets and is expanding into sectors such as edge AI and low-altitude economy [3][5] - Despite the sale of its overseas vehicle-mounted business, the company maintains a positive outlook on its profitability, with projected net profits for 2024-2026 at 0.697 billion, 0.632 billion, and 0.722 billion yuan respectively [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 62.17 billion yuan, with a net profit of 6.52 billion yuan [3] - The Q3 2024 revenue was 21.42 billion yuan, reflecting a 4.55% year-on-year growth, while the net profit for the same period was 3.18 billion yuan, showing a significant increase of 108.87% year-on-year [3] - The company reported R&D expenses of 5.22 billion yuan for the first three quarters of 2024, with an R&D expense ratio of 8.40% [4] Market Expansion and Product Development - The company is actively expanding into edge AI, low-altitude economy, and robotics, with a focus on long-term benefits from AI applications [5] - The company has established a smart module production line and launched several new products, including the SC208 smart module and the MC610-GL LTE Cat.1 bis module [4] - The company is also focusing on 5G and V2X vehicle networking modules, as well as AI intelligent cockpit products [4]