FIBOCOM(300638) 海通证券·2024-11-03 13:19Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 6.217 billion yuan for the first three quarters, representing a year-on-year increase of 5.12%, and a net profit attributable to the parent company of 652 million yuan, up 43.22% year-on-year [3] - In Q3 2024, the company achieved a revenue of 2.142 billion yuan, a year-on-year increase of 4.55% and a quarter-on-quarter increase of 9.74%, with a net profit of 318 million yuan, reflecting a year-on-year growth of 108.87% [3] - The domestic vehicle-mounted and Fixed Wireless Access (FWA) businesses are the main contributors to revenue growth, with significant market share in North America and expansion into India and Europe [4] - The company is also expanding into AI and robotics, with plans for mass production of smart modules and intelligent robots in Q4 2024 [4] - The company expects substantial growth in FWA business over the next three years due to market opportunities [4] Financial Summary - The company forecasts revenues of 8.428 billion yuan, 8.985 billion yuan, and 11.090 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 760 million yuan, 614 million yuan, and 783 million yuan [5] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.99 yuan, 0.80 yuan, and 1.02 yuan respectively [5] - The company’s gross margin is expected to be around 20.5% in 2024, with a net profit margin of 9.0% [9] - The company’s total revenue is projected to grow at a rate of 9.23% in 2024 and 6.61% in 2025 [8] Business Segmentation - The wireless communication equipment segment is expected to generate revenues of 8.121 billion yuan in 2024, with a growth rate of 8.12% [8] - The other segment is projected to see revenues of 307.15 million yuan in 2024, with a growth rate of 50% [8] - The overall gross margin for the company is expected to stabilize around 20.5% in the coming years [8]