FIBOCOM(SZ:300638) Changjiang Securities·2025-03-18 05:48Investment Rating - The investment rating for the company is "Buy" and it is maintained [10]. Core Viewpoints - The company is expected to benefit from the growth of AI terminals, with a transition from 4G to 5G and smart modules, leading to an increase in value [10]. - The company is positioned to transform from module production to complete solutions in the AI terminal sector, enhancing its value capture within the industry [10]. - The company's revenue and profit growth are projected to remain robust, with a forecasted net profit of 700 million yuan, 550 million yuan, and 730 million yuan for 2024-2026, reflecting year-on-year growth rates of 24%, -22%, and 33% respectively, excluding the impact of the sale of assets and profits from the 2024 acquisition of Lingrui Wireless [10]. Summary by Sections Industry Overview - DeepSeek has achieved significant cost reductions in model inference through algorithm and engineering innovations, which may alter the value distribution within the AI industry chain, allowing downstream AI applications to capture a larger share [2]. - The module market is benefiting from the increasing deployment of AI terminals, with a gradual upgrade from 4G to 5G and smart modules, enhancing their value [5]. Company Analysis - The company has maintained a leading position in gross and net profit margins within the industry, focusing on sectors where it has competitive advantages, such as PC, POS, and vehicle networking [5]. - The company's historical stock price fluctuations are influenced by three main factors: product upgrades, mergers and acquisitions, and supply-demand changes due to geopolitical tensions [36]. AI Terminal Development - The DeepSeek platform is expected to accelerate the implementation of AI applications, with small teams able to distill advanced small models from large models for various end-use scenarios [7][51]. - Communication modules are critical for AI terminals, facilitating data transmission and processing, which is expected to drive an increase in module shipments [54]. Service Robots and Intelligent Robotics - The company is collaborating with Digua Robotics to provide comprehensive solutions for service robots, showcasing various applications at industry events [8][60]. - The company has developed a reference design for embodied intelligent robots, integrating sensors and AI algorithms to enhance operational efficiency in various sectors, including healthcare and disaster response [64]. Financial Projections - The company anticipates a steady increase in revenue and profit, with a focus on the AI terminal and smart module markets, which are expected to grow significantly in the coming years [10][48].