FIBOCOM(300638) 国信证券·2025-04-21 01:30Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][28] Core Views - The company is actively expanding its presence in edge AI applications, with a focus on intelligent modules and robotics, which are expected to drive significant revenue growth in the coming years [3][26] - The sale of the subsidiary, Ruilin Wireless, is expected to impact short-term performance, but the core wireless communication module business continues to grow rapidly, particularly in the automotive electronics and 5G fixed wireless access sectors [2][9] - The company's revenue for 2024 is projected to be 8.189 billion yuan, a year-on-year increase of 6.13%, with a net profit of 668 million yuan, reflecting an 18.53% increase [1][5] Financial Performance Summary - In 2024, the company's gross margin is expected to be 19.33%, a decrease of 3.81 percentage points year-on-year, influenced by product mix changes [2][18] - The company plans to issue H-shares to raise funds for investments in communication, edge intelligence, and robotics [3][26] - The projected net profits for 2025, 2026, and 2027 are 673 million yuan, 793 million yuan, and 929 million yuan respectively, with corresponding P/E ratios of 29, 25, and 21 [4][29]