FIBOCOM(300638) 华创证券·2025-04-23 04:02Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Insights - The company achieved a revenue of 8.189 billion yuan in 2024, representing a year-on-year growth of 6.13%, while the net profit attributable to shareholders was 668 million yuan, up 18.53% year-on-year [1][7]. - The growth in revenue is primarily driven by the domestic automotive and Fixed Wireless Access (FWA) businesses, with the automotive segment experiencing approximately 30% growth due to increased performance from major clients and the penetration of 5G technology [7][8]. - The company plans to issue H shares to enhance its investment in communication, edge AI, and robotics, which are seen as new growth areas [7][8]. Financial Summary - The company’s total revenue is projected to grow from 8.189 billion yuan in 2024 to 11 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.2% [3][8]. - The net profit attributable to shareholders is expected to fluctuate, with estimates of 594 million yuan in 2025, 752 million yuan in 2026, and 900 million yuan in 2027, reflecting a growth rate of 26.6% in 2026 and 19.7% in 2027 [3][8]. - The company's gross margin for 2024 is reported at 19.33%, with a slight decline attributed to product mix and material cost fluctuations [7][8]. Market Performance - The company's stock price target for 2025 is set at 31.04 yuan, compared to the current price of 24.28 yuan, indicating a potential upside [3][8]. - The company has shown a significant market performance compared to the benchmark index, with a notable increase of 181% over the past 12 months [6].