FIBOCOM(300638) 银河证券·2025-04-24 09:10Investment Rating - The report maintains a "Recommended" rating for Guanghetong (300638.SZ) [1] Core Views - Guanghetong's 2024 revenue reached 8.189 billion, a year-on-year increase of 6.13%. Excluding the impact of Ruilin's wireless vehicle-mounted pre-installation business, revenue growth was 23.34%. The net profit attributable to shareholders was 668 million, up 18.53% year-on-year [3][4] - The growth in revenue is primarily driven by the 5G fixed wireless access (FWA) business in the domestic automotive electronics and smart home sectors. The company has enhanced its communication module product line and launched new products such as the 5G FG370-KR and upgraded the SC171 series smart module [3] - The global IoT terminal scale is steadily growing, with an expected increase in connected devices to 41.1 billion by 2030. In China, the cellular IoT terminal user base reached 2.656 billion by the end of 2024, with a significant increase in mobile IoT access traffic [3] - The company has established an AI research institute to focus on core technologies and has made significant progress in the AIoT strategic sector, particularly in robotics applications [3] Financial Performance Summary - The forecasted revenue for 2025, 2026, and 2027 is 9.212 billion, 10.733 billion, and 12.181 billion respectively, with year-on-year growth rates of 12.50%, 16.50%, and 13.50% [4][6] - The net profit attributable to shareholders is projected to be 758 million, 896 million, and 1.022 billion for the years 2025, 2026, and 2027, reflecting growth rates of 13.48%, 18.20%, and 14.10% respectively [4][6] - The company's PE ratios for 2025, 2026, and 2027 are expected to be 25.46, 21.54, and 18.88 respectively, indicating a favorable valuation trend [4][6]