FIBOCOM(300638)2025-04-30 02:05Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q1 2025 performance met expectations, with revenue of 1.856 billion RMB, a year-on-year decline of 12.59%, and a net profit of 118 million RMB, down 37.30% year-on-year, primarily due to the sale of the automotive pre-installation business [1][2]. - The report expresses optimism about the recovery of demand in the IoT module market and the company's growth prospects in the context of AI computing penetrating edge and terminal sides [1][3]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 17.0%, a year-on-year decrease of 4.5% but a quarter-on-quarter increase of 2.0 percentage points, indicating a potential improvement trend as the company's shipment structure is expected to optimize [2]. - The company effectively controlled expenses, with sales, management, and R&D expense ratios of 1.89%, 1.86%, and 7.16%, respectively, showing year-on-year decreases of 0.64, 0.18, and 1.56 percentage points [2]. Market Outlook - Short-term demand for the company's domestic automotive and overseas FWA businesses is expected to remain positive, while long-term prospects are bolstered by the trend of AI computing moving from cloud to edge, positioning the company to capture new opportunities in edge computing markets such as AIPC and outdoor robotics [3][4]. Valuation - The report maintains the net profit forecasts for 2025-2027 at 580 million, 690 million, and 800 million RMB, respectively, with a target price of 29.65 RMB, reflecting a PE ratio of 39x for 2025 [4][7].