FIBOCOM(300638)2025-05-06 05:35Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4] Core Views - The company's apparent performance is under pressure due to asset sales, but it is actively positioning itself in edge AI and robotics sectors [8] - In 2024, the company achieved a revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, a year-on-year increase of 18.53% [1] - The company is focusing on developing integrated communication capabilities and edge intelligent computing solutions, with a positive long-term growth outlook [8] Financial Performance Summary - 2024 Financials: Revenue of 8.189 billion yuan, net profit of 668 million yuan, and a decrease in non-recurring net profit by 5.84% [1][3] - 2025 Q1 Performance: Revenue of 1.856 billion yuan, a year-on-year decrease of 12.59%, and net profit of 118 million yuan, a year-on-year decrease of 37.30% [1] - Future Projections: Expected net profits for 2025, 2026, and 2027 are 539 million yuan, 669 million yuan, and 832 million yuan respectively, with corresponding growth rates of -19%, 24%, and 24% [8] Valuation Metrics - Current Stock Price: 25.42 yuan with a total market capitalization of 19.5 billion yuan [4] - PE Ratios: Projected PE ratios for 2025, 2026, and 2027 are 36.1X, 29.1X, and 23.4X respectively [8] - ROE: The company has a trailing twelve months ROE of 16.0% [4]