FIBOCOM(SZ:300638) Changjiang Securities·2025-05-07 00:13Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The report highlights that the AI terminal and robotics sectors are expected to contribute to new growth opportunities for the company. The transition from modules to complete solutions in AI toys and embodied intelligent robots is anticipated to enhance the company's value capture within the industry [5][11]. - The company reported a revenue of 1.856 billion yuan in Q1 2025, a year-on-year decrease of 12.59%, and a net profit attributable to shareholders of 118 million yuan, down 37.30% year-on-year [5][11]. - The report emphasizes that the decline in revenue is primarily due to asset divestiture, particularly the impact of Rolling Wireless (H.K.) Limited, which had significant revenue and profit contributions in 2023 [11]. Summary by Sections Industry Overview - DeepSeek has achieved cost reductions in model inference through algorithmic and engineering innovations, which may alter the value distribution within the AI industry chain. The transition from 4G to 5G and the upgrade of smart modules are expected to enhance value [5][11]. Company Performance - The company is positioned to benefit from the growth of AI terminals and the transition to smart modules, which are expected to increase in value. The report forecasts that, excluding the impact of Rolling Wireless in 2024, the company will still see year-on-year revenue and profit growth in 2025 [5][11]. Financial Projections - The company is projected to achieve net profits of 510 million yuan, 670 million yuan, and 840 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -24%, 32%, and 25% [11].