FIBOCOM(SZ:300638) Huachuang Securities·2025-05-16 04:44Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][13]. Core Views - The company's Q1 2025 performance shows a recovery in profitability, with total revenue of 1.856 billion yuan, down 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% year-on-year. However, there is a significant sequential improvement in net profit, up 634.66% [6][7]. - The company has submitted an application for H-share listing, with funds expected to be allocated for R&D, manufacturing facilities, strategic investments, debt repayment, and working capital [6][7]. - The company is focusing on advancements in edge AI and robotics, with plans for significant R&D investment in these areas, which are anticipated to positively impact future performance [6][7]. Financial Summary - For 2025, the company is projected to achieve total revenue of 8.29 billion yuan, with a year-on-year growth rate of 1.2%. The net profit is expected to be 594 million yuan, reflecting a decline of 11.1% year-on-year [6][7]. - The earnings per share (EPS) for 2025 is estimated at 0.78 yuan, with a price-to-earnings (P/E) ratio of 32 times [6][7]. - The company’s total market capitalization is approximately 21.249 billion yuan, with a circulating market value of about 14.794 billion yuan [6][7].