FIBOCOM(300638)2025-05-16 05:45Investment 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 a reported 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 [1][6]. - The company has submitted an application for H-share listing, with funds expected to be allocated for R&D, manufacturing facilities, strategic investments, and debt repayment [6][1]. - The company is focusing on advancements in edge AI and robotics, aiming to capitalize on the trend of intelligent connectivity, with several new products expected to positively impact future performance [6][1]. 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% [1][7]. - The net profit for 2025 is estimated at 594 million yuan, reflecting a decline of 11.1% year-on-year, but is expected to recover to 752 million yuan by 2026 [1][7]. - The earnings per share (EPS) is projected to be 0.78 yuan in 2025, with a price-to-earnings (P/E) ratio of 32 [1][7]. Market Position - The company is recognized as a leading player in the global IoT module market, with a strong focus on wireless communication and a commitment to enhancing its market position through investments in edge AI and robotics [6][1]. - The total market capitalization of the company is approximately 21.249 billion yuan, with a circulating market value of about 14.794 billion yuan [3][6].