FIBOCOM(300638) 山西证券·2025-05-21 06:03Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is positioned as a leader in AI and IoT, with embodied intelligence gaining a competitive edge [1] - The global IoT industry is recovering, with edge AI presenting new opportunities, and smart modules becoming a new growth direction [5] - The company focuses on vertical industries within IoT and continues to optimize its product matrix [6] Financial Performance - In 2024, the company achieved revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, up 18.53% year-on-year [4] - For Q1 2025, the company reported revenue of 1.856 billion yuan, a decrease of 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% year-on-year [4] - Excluding the impact of RuiLing Wireless's automotive business, the company's 2024 revenue grew by 23.34%, driven by significant growth in the 5G fixed wireless access (FWA) sector [4] Market Data - As of May 20, 2025, the closing price was 27.43 yuan, with a total market capitalization of 146.18 billion yuan [3] - The company has a total share capital of 766 million shares, with 533 million shares in circulation [3] Growth Opportunities - The number of global IoT terminals is expected to reach 18.8 billion in 2024, a year-on-year increase of 13%, and is projected to reach 41.1 billion by 2030 [5] - The company has launched various AI solutions, including the MagiCore AI toy model solution and multi-functional AI infrared camera solutions, which are expected to enhance user interaction and application in various fields [6][7] - The company is also focusing on embodied intelligence and has introduced solutions for unmanned lawn mowing and humanoid robots, aiming to establish a commercial closed loop [7] Profit Forecast and Valuation Analysis - The company is expected to achieve net profits of 553 million yuan, 697 million yuan, and 873 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -17.3%, 26.1%, and 25.3% [8] - The estimated EPS for 2025, 2026, and 2027 are 0.72 yuan, 0.91 yuan, and 1.14 yuan respectively, with corresponding P/E ratios of 38.0, 30.1, and 24.0 [8] - The company's valuation is currently at a historically low level, and with the potential growth in edge AI and robotics, the "Buy-B" rating is maintained [8]