广和通：AI物联网引领者，具身智能已占据先机-20250521

Investment Rating - The report maintains a "Buy-B" rating for the company Guanghetong (300638.SZ) [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, particularly in smart modules [5] - The company is focusing on vertical industries within IoT and continuously optimizing 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% [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% [4] - Excluding the impact of Ruilin Wireless's automotive pre-installation business, the company's 2024 revenue grew by 23.34%, driven by significant growth in the domestic automotive electronics and smart home sectors [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 projected to reach 41.1 billion by 2030 [5] - The company is launching various AI solutions, including AI toy models and multifunctional AI infrared camera solutions, which are expected to enhance user interaction and expand into multiple application scenarios [6][7] - The company is also developing edge AI solutions for various industries, including a grass-cutting robot solution that integrates advanced positioning and obstacle avoidance capabilities [7] Profit Forecast and Valuation Analysis - The company is projected 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 is 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]