Investment Rating - The report maintains an "Accumulate" rating for the company [11][13][20] - The target price is set at 32.89 CNY [11][13] Core Insights - The company is experiencing high growth in its FWA (Fixed Wireless Access) business and has entered mass delivery of AI edge and robotic products [2][13] - The company plans to list on the Hong Kong Stock Exchange to raise funds for further investments [2][13] - Revenue projections for 2025-2027 are 82.28 billion CNY, 99.72 billion CNY, and 119.62 billion CNY respectively, with net profits of 5.19 billion CNY, 6.80 billion CNY, and 8.53 billion CNY [13][14] - The company has launched its AI edge technology platform, Fibocom AI Stack, and is focusing on expanding its AI and robotics business [13][14] Financial Summary - Total revenue for 2023 is projected at 7,716 million CNY, with a year-on-year growth of 36.7% [4][14] - Net profit attributable to the parent company for 2023 is expected to be 564 million CNY, reflecting a 54.5% increase [4][14] - The company’s gross margin for the first half of 2025 is reported at 16.42%, down 5.16 percentage points year-on-year [13][14] - The company has a net asset return rate of 18.0% for 2023, projected to be 18.5% in 2024 [4][14] Business Performance - The FWA business is expected to see significant growth, particularly in the Indian market, where 5G penetration is still low [13][14] - The company is actively pursuing new clients in the automotive sector and is transitioning from 4G to 5G modules [13][14] - The report highlights the successful mass production of robotic solutions, including a lawnmower robot and a new RTK visual fusion positioning solution [13][14]
广和通(300638):FWA高增巩固主业,AI端侧、机器人批量交付