FIBOCOM(SZ:300638) Tianfeng Securities·2025-09-23 07:14Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 3.707 billion yuan in the first half of 2025, a year-on-year decline of 9.02%, and a net profit attributable to the parent company of 218 million yuan, down 34.66% year-on-year [1] - The decline in revenue and profit was significantly influenced by the exit of the wireless communication module business from Ruiling Wireless, but excluding this impact, the company's revenue grew by 23.49% year-on-year in the first half of 2025 [2] - The company is actively pursuing opportunities in the AI sector and robotics, establishing an AI research institute and developing various AI applications, including AI toy solutions and intelligent robots [4] Financial Performance - In Q2 2025, the company achieved a revenue of 1.851 billion yuan, a year-on-year decline of 5.14%, with a net profit of 100 million yuan, down 31.25% year-on-year [2] - The gross margin for Q2 2025 was 15.83%, a decrease of 5.82 percentage points year-on-year, primarily due to fluctuations in product structure and material procurement prices [3] - The company expects to invest 55% of the funds raised from its H-share offering into AI and robotics businesses [4] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 540 million, 690 million, and 850 million yuan respectively, with corresponding PE ratios of 45, 35, and 29 times [5] - The projected revenue for 2025 is 8.328 billion yuan, with a growth rate of 1.70% [11] - The company maintains a target price of 31.91 yuan [6]