FIBOCOM(SZ:300638) Shenwan Hongyuan Securities·2025-11-07 07:42Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that exceeds the market by more than 20% [7]. Core Insights - The company reported a revenue of 5.366 billion yuan for the first three quarters of 2025, reflecting a year-over-year decline of 13.7%. However, excluding the impact of a specific business segment, revenue showed a year-over-year increase of 7.32% [5][6]. - The company is focusing on the integration of AI and robotics, with strategic partnerships aimed at enhancing its product offerings in these areas. A notable collaboration with XREAL aims to provide ODM solutions for AR glasses, enhancing local processing capabilities for AI tasks [7]. - The company has established an AIC product line to deliver AI algorithms and hardware solutions for the robotics industry, with plans for mass production of intelligent robotic solutions in 2024 [7]. Financial Data and Earnings Forecast - The company is projected to achieve total revenue of 7.537 billion yuan in 2025, with a year-over-year decline of 8%. However, growth is expected to rebound in subsequent years, with forecasts of 9.391 billion yuan in 2026 and 11.803 billion yuan in 2027, reflecting growth rates of 24.6% and 25.7% respectively [6][9]. - The net profit for 2025 is estimated at 493 million yuan, down 26.1% from the previous year, but is expected to recover to 641 million yuan in 2026 and 841 million yuan in 2027 [6][9]. - The report highlights a recovery in gross margin, which increased to 18.73% in Q3 2025, up 2.9 percentage points quarter-over-quarter [7]. Market Position and Strategic Outlook - The company is positioned as a core player in the global IoT module market, with expectations that its AI and robotics initiatives will drive performance growth. The report notes that concerns regarding tariffs on modules are manageable due to the company's limited exposure to certain markets [7]. - The company is also expanding its offerings in the FWA (Fixed Wireless Access) sector, with the introduction of a new 5G R17 module series, anticipating increased demand and market penetration [7].