FIBOCOM(SZ:300638) Guolian Securities·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for the company [19][18]. Core Insights - The company achieved a revenue of 7.716 billion yuan in 2023, representing a year-on-year growth of 36.65%. The net profit attributable to shareholders was 564 million yuan, up 54.47% year-on-year [15]. - The gross profit margin for 2023 reached 23.14%, an increase of 2.97 percentage points, primarily due to the acquisition of Ruilin Wireless. The net profit margin was 7.30%, up 0.85 percentage points year-on-year [16]. - The company is focusing on increasing R&D efforts, having obtained 88 new invention patents in 2023, with products like 5G modules and 5G vehicle-mounted intelligent cabins entering mass production [16]. - The FWA (Fixed Wireless Access) business is expected to remain strong, with global cellular IoT connections projected to grow from 3.5 billion in 2023 to 5.8 billion by 2030 [16]. Financial Forecast Summary - Revenue projections for 2024, 2025, and 2026 are 10.345 billion yuan, 13.388 billion yuan, and 17.421 billion yuan, with year-on-year growth rates of 34.08%, 29.41%, and 30.13% respectively [18]. - The net profit attributable to shareholders is forecasted to be 761 million yuan, 1.004 billion yuan, and 1.340 billion yuan for the years 2024, 2025, and 2026, with growth rates of 35.0%, 31.97%, and 33.46% respectively [18]. - The company’s EPS (Earnings Per Share) is expected to be 0.99 yuan, 1.31 yuan, and 1.75 yuan for the years 2024, 2025, and 2026 [18]. Market Performance - The company’s overseas revenue in 2023 was 4.484 billion yuan, accounting for 58.11% of total revenue, with a year-on-year growth of 32.74% [17]. - Domestic revenue reached 3.232 billion yuan, reflecting a year-on-year increase of 42.5% [17].