FIBOCOM(SZ:300638)2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 7.716 billion yuan for 2023, representing a year-on-year increase of 36.65%. The net profit attributable to shareholders was 564 million yuan, up 54.47% year-on-year [6][17]. - The company is positioned as a core player in the global IoT module market, with stable operations and recovering downstream demand. The growth is expected to be driven by edge AI/robotics and vehicle/FWA deployments [7][9]. - The earnings forecasts for 2024 and 2025 have been slightly adjusted to 727 million yuan and 873 million yuan, respectively, with a new forecast for 2026 set at 1.042 billion yuan [7][10]. Financial Summary - Total revenue is projected to grow from 7.716 billion yuan in 2023 to 9.898 billion yuan in 2024, with a year-on-year growth rate of 28.3% [10][11]. - The gross profit margin for 2023 was 23.14%, an increase of 2.97 percentage points year-on-year, indicating improved revenue structure and higher-margin product contributions [18]. - The company generated a net cash flow from operating activities of 654 million yuan in 2023, reflecting a significant increase of 118.32% year-on-year [18].