Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [7][8]. Core Insights - The company is expected to achieve a revenue of RMB 11.45 billion in the first half of 2025, representing a year-on-year growth of 38.8%, with a net profit of RMB 463 million, up 121% year-on-year [8]. - The company is transitioning from a module supplier to a comprehensive IoT solution provider, leveraging advancements in 5G and AI technologies to enhance its market position [10]. - The IoT industry is anticipated to recover significantly in 2025, with the company poised to benefit from this growth as it maintains the largest global market share in IoT module shipments [10]. - The company has a strong focus on AIoT technologies, integrating AI with IoT applications, which is expected to drive future growth [10]. - Profit forecasts for 2025-2027 indicate net profits of RMB 1.024 billion, RMB 1.517 billion, and RMB 2.234 billion, respectively, with corresponding EPS of RMB 3.91, RMB 5.80, and RMB 8.54 [10]. Company Overview - The company operates in the communication industry, with a current A-share price of RMB 82.24 and a market capitalization of RMB 21.519 billion [2]. - The stock has shown significant price appreciation over the past year, with a 63.3% increase [2]. - Major shareholders include Qian Penghe, holding 17.19% of the shares [2]. Financial Performance - The company reported a net profit of RMB 90.71 million in 2023, with projections of RMB 588.22 million in 2024 and RMB 1.023 billion in 2025, reflecting substantial growth [9]. - The projected P/E ratios for 2025-2027 are 21, 14, and 10, respectively, indicating a favorable valuation outlook [10].

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is positioned as a leader in AI and IoT, with embodied intelligence gaining a competitive edge [1] - The global IoT industry is recovering, with edge AI presenting new opportunities, and smart modules becoming a new growth direction [5] - The company focuses on vertical industries within IoT and continues to optimize its product matrix [6] Financial Performance - In 2024, the company achieved revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, up 18.53% year-on-year [4] - For Q1 2025, the company reported revenue of 1.856 billion yuan, a decrease of 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% year-on-year [4] - Excluding the impact of RuiLing Wireless's automotive business, the company's 2024 revenue grew by 23.34%, driven by significant growth in the 5G fixed wireless access (FWA) sector [4] Market Data - As of May 20, 2025, the closing price was 27.43 yuan, with a total market capitalization of 146.18 billion yuan [3] - The company has a total share capital of 766 million shares, with 533 million shares in circulation [3] Growth Opportunities - The number of global IoT terminals is expected to reach 18.8 billion in 2024, a year-on-year increase of 13%, and is projected to reach 41.1 billion by 2030 [5] - The company has launched various AI solutions, including the MagiCore AI toy model solution and multi-functional AI infrared camera solutions, which are expected to enhance user interaction and application in various fields [6][7] - The company is also focusing on embodied intelligence and has introduced solutions for unmanned lawn mowing and humanoid robots, aiming to establish a commercial closed loop [7] Profit Forecast and Valuation Analysis - The company is expected to achieve net profits of 553 million yuan, 697 million yuan, and 873 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -17.3%, 26.1%, and 25.3% [8] - The estimated EPS for 2025, 2026, and 2027 are 0.72 yuan, 0.91 yuan, and 1.14 yuan respectively, with corresponding P/E ratios of 38.0, 30.1, and 24.0 [8] - The company's valuation is currently at a historically low level, and with the potential growth in edge AI and robotics, the "Buy-B" rating is maintained [8]

30余家AIoT产业链上市公司、100余位专业投资人与产业专家深度交流，聚焦AI物联网产业，围绕智能穿戴、AI芯片、场景应用等核心议题展开探讨。 作为证券时报社属媒体，《新财富》杂志自2001年创刊以来，始终与市场各专业机构保持良好沟通，积极促进资本要素的交流互通，致力于构建一个活跃 的资本生态圈。旗下核心服务平台——新财富杂志研究院，深度整合上市公司、券商及其他金融机构资源优势，打造了"内容+活动+服务"三位一体的创 新服务模式，为企业全生命周期的价值提升持续赋能。 新财富杂志研究院打造的高端沙龙系列，聚焦人工智能、数字经济等前沿产业领域，搭建起上市公司实控人与行业领袖、产业专家等智库深度交流的平 台，各方通过思想碰撞与经验分享，有效促进技术、资本、产业等要素的优化配置，为产业高质量升级注入强劲动力。聚焦AI赋能，研究院已联合多家 机构成功举办多场高端沙龙活动，以其专业性和前瞻性，收获市场广泛关注与积极反响。 来源：新财富杂志 声明：数据宝所有资讯内容不构成投资建议，股市有风险，投资需谨慎。 责编：何予 5月8日，新财富杂志研究院高端沙龙系列之"2025 AI物联网投资闭门研讨会"在上海成功举行。本次活动由 ...