在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 在与每个智能汽车、笔记本电脑、智能音箱设备日常互动的背后，都隐藏着无数微小但至关重要的组件 作为支撑，无形中深入到生活中的方方面面。 近日，广和通无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在A股创业板 上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两地上市的宏 伟蓝图迈出关键一步。 同期，公司持续经营净利润也从人民币3.52亿元增至4.23亿元，证明了其在市场波动中保持盈利规模的 能力。 与此同时，也须审慎看待公司最新的运营数据。2025年前四个月，公司报告的总营收和归母净利润同比 有所下滑，主要由锐凌无线出表（会计处理）所致，若剔除这一影响，公司主业收入实际同比增长 23.49%，归母净利润同比增长6.54%，显示出核心业务保持着强劲的增长势头。 此外，在业务结构方面，广和通已完成了从基础数传模组向智能模组和AI模组的升级迭代，构建了"三 模"产品矩阵。值得关注的是，在2025年前四个月，智能模组的收入占比高达61.3%。 其中，智能模组因集成了应用处理器 ...

在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 在与每个智能汽车、笔记本电脑、智能音箱设备日常互动的背后，都隐藏着无数微小但至关重要的组件 作为支撑，无形中深入到生活中的方方面面。 近日，广和通（300638）无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在 A股创业板上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两 地上市的宏伟蓝图迈出关键一步。 从数传模组到AI模组，海外营收占比60% 智通财经APP了解到，广和通是全球第二大无线通信模组提供商，市场份额高达15.4%，并且在多个高 增长细分赛道占据领先地位： 例如，在智慧家庭和消费电子（如平板、笔记本）领域，公司均拿下全球第一的市占率，尤其在消费电 子领域，市占率高达75.9%；在汽车电子领域，公司位居全球第二，这得益于新能源汽车前装市场对高 可靠性模组需求的爆发。 尤其在同行对比中，广和通的全球化是其最鲜明的标签。其中，公司有高达60%的收入来自海外市场， 使得公司能够有效地分散单一国家或地区的政策及经济周期风险，并确保其技术标准和产品认证体系与 全球 ...

近日，广和通无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在A股创业板 上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两地上市的宏 伟蓝图迈出关键一步。 从数传模组到AI模组，海外营收占比60% 智通财经APP了解到，广和通是全球第二大无线通信模组提供商，市场份额高达15.4%，并且在多个高 增长细分赛道占据领先地位： 例如，在智慧家庭和消费电子（如平板、笔记本）领域，公司均拿下全球第一的市占率，尤其在消费电 子领域，市占率高达75.9%；在汽车电子领域，公司位居全球第二，这得益于新能源汽车前装市场对高 可靠性模组需求的爆发。 尤其在同行对比中，广和通的全球化是其最鲜明的标签。其中，公司有高达60%的收入来自海外市场， 使得公司能够有效地分散单一国家或地区的政策及经济周期风险，并确保其技术标准和产品认证体系与 全球主流市场保持同步。 这种全球化的业务结构，不仅为公司带来了规模经济效应，也显著提升了其国际品牌知名度和供应链议 价能力，是其构建深厚业务壁垒的关键。 在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 ...

Core Viewpoint - Guanghetong (300638.SZ) has passed the Hong Kong Stock Exchange hearing and updated its prospectus on October 5, moving closer to its listing on the Hong Kong main board, with plans for a global offering soon [3][4]. Company Overview - Guanghetong is a leading provider of wireless communication modules, offering data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its understanding of downstream application scenarios, including edge AI solutions and robotics [3][5]. - The application scenarios for Guanghetong's module products and solutions are extensive, covering automotive electronics, smart homes, consumer electronics, and smart retail [3][5]. Market Position - According to Frost & Sullivan, Guanghetong is the second-largest wireless communication module provider globally based on revenue from continuing operations in 2024 [3][6]. - Guanghetong has established a strong market presence, ranking first in market share for automotive electronics and smart home applications globally [6][7]. Financial Performance - For the four months ending April 30, 2025, Guanghetong reported revenue from continuing operations of approximately 2.481 billion RMB, a year-on-year increase of about 21.2%. However, net profit was approximately 160 million RMB, a decrease of about 31.3% [3][8]. - The sales revenue from 5G module products accounted for over 50% of the company's revenue from continuing operations during the same period [6][7]. Fundraising Plans - Guanghetong plans to use the net proceeds from its fundraising for research and development, particularly in AI and robotics technology, as well as for building manufacturing facilities in Shenzhen, China, and repaying certain interest-bearing bank loans [4][5]. Strategic Focus - The company aims to focus on strategic investments and/or acquisitions in wireless communication, artificial intelligence, robotics, and other complementary or synergistic fields [5][6].

智通财经APP获悉，据港交所10月5日披露，深圳市广和通无线股份有限公司(简称：广和通)通过港交所主板上市聆讯，中信证券为其独家保荐人。广和通 (300638.SZ)已在深交所上市。根据弗若斯特沙利文，广和通是全球第二大无线通信模组提供商，全球市场份额为15.4%（以 2024年来自持续经营业务的收入 计）。 据招股书，广和通是领先的无线通信模组提供商。公司的模组产品包括数传模组、智能模组及AI模组。同时，公司以模组产品为基础，结合对下游应用场 景的理解，向客户提供定制化解决方案，包括端侧AI解决方案、机器人解决方案及其他解决方案。 凭借公司的研发实力，广和通在各代无线通信技术的迭代过程中不断取得突破。例如，于2019年，广和通联合英特尔发布全球首批5G数传模组之一，并推 出全球首批集成区块链技术的5G数传模组之一。于2020年，公司联合中国联通发布全球首批5G+eSIM模组之一及国内首批搭载国产芯片的5G数传模组之 一。 在全球无线通信模组市场中，广和通在多个下游应用场景的市场份额排名领先。具体而言，在汽车电子领域，广和通的市场份额排名全球第二，为14.4% （以来自持续经营业务的收入计）。2024年，汽车 ...

Core Viewpoint - Guanghetong Wireless Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange, having already been listed on the Shenzhen Stock Exchange, and is recognized as the second-largest wireless communication module provider globally with a market share of 15.4% as of 2024 [1][3]. Company Overview - Guanghetong specializes in wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its module products and understanding of downstream application scenarios [3]. - The company has achieved significant breakthroughs in wireless communication technology, including the launch of one of the world's first 5G data transmission modules in collaboration with Intel in 2019 and the first domestic 5G data transmission module equipped with a domestic chip in 2020 [3]. Market Position - In the automotive electronics sector, Guanghetong holds a global market share of 14.4%, ranking second, with the market size projected to reach RMB 11.7 billion in 2024, accounting for 26.8% of the global wireless communication module market [3]. - In the smart home sector, Guanghetong leads with a market share of 36.6%, with the market size expected to be RMB 6.6 billion in 2024, representing 15.1% of the global market [4]. - In the consumer electronics sector, the company also ranks first with a market share of 75.9%, with a projected market size of RMB 2.2 billion in 2024, making up 5.0% of the global market [4]. Financial Performance - The revenue figures for Guanghetong are as follows: approximately RMB 5.203 billion in 2022, RMB 5.652 billion in 2023, RMB 6.971 billion in 2024, and RMB 2.481 billion for the first four months of 2025 [4][6]. - The net profit for the same periods is approximately RMB 365 million in 2022, RMB 565 million in 2023, RMB 678 million in 2024, and RMB 160 million for the first four months of 2025 [4][6].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for the stock's performance in the next 6-12 months [9]. Core Insights - The company is driven by dual engines of modules and solutions, maintaining a leading position across multiple industries. It focuses on expanding the application of its module products and providing customized, one-stop solutions for large-scale markets [5][6]. - The rise of AI and IoT is expected to facilitate rapid development in the industry, with the company actively participating in events like CES 2025 and launching several AI-related module products [6]. - The company has a strong presence in the automotive sector, particularly with its 5G smart module products, which are leading in the intelligent cockpit market [7][8]. - The company is expanding its overseas market presence, with significant revenue growth driven by demand for 5G FWA products and IoT solutions [8]. Financial Performance - In H1 2025, the company achieved operating revenue of 1.886 billion yuan, a year-on-year increase of 44.5%, and a net profit attributable to shareholders of 84.17 million yuan, up 151.38% year-on-year [5]. - The company forecasts net profits of 213 million yuan, 308 million yuan, and 398 million yuan for 2025, 2026, and 2027, respectively, representing growth rates of 57.0%, 44.6%, and 29.2% [9][11]. - The report highlights a projected EPS of 0.81 yuan for 2025, with corresponding P/E ratios of 59.8, 41.3, and 32.0 for the years 2025, 2026, and 2027 [9][11]. Market Position and Strategy - The company leverages its core R&D capabilities in 5G communication, Android system customization, and AI applications to explore potential in vehicle networking and intelligence [7]. - The report emphasizes the company's strategic partnerships with leading chip manufacturers to maintain a competitive edge in the FWA product line, enhancing its market penetration in North America and other regions [8].

Industry Overview - The wireless communication module industry is experiencing continuous expansion in application fields, with a broad market outlook driven by the increasing demand for information technology upgrades and smart living [1] - The industry value chain includes high-tech core components such as baseband, RF, and storage chips, while passive components like capacitors and resistors are in a highly competitive market with strong substitutability [1] Market Size - The global wireless communication module market is projected to grow from 32.2 billion yuan in 2020 to 43.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.7% [3] - China's wireless communication module market is expected to expand from 17.4 billion yuan in 2020 to 24.7 billion yuan in 2024, with a CAGR of 9.1% [3] - By 2031, the global market size is anticipated to reach 87.5 billion yuan, with China's market projected to grow to 56.5 billion yuan [3] Competitive Landscape - The global wireless communication module industry exhibits a highly concentrated oligopoly structure, with the top five companies (CR5) holding a market concentration of 76% [5] - Leading companies such as Quectel and Fibocom dominate the market due to their scale and technological advantages, while other firms seek differentiation in specific regions or segments [5] - The market share of leading companies is expected to continue expanding, indicating a "stronger get stronger" trend in the industry [5] IoT and Related Fields - The IoT industry is in a rapid growth phase, with global connections expected to increase by 23% in 2024, surpassing 25 billion connections [6] - The number of cellular IoT connections is projected to reach 6.7 billion by 2029, driven by advancements in infrastructure and technologies such as AI and 5G [6] - The global shipment of cellular modules is expected to rebound in 2024, with projected shipments of 705 million units and revenues of 9.239 billion USD by 2029 [6] 5G Technology and Applications - By 2029, the number of global 5G mobile users is expected to approach 5.6 billion, with 5G accounting for approximately 75% of mobile data traffic [7] - The transition to 5G-A is anticipated to enhance capabilities significantly, enabling new applications in areas such as connected vehicles and VR/AR [7] Edge Computing and XR Technology - The demand for high computing power in the digital age is driving the growth of edge computing, which offers low latency and high bandwidth advantages [8] - XR technology is emerging alongside 5G and cloud computing, facilitating the connection between physical and virtual worlds [8] Artificial Intelligence Development - The AI sector is experiencing robust growth, with deep learning algorithms and enhanced chip capabilities driving advancements [9] - AI is expected to become a core force in technological revolutions and industrial transformations, leading to new business models and practices [9]

Group 1 - Shenzhen Guanghetong Wireless Co., Ltd. plans to list in Hong Kong, having completed a key regulatory step with the China Securities Regulatory Commission (CSRC) [3] - The company aims to sell up to 155 million shares to Hong Kong investors, following its previous listing in Shenzhen and Shanghai [3] - Guanghetong reported a revenue of 6.97 billion yuan in the previous year, a 23% increase from 5.65 billion yuan in 2023, with profits rising 20% to 677 million yuan [3] Group 2 - The stock of Guanghetong has increased by 55% this year since its listing in Shenzhen [4]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Shenzhen Guanghetong Wireless Co., Ltd., allowing the company to issue up to 155,342,200 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1][2] Group 2 - Guanghetong is a leading global provider of wireless communication modules, with product offerings including data transmission modules, smart modules, and AI modules [4] - The company provides customized solutions based on its module products, including edge AI solutions, robotic solutions, and other applications [4] - Guanghetong's products and solutions cover a wide range of application scenarios, primarily in automotive electronics, smart home, consumer electronics, and smart retail [4] - According to Frost & Sullivan, Guanghetong is the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from continuing operations in 2024 [4]