港股上市增强实力，充分释放增长势能。10 月22 日，广和通正式登陆港交所，成为国内首家实 现"A+H"上市的无线通信模组企业。此次在港交所上市，广和通全球发售约1.35 亿股，发行价21.50 港 元，募资总额29 亿港元。资金主要用于投入机器人及端侧AI 研发投资并购、偿还银行贷款及补充流动 资金。 我们认为，公司H 股成功登陆港交所主板并完成融资增强实力，有望在边缘智能加速发展的产业趋势下 释放增长势能。 事件：10 月29 日晚，公司发布《2025 年第三季度报告》，公司实现营业收入53.66 亿元，同比下降 13.69%，剔除锐凌无线车载前装无线通信模组业务的影响，持续经营业务营业收入同比增长7.32%；归 属上市公司股东的净利润3.16亿元，同比下降51.50%，剔除锐凌无线车载前装无线通信模组业务的影 响，持续经营业务归属于上市公司股东的净利润同比下降2.19%；归属上市公司股东的扣除非经常性损 益的净利润2.97 亿元，同比下降34.05%。 营收利润短期承压，经营效率初显改善。单季度来看，2025Q3，公司实现营业收入16.59 亿元，同比下 降22.56%，环比下降10.41%，主要受锐凌 ...

证券研究报告 | 公司点评报告 2025 年 11 月 02 日 广和通（300638.SZ） 经营效率初显改善，边缘智能布局深化 TMT 及中小盘/通信 事件：10 月 29 日晚，公司发布《2025 年第三季度报告》，公司实现营业收入 53.66 亿元，同比下降 13.69%，剔除锐凌无线车载前装无线通信模组业务的影 响，持续经营业务营业收入同比增长 7.32%；归属上市公司股东的净利润 3.16 亿元，同比下降 51.50%，剔除锐凌无线车载前装无线通信模组业务的影响，持 续经营业务归属于上市公司股东的净利润同比下降 2.19%；归属上市公司股东 的扣除非经常性损益的净利润 2.97 亿元，同比下降 34.05%。 ❑ 风险提示：市场竞争加剧风险、下游需求波动风险、全球经贸摩擦风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7716 | 8189 | 7530 | 9618 | 12285 | | 同比增长 | 37% | 6% ...

业绩简评 2025 年10 月29 日，公司发布2025 年第三季度报告，2025 年前1-3 季度公司营收53.66 亿元，同比下降 13.69%；实现归母净利润3.16 亿元，同比下降51.50%。对应3Q25 营收16.59 亿元，同比下降22.56%， 环比下降10.41%；实现归母净利润0.98 亿元，同比下降69.14%，环比下降1.82%。 物联网发展不及预期；新业务拓展不及预期；行业竞争加剧；汇率波动；国际关系扰动；原材料价格上 涨的风险。 赴港上市，端侧AI+机器人业务给公司带来第二增长曲线。公司已于10 月22 日正式登录港股，成为国 内首家"A+H"上市的无线通信模组企业。AI 端侧看，公司自主研发的Fibocom AI Stack 支持Qwen3 等大 模型端侧部署，降低算力门槛；创新开发了高性能端侧AI 推理引擎，实现跨芯片平台的兼容运行；同 时推出5G AI MiFi、AI 玩具大模型等场景化方案。机器人侧看，公司与禾赛科技达成战略合作，联合 发布基于激光雷达+双目视觉+RTK 的机器人多模态融合感知与控制解决方案。目前，该方案已成功应 用于国内某头部具身智能公司，赋能其新一代标杆 ...

Core Viewpoint - The company is facing short-term performance pressure but continues to invest in AI computing power and robotics, maintaining a "buy" rating. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.366 billion yuan, a year-on-year decrease of 13.69%. Excluding the impact of the wireless vehicle-mounted module business, the revenue from continuing operations grew by 7.32% [1] - The net profit attributable to the parent company was 316 million yuan, down 51.50% year-on-year. Excluding the impact of the wireless vehicle-mounted module business, the net profit from continuing operations decreased by 2.19% [1] - In Q3 2025, the company reported revenue of 1.659 billion yuan, a year-on-year decline of 22.56%, with a net profit attributable to the parent company of 97 million yuan [1] Group 2: AI and Robotics Development - The demand for intelligent computing modules is rapidly increasing due to AI development, and the acceleration of robotics commercialization is expected to benefit the company [1] - The company has established a strategic partnership with Hesai Technology, focusing on 3D LiDAR technology and AI visual algorithms to enhance the capabilities of robots in precise positioning, path planning, and navigation [2] - A strategic collaboration with XREAL was formed to accelerate edge AI development, leveraging lightweight, low-power AI solutions for efficient local processing of AI tasks in AR glasses [3] Group 3: Future Outlook - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 507 million, 680 million, and 858 million yuan respectively, with the current stock price corresponding to PE ratios of 40.5, 30.2, and 23.9 times [1] - The company is optimistic about the long-term development of its intelligent computing module and robotics solution businesses, supported by the increasing penetration of 5G modules and the accelerated implementation of edge AI [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Insights - The company reported a revenue of 5.366 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.69%. Excluding the impact of the wireless vehicle-mounted module business, the revenue from continuing operations increased by 7.32% year-on-year. The net profit attributable to the parent company was 316 million yuan, down 51.50% year-on-year, with a decrease of 2.19% for continuing operations when excluding the same business impact. The company achieved a revenue of 1.659 billion yuan in Q3 2025, a year-on-year decline of 22.56% [4][6] - The demand for intelligent computing modules driven by AI development is growing rapidly, and the acceleration of commercial deployment in robotics is expected to benefit the company continuously. The profit forecast for 2025-2027 has been adjusted to 507 million, 680 million, and 858 million yuan respectively, with the current stock price corresponding to P/E ratios of 40.5, 30.2, and 23.9 times [4][6] - The company has formed strategic partnerships with HeSai Technology and XREAL to enhance its capabilities in robotics and edge AI, focusing on areas such as intelligent perception and low-power AI solutions [5][6] Financial Summary - For 2023A, the company reported a revenue of 7.716 billion yuan, with a year-on-year growth of 36.7%. The net profit attributable to the parent company was 564 million yuan, reflecting a year-on-year increase of 54.5%. The gross margin was 22.6%, and the net margin was 7.3% [6][9] - The projected financials for 2025E include a revenue of 8.328 billion yuan, a net profit of 507 million yuan, a gross margin of 18.0%, and a net margin of 6.1% [6][9] - The company's return on equity (ROE) for 2025E is expected to be 12.3%, with earnings per share (EPS) projected at 0.66 yuan [6][9]

Core Viewpoint - Hesai (HSAI.US) has seen a pre-market increase of 1.1%, reaching $22.02, following a strategic partnership with Guanghetong to launch a multi-modal perception and control solution based on LiDAR, stereo vision, and RTK technology [1] Group 1 - The collaboration between Hesai and Guanghetong aims to enhance robotic capabilities through advanced perception and control solutions [1] - The newly developed solution has already been successfully implemented in a leading domestic intelligent robotics company, empowering its next-generation benchmark robotic products [1]

禾赛美股盘前涨1.1%，此前发布机器人多模态融合感知与控制解决方案。 ...

Core Viewpoint - Hesai (HSAI.US) has seen a pre-market increase of 1.1%, reaching $22.02, following a strategic partnership with Guanghetong to launch a multi-modal perception and control solution based on LiDAR, stereo vision, and RTK technology [1] Group 1 - The strategic collaboration between Hesai and Guanghetong aims to enhance robotic capabilities through advanced perception and control solutions [1] - The newly developed solution has already been successfully implemented in a leading domestic intelligent robotics company, empowering its next-generation benchmark robotic products [1]

Core Insights - HeSai Technology and Guanghe Tong have established a strategic partnership to jointly launch a multi-modal perception and control solution for robots, integrating LiDAR, dual-vision, and RTK technologies [1] Group 1: Partnership Details - The collaboration focuses on 3D LiDAR technology and AI visual algorithms [1] - The partnership aims to enhance capabilities in embodied intelligence, quadruped robotic dogs, and lawn-mowing robots [1] Group 2: Application and Impact - The solution is designed to assist robots in achieving precise positioning, environmental perception and obstacle avoidance, as well as path planning and navigation [1] - The solution has already been successfully implemented in a leading domestic embodied intelligence company [1]