Investment Rating - The report maintains an "Accumulate" rating for the company [11][13][20] - The target price is set at 32.89 CNY [11][13] Core Insights - The company is experiencing high growth in its FWA (Fixed Wireless Access) business and has entered mass delivery of AI edge and robotic products [2][13] - The company plans to list on the Hong Kong Stock Exchange to raise funds for further investments [2][13] - Revenue projections for 2025-2027 are 82.28 billion CNY, 99.72 billion CNY, and 119.62 billion CNY respectively, with net profits of 5.19 billion CNY, 6.80 billion CNY, and 8.53 billion CNY [13][14] - The company has launched its AI edge technology platform, Fibocom AI Stack, and is focusing on expanding its AI and robotics business [13][14] Financial Summary - Total revenue for 2023 is projected at 7,716 million CNY, with a year-on-year growth of 36.7% [4][14] - Net profit attributable to the parent company for 2023 is expected to be 564 million CNY, reflecting a 54.5% increase [4][14] - The company’s gross margin for the first half of 2025 is reported at 16.42%, down 5.16 percentage points year-on-year [13][14] - The company has a net asset return rate of 18.0% for 2023, projected to be 18.5% in 2024 [4][14] Business Performance - The FWA business is expected to see significant growth, particularly in the Indian market, where 5G penetration is still low [13][14] - The company is actively pursuing new clients in the automotive sector and is transitioning from 4G to 5G modules [13][14] - The report highlights the successful mass production of robotic solutions, including a lawnmower robot and a new RTK visual fusion positioning solution [13][14]

公司点评 | 广和通 主业增长稳健，端侧 AI 与机器人业务加速落地 证券研究报告 2025 年 08 月 28 日 广和通 2025 半年报点评 事件：公司发布 25 半年报，上半年实现营收 37.1 亿元，yoy-9%；归母净 利润 2.2 亿元，yoy-34.7%。表观业绩下滑主要系 24 年同期包含已出售的锐 凌无线车载模组业务，剔除影响后，公司营收 yoy+23.5%，归母净利润同比 增长 6.5%，保持稳健增长。 剥离锐凌无线后，主业保持稳健。Q2 单季度，公司实现营收 18.5 亿元， yoy-5%；归母净利润 1 亿元，yoy-31.3%，业绩波动主要系锐凌无线剥离以 及毛利率波动影响。25H1 公司毛利率为 16.4%，同比下降 5.2pct；净利率 5.9%，同比下降 2.3pct；毛利率下降主要系产品结构及原材料价格波动影响。 上半年公司四项费用率为 10.5%，同比减少 3.6pct，主要系研发投入下降 2.5pct。 端侧 AI 与机器人业务落地加速，重视公司第二增长引擎。 公司"通信+计算"的解决方案业务持续发力，端侧 AI 方面，公司与 2024 年 成立 AI 研究院，自研发布 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Viewpoints - The company is expanding its presence in the AI edge sector and continuously improving its layout in the robotics field. In the first half of 2025, the company achieved operating revenue of 3.707 billion yuan, a year-on-year decrease of 9.02%. Excluding the impact of the wireless communication module business, the operating revenue increased by 23.49%. The net profit attributable to the parent company was 218 million yuan, a year-on-year decrease of 34.66%, but increased by 6.54% when excluding the same business impact [2][8] - The company is leading in the edge AI field with its AI research institute focusing on lightweight models and heterogeneous computing core technologies. It has developed the Fibocom AI Stack technology platform, which integrates various AI models and enhances the competitiveness of its AI module products [2][3] - The company has established an AIC product line in 2023, focusing on AI algorithm and hardware solutions for the robotics industry. The AIC product line has successfully delivered smart lawn mower solutions and has onboarded several leading domestic and international clients [2][3] Financial Summary - The company's projected financials for 2025-2027 include net profits of 558 million yuan, 709 million yuan, and 871 million yuan respectively. The expected EPS for the same period is 0.73 yuan, 0.93 yuan, and 1.14 yuan, with corresponding P/E ratios of 45.6, 35.8, and 29.2 [8] - The company reported a revenue of 7.716 billion yuan in 2023, with a growth rate of 36.7%. The revenue is expected to grow to 11.306 billion yuan by 2027, with a compound annual growth rate of 14.8% [1][8]

Core Insights - Guanghe Tong has expanded its business beyond wireless communication modules into artificial intelligence and robotics, launching products such as lawn mowers and the Fibot intelligent robot development platform [1][3] - The company has established a dedicated robotics product line in 2023, focusing on multi-sensor fusion positioning, visual perception, autonomous navigation, and real-time environmental awareness [2][4] - Guanghe Tong's intelligent lawn mower solution addresses traditional mower limitations, achieving centimeter-level precision and has already entered mass production [3] Group 1 - Guanghe Tong is located in the "Robot Valley" of Shenzhen and has developed a new exhibition hall showcasing its AI solutions and product matrix [1] - The company has developed the Fibocom AI Stack technology platform and a high-performance edge AI inference engine to support its robotics initiatives [1] - The communication module serves as the "nerve center" for robots, providing high-speed, high-bandwidth data transmission capabilities [1] Group 2 - The company has partnered with Cloud Deep Technology to provide a customized binocular vision module for a new generation of quadruped robots [2] - The RV-BOT module integrates visual and RTK sensors for stable centimeter-level positioning in outdoor environments [2] - Guanghe Tong's AI solutions have been recognized, with its Suntek mower receiving a five-star rating from a German evaluation agency [3] Group 3 - Future plans include optimizing lightweight robotic arms, enhancing cost-performance of main control units, and developing vertical scene models [4] - Guanghe Tong is deeply embedded in the local "hard technology" ecosystem, promoting the integration of communication, visual perception, and motion control technologies with robotics [4] - The company has established an "AI Product Joint Laboratory" with Shifeng Culture to explore multi-modal AI technology innovations [4]

Core Insights - The company reported a revenue of 8.189 billion yuan for 2024, a year-on-year increase of 6.13%, and a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year [1] - In Q1 2025, the company experienced a revenue decline of 12.59% to 1.856 billion yuan and a net profit drop of 37.30% to 118 million yuan, primarily due to asset sales and reduced government subsidies [1] - The company established an AI research institute in 2024 to capitalize on new opportunities in edge AI and robotics, launching several innovative products [2] Financial Performance - For 2024, the company's revenue growth was 23.34% when excluding the impact of the sale of the Reiling vehicle-mounted business, driven by the domestic automotive electronics and smart home sectors [1] - The net profit for Q1 2025 showed a significant decline, with a non-GAAP net profit of 115 million yuan, down 33.85% year-on-year [1] - Future net profits are projected to be 539 million yuan in 2025, 669 million yuan in 2026, and 832 million yuan in 2027, with corresponding growth rates of -19%, 24%, and 24% [3] Strategic Initiatives - The company launched the Fibocom AI Stack technology platform, integrating various AI models to enhance the competitiveness of its AI module products [2] - Participation in the "AIoT Smart Transformation Wave" conference indicates the company's commitment to advancing AIoT technology in collaboration with ecosystem partners [2] - The company aims to develop integrated communication capabilities in edge intelligent computing solutions, supported by strong strategic choices and refined management [3]

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profit margins improving over the next few years [5]. Core Insights - The company reported a revenue of 1.856 billion RMB in Q1 2025, a year-on-year decrease of 12.59%, and a net profit of 118 million RMB, down 37.30% year-on-year [2]. - The decline in revenue is attributed to the divestiture of the wireless automotive business, but excluding this impact, the company’s revenue is expected to show growth [3]. - The company is focusing on growth in the automotive and Fixed Wireless Access (FWA) sectors, driven by new customer acquisitions and increased 5G penetration in overseas markets [3]. - The establishment of an AI research institute and a robotics product line indicates a strategic shift towards AI and robotics, which are anticipated to become significant growth drivers for the company [4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 17%, a decrease of 4.51 percentage points year-on-year but an increase of 2.04 percentage points quarter-on-quarter [3]. - The net profit margin improved to 6.5%, reflecting a 5.5 percentage point increase from the previous quarter [3]. - Revenue projections for 2025-2027 are estimated at 8.598 billion, 10.742 billion, and 13.367 billion RMB respectively, with net profits of 646 million, 796 million, and 1.019 billion RMB [5]. Business Strategy - The company is enhancing its operational efficiency, with a 34.65% reduction in sales expenses and a 93.57% decrease in financial expenses due to reduced foreign exchange losses [3]. - The AI and robotics initiatives are expected to create a second growth curve, contributing positively to the company's performance in the coming years [4].

Core Insights - The company reported a revenue of 8.189 billion yuan for 2024, representing a year-on-year growth of 6.13%, and a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year [1] - The revenue growth was primarily driven by the domestic automotive electronics and smart home sectors, particularly in the 5G fixed wireless access (FWA) business, with a 23.34% increase when excluding the impact of the sale of the wireless vehicle-mounted business [1] - The company invested 719 million yuan in R&D to enhance its deployment in emerging fields such as AI, edge computing, and intelligent robotics, while also establishing an AI research institute [1] Product Development and Market Position - The company is focusing on the Internet of Things (IoT) vertical industries and has enriched its product matrix, leading in the edge AI field with the launch of the Fibocom AI Stack technology platform [2] - The integration of various AI models, including machine vision and voice recognition, has significantly improved the market competitiveness of the company's AI module products [2] - The company has established strategic partnerships in the field of embodied intelligence and has received recognition for its RTK visual fusion positioning solution from leading manufacturers in the multi-legged robot sector [2] Financial Forecast and Investment Outlook - The projected net profits for 2025-2027 are estimated at 558 million, 709 million, and 871 million yuan, with corresponding EPS of 0.73, 0.93, and 1.14 yuan, indicating a positive outlook for the company's performance [3] - The current price-to-earnings (PE) ratios are forecasted to be 33, 26, and 21 times for the years 2025-2027, reflecting confidence in the company's future growth driven by new business initiatives such as robotic lawn mowers [3]