智能割草机器人解决方案将AI 算法、机器视觉、自动驾驶、高精度差分定位（RTK）等技术高度集 成，为行业客户提供全栈式解决方案。目前，AIC产品线还推出了多传感器融合定位+算力盒子RV- Bot，已成功送样国内知名具身智能公司。基于高通高算力平台开发的Fibot 项目已与全球领先具身智能 机器人公司建立战略合作关系。同时，RTK 视觉融合定位方案已与多足机器人领域头部厂商达成合 作，解决了四足机器人在动态环境中的定位盲区问题。我们认为，公司在具身智能核心技术上已取得先 发优势，通过持续的场景落地积累验证经验，最终有望实现商业闭环。 盈利预测、估值分析和投资建议：我们认为，剔除锐凌无线后，公司业绩持续增长，同时AI、边缘算 力、割草机器人乃至人形机器人正为公司开启新增长篇章。预计公司2025-2027 年归母净利润 5.53/6.97/8.73 亿元，同比增长-17.3%/26.1%/25.3%；对应EPS 为0.72/0.91/1.14 元，2025 年09 月17 日收 盘价对应PE 分别为43.2/34.2/27.3 倍，公司估值目前处于历史较低水平，考虑到端侧AI 市场有望催化， 机器人业务已抢占先机， ...

通信终端及配件 广和通（300638.SZ） 买入-B(维持) 2025 年 9 月 23 日 公司研究/公司快报 公司近一年市场表现 | 市场数据：2025 年 | 9 月 | 22 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 31.91 | | 总股本（亿股）： | | | 7.65 | | 流通股本（亿股）： | | | 5.33 | | 流通市值（亿元）： | | | 170.06 | | 基础数据：2025 6 | 年 | 月 | 日 30 | | | --- | --- | --- | --- | --- | | 每股净资产（元）： | | | | 4.68 | | 每股资本公积（元）： | | | | 0.92 | | 每股未分配利润（元）： | | | | 2.36 | 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com AI stack 深化布局，具身智能和智能座舱是增长主力 事件描述： 公司发布 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company is accelerating its development in solutions and edge AI, particularly in the robotics sector, and maintains a "Buy" rating. The company reported a revenue of 3.707 billion yuan for H1 2025, a year-on-year decrease of 9.02%. Excluding the impact of the Ruilin wireless vehicle-mounted business, revenue increased by 23.49%. The net profit attributable to the parent company was 218 million yuan, down 34.66% year-on-year, but grew by 6.54% when excluding the same business impact. The company is expected to benefit from the rapid growth in demand for intelligent computing modules driven by the AI wave and the commercialization of robotics [4][5][6]. Financial Summary - For 2025, the company is projected to achieve a revenue of 8.621 billion yuan, with a year-on-year growth of 5.3%. The net profit attributable to the parent company is expected to be 545 million yuan, reflecting a year-on-year decrease of 18.4%. The gross margin is projected to be 19.9%, and the net margin is expected to be 6.3% [7][9]. Product Development - The company has launched multiple new AI solutions and products in H1 2025, including the FG390 series 5G module based on the MediaTek T930 platform, the "Nebula" series AI modules covering 1T to 50T, and various other AI solutions aimed at enhancing collaboration with ecosystem customers [5][6]. Market Position - The company is recognized as a global leader in wireless communication modules and AI solutions. With the acceleration of robotics commercialization and the growing demand for intelligent computing modules, the company is well-positioned to continue benefiting from these trends [4][6].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company reported a revenue of 3.707 billion yuan for the first half of 2025, a year-on-year decrease of 9.02%, but a comparable growth of 23.49%. The net profit attributable to shareholders was 218 million yuan, down 34.66% year-on-year, but up 6.54% on a comparable basis [1][7]. - The company is focusing on developing integrated communication capabilities and edge intelligent computing solutions, showcasing strong operational resilience and strategic execution during a transitional phase [7]. - Significant advancements in AI and robotics applications have been made, with multiple innovative solutions launched, including the Fibocom AI Stack and various AI-driven products [7]. Financial Data and Valuation - The projected total revenue for 2023 is 7.716 billion yuan, with a year-on-year growth of 37%. The net profit for 2023 is expected to be 564 million yuan, reflecting a growth of 55% [2][12]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.70 yuan, with a price-to-earnings (PE) ratio of 45.9 [2][12]. - The company’s total market capitalization is approximately 24.7 billion yuan, with a circulating market value of 17.2 billion yuan [3]. Business Development - The company has been actively enhancing its product line in AI, edge computing, and robotics, with a focus on commercial applications and partnerships with leading firms in the field [7]. - The establishment of the AIC product line in 2023 and the expected mass delivery of intelligent robotic solutions in 2024 indicate a strong growth trajectory in the robotics sector [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 8.19 billion yuan for 2024, representing a year-on-year growth of 6.13%, with a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year [6] - The growth in revenue is primarily driven by domestic vehicle and 5G FWA businesses, with a notable increase in revenue from the core business excluding the impact of the divested wireless vehicle business [6] - The company is positioned to benefit from the expected explosion in applications of edge AI and robotics, with new product launches such as the "Nebula Series" AI modules and the Fibot embodied intelligent robot development platform [6] - The company has a strong outlook for its vehicle and FWA businesses, with expectations for continued high growth supported by advancements in AI capabilities and product offerings [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 7.716 billion yuan in 2023 to 13.105 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.4% from 2025 to 2027 [5][8] - Net profit is expected to fluctuate, with estimates of 626 million yuan in 2025, 752 million yuan in 2026, and 966 million yuan in 2027, reflecting a growth trajectory despite a slight dip in 2025 [5][8] - The company's gross margin is projected to stabilize around 19.7% to 20.2% over the forecast period, indicating a focus on maintaining profitability amid revenue growth [5]