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研报掘金丨天风证券:维持广和通“增持”评级,布局AI高景气方向驱动未来成长
Ge Long Hui A P P· 2025-09-24 07:17
Core Viewpoint - Guanghe Tong reported a net profit of 218 million yuan for H1 2025, a year-on-year decline of 34.66%, with Q2 net profit at 100 million yuan, down 31.25% [1] Financial Performance - The company achieved a net profit of 2.18 billion yuan in H1 2025, reflecting a 34.66% decrease compared to the previous year [1] - In Q2 2025, the net profit was 1.0 billion yuan, showing a decline of 31.25% year-on-year [1] Business Development - Guanghe Tong is not just a module enterprise but is also establishing an AI research institute, focusing on the AI edge computing sector, where it has a leading technological layout [1] - In the robotics sector, the company has developed the Fibot project based on Qualcomm's high-performance platform and has formed strategic partnerships with leading companies in the embodied intelligence robotics field [1] - The RTK visual fusion positioning solution has been partnered with top manufacturers in the multi-legged robot sector [1] - A dedicated robotics team has been established, focusing on lawn mowing robots and embodied intelligence robots [1] Future Outlook - After the H-share fundraising is completed, 55% of the funds will be allocated to the edge computing and robotics sectors, with plans to continue expanding the R&D team [1] - Despite the pressure on overall operating conditions and sales gross margin in 2024, the company's proactive layout in edge AI and robotics presents significant future growth potential [1] - The adjusted net profit forecast for 2025-2027 is 540 million, 690 million, and 850 million yuan respectively, down from previous estimates of 580 million, 730 million, and 880 million yuan [1] - Corresponding PE valuations for 2025-2027 are projected at 45, 35, and 29 times [1] - The company maintains an "overweight" rating [1]
广和通(300638):上半年主业稳健 布局AI高景气方向驱动未来成长!
Xin Lang Cai Jing· 2025-09-23 08:34
事件: 受锐凌无线出表影响,主业稳健: ②机器人方面,在具身智能领域,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;在机 器人业务,公司有组建专门的机器人团队,主要从事割草机器人和具身智能机器人两个业务方向。未来 H 股募集资金到位后,55%会投入端侧和机器人这两块业务,未来也会继续扩充研发团队。 ③智能体方面,公司发布新一代AI 语音智能体FiboVista,对接火山引擎豆包大模型,可实现ASR 自动 语音识别和TTS 文本转语音,支持自然语言交互和指令控制,已率先应用于车联网,成为智能驾驶 的"用车伙伴"和"出行伴侣"。 单Q2 实现营业收入18.51 亿元,同比下滑5.14%,实现归母净利润1.0 亿元,同比下滑31.25%。公司上 半年受锐凌无线出表影响较大,剔除锐凌无线车载前装无线通信模组业务的影响,25H1 营业收入同比 增长23.49%;归母净利润同比增长6.54%。 期待毛利率回升: 单Q2 实现毛利率15.83%,同比下降5.82pct,受到产品结构及材料采购价格波动所致。25H1 ...
广和通(300638):上半年主业稳健,布局AI高景气方向驱动未来成长
Tianfeng Securities· 2025-09-23 07:14
公司报告 | 半年报点评 广和通(300638) 证券研究报告 上半年主业稳健,布局 AI 高景气方向驱动未来成长! 事件: 广和通发布 2025 半年报,25H1 实现营业收入 37.07 亿元,同比下滑 9.02%, 实现归母净利润 2.18 亿元,同比下滑 34.66%,实现扣非净利润 2.02 亿元, 同比下滑 36.06%。 受锐凌无线出表影响,主业稳健: 单 Q2 实现营业收入 18.51 亿元,同比下滑 5.14%,实现归母净利润 1.0 亿 元,同比下滑 31.25%。公司上半年受锐凌无线出表影响较大,剔除锐凌无 线车载前装无线通信模组业务的影响,25H1 营业收入同比增长 23.49%; 归母净利润同比增长 6.54%。 期待毛利率回升: 单 Q2 实现毛利率 15.83%,同比下降 5.82pct,受到产品结构及材料采购价 格波动所致。25H1 智能模组占比 55%以上,原来智能模组毛利高于数传模 组,今年因为存储涨价,智能模组存储占比较高,影响了毛利率。 紧抓 AI 机遇,布局高景气方向: 公司不止于模组企业,打造 AI 研究院,全面向 AI 端侧领域进发,端侧 AI 领域技术布局行业领 ...