证券研究报告 | 公司点评 | 通信设备 业绩高增长，受益于 AI 端侧放量 ——移远通信 2024 年年报及 2025 年一季报点评报告 投资要点 ❑ 业绩持续高增，净利率同比提升 2024 年，公司实现营业收入 185.94 亿元，同比增长 34.14%，归母净利润 5.88 亿 元，同比增长 548.49%，扣非归母净利润 5.32 亿元，同比增长 9287.32%。销售 毛利率 17.61%，同比下降 1.33pp，销售净利率 3.11%，同比增长 2.50pp。 2025 年一季度，公司实现营业收入 52.21 亿元，同比增长 32.05%，归母净利润 2.12 亿元，同比增长 286.91%，扣非归母净利润 2.01 亿元，同比增长 290.77%。 销售毛利率 17.81%，同比提升 0.88pp，销售净利率 4.04%，同比提升 2.71pp。 业绩实现高增，主要受益于物联网行业需求景气，公司在通信模组业务和智能化 解决方案板块均实现较好增长。同时公司规模效应凸显，通过管理效率的提升， 使净利润实现高速增长。 ❑ 行业整体需求回暖，公司份额全球领先，业务布局多元 2024 年以来，物联网行业景 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company experienced significant growth in Q1 2025, with revenue reaching 52 billion RMB, a year-on-year increase of 32%, and a net profit of 2.1 billion RMB, reflecting a 287% increase [1] - The company is positioned as a leading global IoT module manufacturer, expected to benefit from a recovery in industry demand and long-term opportunities from edge/endpoint AI development [1][5] - The revenue from the module and antenna business in 2024 was 184 billion RMB, up 34% year-on-year, with both domestic and international markets showing strong performance [2] Summary by Sections Financial Performance - In 2024, the company's revenue was 186 billion RMB, a 34% increase year-on-year, and the net profit was 5.9 billion RMB, up 548% [1] - The comprehensive gross margin for 2024 was 17.6%, a slight decline of 1.3 percentage points, primarily due to increased orders from overseas strategic clients [3] - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing year-on-year [3] Market Outlook - The IoT module market is expected to stabilize and improve as downstream demand recovers, with high-speed products like 5G cellular modules poised for growth in the AI era [4] - Long-term, the transition of AI computing capabilities to the edge is anticipated to enhance the value of IoT modules, shifting their role from "transmission" to "transmission + computation" [4] Valuation and Forecast - The earnings forecast for 2025-2027 has been revised upward, with projected net profits of 8.01 billion RMB, 9.59 billion RMB, and 11.28 billion RMB respectively [5] - The target price for the company is set at 91.79 RMB, based on a 30x PE ratio for 2025, reflecting the company's leading position in the IoT module market [5]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][7]. Core Insights - The company reported a revenue of 5.221 billion RMB for Q1 2025, representing a year-on-year increase of 32.1%, and a net profit of 212 million RMB, up 286.9% year-on-year, slightly exceeding expectations [7]. - The company is focusing on emerging fields such as industrial intelligence, smart agriculture, AI models, and edge computing, which are expected to drive future growth [10]. - The IoT industry is recovering, with expectations for significant growth in 2025 as global demand gradually returns [10]. - The company is well-positioned in the AIoT sector, leveraging its experience in edge computing and exploring various AI technologies [10]. - Profit forecasts for 2025-2027 indicate net profits of 900 million, 1.32 billion, and 1.89 billion RMB, with corresponding year-on-year growth rates of 53%, 47%, and 43% [10]. Company Overview - The company operates in the communication industry, with a current A-share price of 68.98 RMB and a market capitalization of 18.049 billion RMB [2]. - The stock has seen a 12-month high of 95.6 RMB and a low of 38.06 RMB, with a significant year-on-year price increase of 82.2% [2]. - Major shareholders include Qian Penghe, holding 17.19% of shares [2]. Financial Performance - The company achieved a gross margin of 17.81% in Q1 2025, an increase of 0.88 percentage points year-on-year, and a net profit margin of 4.04%, up 2.71 percentage points year-on-year [10]. - The earnings per share (EPS) for 2025 is projected to be 3.44 RMB, with a price-to-earnings (P/E) ratio of 20 [8][10].

证券代码：603236 证券简称：移远通信 公告编号：2025-029 上海移远通信技术股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 19 日 14 点 30 分 召开地点：上海移远通信技术股份有限公司（上海市闵行区田林路 1016 号 科技绿洲 3 期（B 区）5 号楼）1 楼会议室 股东大会召开日期：2025年5月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 19 日 至2025 年 5 月 19 日 采用上海证券交易所网络投票系统 ...

证券代码：603236 证券简称：移远通信 公告编号：2025-028 上海移远通信技术股份有限公司 第四届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 董事会会议召开情况 上海移远通信技术股份有限公司（以下简称"公司"）第四届董事会第五次 会议通知于 2025 年 4 月 18 日以书面方式发出通知，2025 年 4 月 28 日以现场结 合通讯方式召开。会议应出席董事 5 人，实际出席会议的董事 5 人，会议由董事 长钱鹏鹤先生主持。公司监事和部分高级管理人员列席会议。本次董事会会议的 召集、召开和表决程序符合有关法律、法规、部门规章、规范性文件和《公司章 程》的规定。 二、 董事会会议审议情况 本次董事会会议形成了如下决议： （一） 审议通过《关于 2025 年第一季度报告的议案》 公司按照中国证监会、上海证券交易所有关要求编制了 2025 年第一季度报 告。具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《2025 年第一季度报告》。 本议案已经第四届董事会审 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥5,221,392,925.26, representing a year-on-year increase of 32.05% compared to ¥3,954,236,158.15 in the same period last year[4] - Net profit attributable to shareholders was ¥211,894,191.97, a significant increase of 286.91% from ¥54,765,968.89 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥200,617,318.25, up 290.77% from ¥51,338,915.99 year-on-year[4] - Basic earnings per share increased to ¥0.81, reflecting a growth of 285.71% compared to ¥0.21 in the same period last year[4] - Net profit for Q1 2025 was ¥210,932,043.11, compared to ¥52,477,908.25 in Q1 2024, representing a significant increase of 301.5%[20] - Basic and diluted earnings per share for Q1 2025 were both ¥0.81, up from ¥0.21 in Q1 2024[21] - The company reported a total profit of ¥211,720,857.41 for Q1 2025, significantly higher than ¥51,975,628.86 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,694,085,110.98, up 5.50% from ¥12,980,186,345.52 at the end of the previous year[6] - The company's current assets totaled RMB 10,689,788,544.44, up from RMB 10,063,244,982.16, indicating an increase of about 6.2%[14] - The inventory value rose significantly to RMB 4,568,963,125.49 from RMB 3,259,878,398.68, representing an increase of approximately 40.0%[14] - Short-term borrowings increased to RMB 900,527,656.16 from RMB 730,078,996.08, marking a rise of about 23.3%[15] - The total liabilities of the company reached RMB 9,467,922,317.85, compared to RMB 8,961,707,280.81, which is an increase of approximately 5.6%[15] - The company's accounts receivable stood at RMB 2,829,356,784.55, a slight decrease from RMB 2,976,884,223.44, indicating a decline of about 4.9%[14] - The cash and cash equivalents decreased to RMB 1,188,820,674.96 from RMB 1,836,721,352.98, reflecting a decline of approximately 35.3%[13] Shareholder Information - Shareholders' equity attributable to the parent company increased to ¥4,246,280,511.52, a rise of 5.19% from ¥4,036,864,182.54[6] - The company reported a total of 44,970,241 shares held by the largest shareholder, accounting for 17.19% of total shares[12] - The company has no significant changes in the participation of major shareholders in margin trading or securities lending activities[12] Cash Flow - The net cash flow from operating activities was negative at -¥623,082,393.95, an improvement from -¥708,960,316.35 in the previous year[4] - Cash received from sales of goods and services in Q1 2025 was ¥4,400,034,557.72, a 32.8% increase from ¥3,314,094,551.65 in Q1 2024[24] - Operating cash inflow totaled approximately $4.80 billion, an increase from $3.61 billion year-over-year[25] - Cash outflow from operating activities was about $5.43 billion, compared to $4.32 billion in the previous year[25] - Cash flow from investing activities resulted in a net outflow of approximately $123.52 million, compared to a net outflow of $20.53 million last year[25] - Cash inflow from financing activities was $609.67 million, down from $688.17 million year-over-year[27] - Net cash flow from financing activities was positive $100.23 million, a decrease from $362.49 million in the previous year[27] - The ending balance of cash and cash equivalents was approximately $1.19 billion, down from $1.50 billion year-over-year[27] - Total cash outflow from financing activities was $509.44 million, compared to $325.68 million last year[27] Research and Development - Research and development expenses for Q1 2025 totaled ¥429,290,352.32, an increase of 12.9% from ¥380,226,757.47 in Q1 2024[20] Other Financial Metrics - The weighted average return on equity rose to 5.14%, an increase of 3.63 percentage points from 1.51%[6] - Other comprehensive income for Q1 2025 showed a net loss of ¥8,246,838.67, compared to a gain of ¥5,028,323.79 in Q1 2024[21] - The company has not adopted new accounting standards or interpretations affecting the financial statements for the year[26]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The demand in the IoT market is gradually recovering, and the company is accelerating the promotion of derivative products and solutions based on its module business, achieving significant revenue growth in a single quarter [2][8] - The company's revenue for 2024 reached 18.594 billion, a year-on-year increase of 34.14%, while the net profit attributable to the parent company was 588 million, a year-on-year increase of 548.49% [6][8] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 18.594 billion, up 34.14% year-on-year, and a net profit of 588 million, up 548.49% year-on-year [6][8] - The gross profit margin has slightly declined quarter-on-quarter, potentially due to market competition, product structure, and some exchange rate impacts [2][8] Business Growth - The 5G module business has significantly increased, contributing greatly to overall performance, with over 50 5G module products developed and multiple certifications obtained [8] - The company is expanding its global presence, with domestic revenue of 8.873 billion, up 35.04% year-on-year, and overseas revenue of 9.721 billion, up 33.34% year-on-year [8] Strategic Development - The company aims to provide comprehensive IoT solutions, continuously expanding into high-potential areas such as vehicle modules, smart modules, GNSS modules, antennas, and ODM business [8] - The ODM business has seen rapid growth, leveraging the company's extensive global IoT resources [8]

Core Viewpoint - The company, Quectel (移远通信), has significantly improved its operating performance in 2024, driven by a recovery in the IoT market and advancements in technology integration [1][2]. Financial Performance - In 2024, the company achieved a revenue of 18.594 billion yuan, representing a year-on-year increase of 34.14% [1][2]. - The net profit attributable to shareholders reached 588 million yuan, a remarkable year-on-year growth of 548.49% [1][2]. - The non-recurring net profit was 532 million yuan, showing an extraordinary increase of 9287.32% year-on-year [1][2]. Market Trends - The overall demand in the IoT market is showing signs of recovery, with notable trends in edge computing, mixed reality, and large models integrating with IoT [1][2]. - The company has seen good growth in its communication module business and intelligent solutions [1]. Business Development - The company has reported strong growth in various segments, including vehicle modules, smart modules, GNSS modules, antennas, and ODM business [3]. - New growth drivers include industrial intelligence, smart agriculture, AI glasses solutions, AI toy solutions, and AI robot solutions [3]. Future Outlook - For Q1 2025, the company anticipates a revenue of approximately 5.2 billion yuan, reflecting a year-on-year growth of about 31.5% [3]. - The net profit for Q1 2025 is expected to be around 200 million yuan, indicating a year-on-year increase of approximately 265.19% [3]. R&D Investment - The company's R&D expenses reached a record high of 1.669 billion yuan in 2024, contributing to a cumulative investment of 6.699 billion yuan since its listing [4]. - The company has established R&D centers in eight global locations, enhancing its capacity for innovation and development [5]. Technological Contributions - The company is actively involved in the 3GPP global cellular mobile communication standardization organization, contributing to various technological features for 5G standards [4]. - As of the end of 2024, the company has submitted over 50 technical proposals for 5G communication standards and holds more than 100 essential patents recognized by ETSI [5].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 18.594 billion yuan, a year-on-year growth of 34.14%, and net profit attributable to shareholders soaring by 548.49% to 588 million yuan, driven by the recovery in the IoT industry and expansion in various technology sectors [1] Revenue and Profit Growth - The total revenue for 2024 was 18.594 billion yuan, marking a 34.14% increase compared to the previous year [1] - The net profit attributable to shareholders reached 588 million yuan, reflecting a substantial growth of 548.49% year-on-year [1] Research and Development Investment - The company invested 1.669 billion yuan in R&D, accounting for 8.97% of total revenue, which is a 4.02% increase from the previous year [4] - The company holds 568 authorized patents, 363 trademarks, and 303 software copyrights, indicating a strong focus on innovation [4] Product Development and Technological Advancements - The company has developed over 50 5G module products, supporting various standards including R15, R16, and R17, and has received global certifications for multiple products [4] - In the automotive sector, the company launched several vehicle-mounted modules and made breakthroughs in high-precision IMU technology, enhancing its product offerings for advanced driver-assistance systems (ADAS) [5][6] IoT Solutions and Market Position - The company introduced over 150 new antenna products, enhancing its product matrix across various technologies including 5G, 4G, and GNSS [7] - The company established partnerships with over 40 global automotive manufacturers and 60 Tier 1 suppliers, strengthening its position in the automotive IoT market [7] - The launch of the ProvectaAI brand integrates AI and edge computing technologies into various industrial applications, facilitating the smart transformation of industries [7]

证券代码：603236 证券简称：移远通信 公告编号：2025-016 上海移远通信技术股份有限公司 第四届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 上海移远通信技术股份有限公司（以下简称"公司"）第四届监事会第四次 会议于 2025 年 4 月 12 日以书面方式发出通知，2025 年 4 月 22 日以现场结合通 讯方式召开。会议应出席监事 3 人，实际出席会议监事 3 人。会议由监事会主席 辛健先生主持。公司董事会秘书及部分高级管理人员列席。本次会议的召集、召 开和表决程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 二、监事会会议审议情况 本次监事会会议形成了如下决议： 本议案尚需提交公司股东大会审议。 （一）审议通过《关于<2024 年度监事会工作报告>的议案》 表决结果：3 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东大会审议。 （二）审议通过《关于<2024 年度财务决算报告>的议案》 表决结果：3 票同意、0 票反对、0 ...