机构销售团队联系人 公司点评 公司点评 股票投资评级说明 本报告仅供上海申银万国证券研究所有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。 客户应当认识到有关本报告的短信提示、电话推荐等只是研究观点的简要沟通，需以本公司 http://www.swsresearch.com 网站 刊载的完整报告为准，本公司并接受客户的后续问询。本报告首页列示的联系人，除非另有说明，仅作为本公司就本报告与客户的 联络人，承担联络工作，不从事任何证券投资咨询服务业务。 本报告是基于已公开信息撰写，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、工具、意见及推测只提供给客户 作参考之用，并非作为或被视为出售或购买证券或其他投资标的的邀请或向人作出邀请。本报告所载的资料、意见及推测仅反映本 公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可能会波动。在不同时期，本公司可发出与 本报告所载资料、意见及推测不一致的报告。 客户应当考虑到本公司可能存在可能影响本报告客观性的利益冲突，不应视本报告为作出投资决策的惟一因素。客户应自主作出投 资决策并自行承担投资风险。本 ...

分析师： 研究助理： 许梓豪 请务必阅读正文之后的信息披露和重要声明 3、盈利预测与投资建议：预计公司 2024-2026 年实现归母净利润 4.26、6.08、 7.94 亿元，对应 4 月 24 日收盘价的 PE 24、17 和 13 倍，维持"增持"评级。 风险提示：行业竞争加剧；原材料价格波动风险；下游需求恢复不及预期。 2024 年 04 月 24 日 请务必阅读正文之后的信息披露和重要声明 - 2 - 使用本研究报告的风险提示及法律声明 | --- | --- | --- | |------------------------------------------|-----------------------------------------|------------------------------------------| | | 上 海 北 京 深 圳 | | | 地址：上海浦东新区长柳路36号兴业证券大厦 | 地址：北京市朝阳区建国门大街甲6号SK大厦 | 地址：深圳市福田区皇岗路5001号深业上城T2 | | 15层 | 32层01-08单元 | 座52楼 | | 邮编：200135 ...

3 请务必阅读报告末页的重要声明 公 司 报 告│ 公 司 年 报 点 评 移远通信(603236) 23Q4 业绩企稳回升，降本增效持续推进 事件： 2024 年 4 月 22 日，公司发布 2023 年年报及 2024 年一季报。2023 年公司 实现营收 138.61 亿元，归母净利润 9070.61 万元，扣非归母净利润 556.91 万元。2024 年一季度实现营收 39.54 亿元，归母净利润 5476.60 万元，扣 非归母净利润 5133.89 万元。 ➢ 2023 年需求仍然承压，24Q1 好转 受宏观环境影响，公司 2023 年营收小幅下降。2023 年，公司成功研发多款 具有竞争力的 5G 模组。23Q4 公司实现营收 38.94 亿元，同比/环比增速分 别为-4.88%/12.72%。24Q1 公司实现营收 39.54 亿元，同比/环比增速分别 为 26.06%/1.54%。 ➢ 加强成本管控，23Q4 单季度毛利率环比明显修复 2023 年公司毛利率同比下降 0.84pct。公司 2023 年/23Q4/24Q1 毛利率水 平分别为 18.94%/20.42%/16.93%，23Q4 ...

上海移远通信技术股份有限公司 审计报告及财务报表 二〇二三年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.nof.gov.cn）"进行查 "创新手机"扫一扫"或进入"注册会计师行业统一监管平台（http:///ac.mof.gov.cn）"进行查 上海移远通信技术股份有限公司 审计报告及财务报表 (2023 年 01 月 01 日至 2023 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-4 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-108 | 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 审计报告 信会师报字[2024]第 ZF10484 号 上海移远通信技术股份有限公司全体股东: 一、审计意 ...

证券代码：603236 证券简称：移远通信 公告编号：2024-021 上海移远通信技术股份有限公司 关于调整 2022 年股票期权激励计划行权价格及权益 数量的公告 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。 上海移远通信技术股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日召开了第三届董事会第十八次会议、第三届监事会第十五次会议，审议通过 了《关于调整 2022 年股票期权激励计划行权价格及权益数量的议案》。现将有 关事项公告如下： 一、公司2022年股票期权激励计划（以下简称"本激励计划"）已履行的 决策程序和信息披露情况 1、公司于 2022 年 3 月 17 日召开第三届董事会第四次会议、第三届监事 会第三次会议，审议通过了《关于<上海移远通信技术股份有限公司 2022 年股 票期权激励计划（草案）>及其摘要的议案》等本激励计划相关事项的议案， 公司独立董事发表了同意意见。具体内容请详见公司于 2022 年 3 月 18 日披露 于上海证券交易所网站（www.sse.com.cn）的《2022 年 ...

2023 年度独立董事述职报告（耿相铭） 作为上海移远通信技术股份有限公司（以下简称"公司"或"该公司"）的 独立董事，本人耿相铭在 2023 年 1 月 1 日至 2023 年 5 月 18 日任职公司独立董 事期间严格按照《公司法》《上市公司独立董事管理办法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法 律、法规和规范性文件，以及《公司章程》、《独立董事工作制度》等规章和制度， 认真履行独立董事的职责，积极出席相关会议，认真审议董事会各项议案，对相 关事项发表独立意见，充分发挥独立董事的作用，努力维护公司利益和全体股东 特别是中小股东的合法权益。现将 2023 年度本人作为独立董事在任职期间履行 职责的情况报告如下： 一、独立董事的基本情况 耿相铭，男，1965 年生，研究生学历，1991 年 3 月毕业于上海科技大学。 历任海军（上海）特种飞机论证研究所特设室工程师、上海交通大学电子工程系 信号处理研究所工程师、上海交通大学电子工程系专业实验室信号处理与系统研 究所高级工程师、上海交通大学上海市北斗导航与位置服务重点实验室感知与导 航研究所高级工程师； ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥3,954,236,158.15, representing a year-on-year increase of 26.06%[2] - Net profit attributable to shareholders was ¥54,765,968.89, with a significant growth driven by the increase in sales revenue[7] - Basic and diluted earnings per share were both ¥0.21, reflecting the company's improved profitability[2] - The net profit for Q1 2024 is 52,477,908.25 RMB, a significant recovery from a net loss of 136,833,167.84 RMB in Q1 2023[31] - The total operating profit for Q1 2024 was 53,171,314.91 RMB, a recovery from an operating loss of 132,420,866.71 RMB in Q1 2023[31] - The company reported a comprehensive income total of 57,506,232.04 RMB in Q1 2024, compared to a comprehensive loss of 125,103,964.87 RMB in Q1 2023[32] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥708,960,316.35, a decrease of 354.59% compared to the previous year, primarily due to increased cash outflows for raw material procurement[7] - Cash and cash equivalents decreased to RMB 1,500,248,458.05 as of March 31, 2024, down from RMB 1,871,655,491.62 at the end of 2023, a decline of 19.8%[19] - Operating cash flow net amount for Q1 2024 was -708,960,316.35 RMB, a decline from a positive cash flow of 278,466,831.14 RMB in Q1 2023[33] - Net cash flow from financing activities was approximately $362.49 million, compared to $261.29 million, indicating an increase of about 38.76%[43] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,777,788,663.39, up 4.85% from the end of the previous year[10] - Total liabilities increased to RMB 8,166,847,844.19 from RMB 7,608,802,136.80, reflecting a rise of 7.3%[21] - Current liabilities rose to approximately $6.16 billion, compared to $5.58 billion, marking an increase of about 10.47%[36] - Short-term borrowings increased significantly to approximately $1.12 billion from $719.56 million, reflecting a rise of about 55.73%[36] - Long-term borrowings increased to approximately $1.50 billion from $1.44 billion, showing a growth of about 4.67%[36] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,834[7] - The largest shareholder, Qian Penghe, holds 22.74% of the shares, totaling 60,175,557 shares[9] - The equity attributable to shareholders decreased slightly by 0.30% to ¥3,621,596,513.76[10] - The total equity attributable to shareholders was RMB 3,610,940,819.20, down from RMB 3,624,204,046.71, a decrease of 0.4%[21] Operating Costs and Expenses - The total operating costs for Q1 2024 were RMB 3,893,082,967.73, up from RMB 3,292,740,724.75 in Q1 2023, reflecting a year-over-year increase of 18.3%[21] - Research and development expenses decreased to 380,226,757.47 RMB in Q1 2024 from 439,376,006.50 RMB in Q1 2023, a reduction of about 13.4%[31] - The financial expenses decreased significantly to 20,063,430.57 RMB in Q1 2024 from 53,347,976.18 RMB in Q1 2023, a reduction of approximately 62.5%[31] Other Income and Tax - The company reported non-operating income of ¥3,323,104.70 from government subsidies related to normal business operations[12] - The company recorded a tax expense of -502,279.39 RMB in Q1 2024, compared to a tax expense of 2,850,018.36 RMB in Q1 2023[31] Inventory and Receivables - Accounts receivable increased to RMB 1,984,283,684.06 from RMB 1,653,066,678.77, representing a growth of 20.0%[19] - Inventory rose to RMB 3,853,556,177.06, compared to RMB 3,523,491,182.17, marking an increase of 9.4%[19] Investment and Other Assets - The net amount raised from the public offering of 4,807,714 shares was RMB 1,060,856,140.84 after deducting issuance costs[17] - The balance of the "Global Smart Manufacturing Center Construction Project" account was RMB 26,535,715.44 as of March 31, 2024[17] - Deferred tax assets increased slightly to approximately $29.68 million from $28.87 million, reflecting a growth of about 2.81%[36] - Other non-current assets rose significantly to approximately $44.85 million from $24.54 million, an increase of about 82.67%[36]

Financial Performance - The company's operating revenue for the wireless communication module industry was approximately ¥13.86 billion, a decrease of 2.59% compared to the previous year[6]. - The net cash flow from operating activities increased by 106.66% to ¥1,036,842,590.20, compared to ¥501,711,780.16 in the previous year[4]. - The gross profit margin for the wireless communication module and antenna products was 18.94%, a decrease of 0.87 percentage points year-on-year[6]. - The company reported a net cash flow from financing activities of -¥1,188,711,091.60, a significant decrease of 251.02% compared to the previous year[4]. - The sales revenue from online channels increased by 10.85%, while offline sales revenue decreased by 2.60%[6]. - The production volume of wireless communication modules and antennas was 20,740.97 million pieces, with a sales volume of 20,638.19 million pieces, reflecting a 1.74% increase in sales volume year-on-year[7]. - The gross profit margin for overseas sales was 21.12%, a decrease of 1.78 percentage points compared to the previous year[6]. Research and Development - The company has established eight R&D centers globally, supporting its rapid international development[15]. - The company is integrating AI technologies into its products, enabling high-performance modules that support advanced applications like image recognition and natural language processing[20]. - Research and development expenses for the year amounted to ¥1,604,178,479.67, representing 11.57% of total revenue, with a 20.19% increase from the previous year[168]. - The number of R&D personnel is 4,158, accounting for 74% of the total workforce, with a significant portion holding advanced degrees[168]. Corporate Governance - The company held 6 board meetings during the year, all conducted through a combination of on-site and communication methods[42]. - The company approved the 2023 annual salary proposals for directors and senior management during the board meetings[43]. - The company ensures compliance with the Company Law and Securities Law, maintaining a robust internal control system to protect shareholder rights[54]. - The board of directors has established four specialized committees to enhance decision-making efficiency and professionalism[54]. - The company has committed to timely and accurate information disclosure in accordance with regulatory requirements[54]. - The company emphasizes investor relations management, ensuring effective communication with shareholders through various channels[54]. - The independent directors are tasked with safeguarding the interests of minority shareholders and providing independent opinions on significant matters[54]. Environmental Initiatives - The company invested CNY 11.8043 million in environmental protection during the reporting period, with CNY 11.3581 million allocated for energy conservation and emission reduction[81]. - 100% of the company's factories and partnered manufacturing facilities have passed the ISO 14001 environmental management system certification[81]. - The company has not faced any environmental penalties during the reporting period[81]. - The company has committed to continuous improvement of its environmental management system and performance[81]. - The company has developed a comprehensive chemical management system to ensure safety and environmental protection during production[81]. - The company has established an IoT platform for water environment governance, integrating data for effective monitoring and control[81]. - The company conducted 6 environmental awareness campaigns during the reporting period, focusing on themes such as reducing bottled water usage and energy conservation[104]. - The company is actively promoting the development of green products to minimize environmental impact and enhance sustainability[104]. - The company aims to provide sustainable choices for consumers through continuous innovation and research and development[104]. - The company’s ESG report was released alongside the annual report, detailing its environmental, social, and governance initiatives[105]. Shareholder and Financial Commitments - The proposed cash dividend for 2023 is 1.10 yuan per 10 shares, totaling approximately 28.78 million yuan, which represents 54.71% of the net profit attributable to shareholders[92]. - The company has committed to distributing at least 10% of the annual distributable profit as cash dividends, with a cumulative distribution of no less than 30% of the average annual distributable profit over the last three years[91]. - The company has committed to maintaining its shareholding structure and will not transfer shares to competitors during the lock-up period[135]. - The company commits to reducing shareholding in accordance with the latest audited net asset value per share after the lock-up period[147]. - The actual controller and major shareholders have made commitments to avoid any business competition with the company and its subsidiaries[150]. - The company’s major shareholder has expressed intentions regarding shareholding and potential reductions, ensuring compliance with regulations[150]. Financial Position and Investments - The company's total assets at the end of the reporting period amounted to 11,202,000,000.00 CNY, with overseas assets accounting for 20.70% of total assets[144]. - Accounts receivable increased by 30.70% to 376,754,505.53 CNY, primarily due to an increase in bank acceptance bills from major state-owned and joint-stock commercial banks[140]. - Short-term borrowings decreased by 64.29% to 719,557,936.65 CNY, mainly due to the repayment of short-term bank loans[140]. - The company's other current assets increased by 58.81% to 417,202,048.55 CNY, attributed to increased supplier rebates and input VAT credits related to raw material purchases[140]. - The company's accounts payable increased by 83.86% to 1,282,326,865.14 CNY, driven by increased raw material purchases and long-term asset construction projects[140]. - The company reported a 101.90% increase in accounts receivable financing to 352,986,002.70 CNY, mainly from bank acceptance bills[140]. - Long-term borrowings rose to ¥1,436,800,106.49, a 47.66% increase attributed to new long-term guarantee and credit borrowings[179]. - The total value of overseas assets amounted to ¥676,604,761.66, with significant portions in fixed and intangible assets[181].

上海移远通信技术股份有限公司 2023 年度董事会审计委员会履职情况报告 根据《上海证券交易所上市公司自律监管指引第 1 号——规范运作》、《公司 章程》和《董事会审计委员会实施细则》等有关规定，上海移远通信技术股份有 限公司（以下简称"公司"）董事会审计委员会勤勉尽责、恪尽职守，认真审慎 的履行职责，现将审计委员会 2023 年度（以下简称"报告期"）履职情况报告 如下： 一、审计委员会基本情况 报告期内，公司第三届董事会审计委员会由刘美玉女士（主任委员）、吴剑 敏先生、黄忠霖先生组成。2023 年 5 月 18 日，因原独立董事于春波女士、耿相 铭先生担任公司独立董事任期满六年，公司进行了独立董事提名选举工作，公司 第三届董事会审计委员会由刘美玉女士（主任委员）、吴剑敏先生、张栋先生组 成。2023 年 10 月 25 日，公司召开了第三届董事会第十六次会议，审议通过了 《关于调整第三届董事会审计委员会委员的议案》。根据《上市公司独立董事管 理办法》规定，公司原董事会审计委员会成员张栋先生为公司副总经理，不符合 《上市公司独立董事管理办法》董事会审计委员会成员任职条件。为进一步完善 公司治理结构，改善董事 ...

证券代码：603236 证券简称：移远通信 公告编号：2024-023 上海移远通信技术股份有限公司 关于修订《公司章程》及部分治理制度的公告 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。 上海移远通信技术股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日 召开了第三届董事会第十八次会议，审议通过了《关于修订<公司章程>的议案》 《关于修订<股东大会议事规则>的议案》《关于修订<董事会议事规则>的议案》 《关于修订<董事会提名委员会实施细则>的议案》《关于修订<董事会审计委员 会实施细则>的议案》《关于修订<董事会薪酬与考核委员会实施细则>的议案》 《关于修订<董事会战略委员会实施细则>的议案》《关于修订<关联交易管理制 度>的议案》《关于修订<对外担保管理制度>的议案》《关于修订<募集资金使用 管理制度>的议案》《关于修订<信息披露事务管理制度>的议案》《关于修订<投 资者关系管理制度>的议案》《关于修订<董事会秘书工作细则>的议案》《关于修 订<独立董事工作制度>的议案》《关于修订<董事、监事、高级管理人 ...