Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company is a global leader in IoT solutions, focusing on wireless communication modules and solutions, and is well-positioned to benefit from the growth in AI and 5G technologies [6][14]. - The global IoT market is expected to grow significantly, with connections projected to exceed 2.97 billion by 2027, driven by increasing demand for smart devices and applications [6][46]. - The company has shown strong revenue growth, with a compound annual growth rate (CAGR) of 18.19% from 2021 to 2024, and a notable increase in net profit by 105.65% year-on-year in the first three quarters of 2025 [6][28]. Summary by Sections 1. Company Overview - The company, established in 2010 and listed in 2019, is dedicated to driving digital transformation in various industries through its comprehensive IoT solutions [6][14]. - It has developed a diverse product portfolio, including 5G/4G/3G/2G modules, AI solutions, and various communication modules, catering to different market needs [6][20]. 2. Market Growth and Demand - The global IoT market is projected to reach $483 billion by 2027, with a CAGR of 19.4% from 2022 to 2027, indicating robust growth potential [46]. - In China, the IoT connections are expected to range between 8 billion and 9.5 billion by 2025, with a CAGR of approximately 18% from 2022 to 2026 [50]. 3. Financial Performance - The company's revenue is expected to grow from 112.62 billion yuan in 2021 to 185.94 billion yuan in 2024, with core business segments like 5G modules and smart modules driving this growth [28][30]. - In the first three quarters of 2025, the company reported revenues of 178.77 billion yuan, a 34.96% increase year-on-year [28]. 4. R&D and Innovation - The company has consistently increased its R&D spending, reaching 13.94 billion yuan in the first three quarters of 2025, which is 7.80% of its revenue [34]. - The number of R&D personnel has grown from 2,366 in 2020 to 4,184 in 2024, reflecting the company's commitment to innovation [34][35]. 5. Competitive Landscape - The company maintains a strong market position, with significant shares in both domestic and international markets, outperforming competitors like China Mobile and SIMCom [59]. - The demand for AI and edge computing is expected to drive further growth in the company's product offerings, particularly in the automotive and smart module sectors [63].

格隆汇12月31日丨移远通信(603236.SH)在互动平台表示，公司已与全球超过40多家主流车厂及60多家 顶尖的Tier 1供应商建立了长期、稳定的合作关系，共同推动汽车的智能化和网联化发展。在车载业务 方面，公司目前已形成覆盖智能座舱、4G/5G、C-V2X、高精度定位、Wi-Fi/蓝牙/UWB模组及天线的完 整产品生态。在卫星通信领域，公司布局了丰富的产品，包括多款集成卫星直连蜂窝（Direct-to- Cell,D2C）技术的模组，并配套了高性能D2C专用天线，可为各类物联网终端赋予"地面+卫星"连接能 力。 ...

Core Viewpoint - The company, Quectel, has successfully completed a private placement fundraising of 2.2 billion yuan, which will be used to expand production in the automotive and 5G module sectors, as well as for AI computing modules and solutions [1][2][4]. Group 1: Fundraising and Expansion Plans - The 2.2 billion yuan raised will primarily be allocated to expanding production capacity for automotive and 5G modules, as well as for AI computing modules and solutions, which are closely aligned with the company's core business [2][4]. - The company plans to increase production capacity by 33.8 million automotive and 5G modules, and 26.5 million AI computing modules and solutions after the new projects reach full production [4][10]. Group 2: Production Capacity and Utilization - The company's factories are currently operating at full capacity, with a utilization rate of 104.9% from January to May [4]. - The company has established a "seven major automotive product technology ecosystem," which includes various automotive communication modules and customized solutions [4]. Group 3: Research and Development Investments - The company is investing heavily in research and development, with a planned new R&D center at its new headquarters in Shanghai, aiming to recruit 541 new employees [10][12]. - The R&D expenditure for the first nine months of the year reached 1.39 billion yuan, a year-on-year increase of 13.5% [13]. - The company has established R&D centers in multiple locations, including Shanghai and Vancouver, and aims to enhance its technical capabilities with the new hires [13]. Group 4: Market Position and Product Offerings - The company has provided products and services to over 60 Tier 1 suppliers and more than 40 automotive manufacturers globally [6]. - The company has a diverse product line that includes cellular modules, automotive modules, smart modules, and satellite communication modules, among others [21]. - As of July, the company held a 37% market share in the global cellular IoT module sector, ranking first worldwide [21]. Group 5: Future Outlook - The company aims to pursue higher goals and attract more capital attention as it progresses in the automotive and AI sectors [24].

Core Insights - The Chinese IoT industry is experiencing strong growth, with the number of connections expected to exceed 3.5 billion this year [2] - The global cellular IoT module shipments are projected to grow by 10% year-on-year by Q3 2025, with China showing a 7% increase driven by smart meters and POS terminals [2][3] - The development of IoT communication technology in China is rapidly advancing from 5G to 6G, satellite networks, and quantum communication [3] Industry Overview - Cellular IoT, also known as mobile IoT, allows devices to connect to the internet using mobile communication networks, facilitating ubiquitous connectivity [4] - As of June 2025, China's three major telecom operators are expected to have developed 2.831 billion mobile IoT terminal users [4] - The development of mobile IoT in China can be divided into three stages: technological foundation, commercial breakthrough, and scale explosion, with the commercial launch of 5G in 2019 marking a significant turning point [4][5] Market Dynamics - The growth of China's cellular IoT is driven by a combination of policy support, technological advancements, and market demand [5][6] - The Cat-1 bis technology has emerged as a mainstream choice for mid-speed IoT applications, with its global shipment share expected to approach 50% by Q3 2025 [5] - The demand for digital transformation in traditional industries, along with the need for upgrading devices like smart meters and POS terminals, is fueling market growth [6] Competitive Landscape - China has established a complete industrial chain for cellular IoT, with competitive companies emerging in chip design, module manufacturing, and application deployment [7] - Key players in the chip design sector include Aojie, Unisoc, and Shanghai Yixin, which are recognized for their advancements in the Cat-1 bis field [7] - The module industry is led by companies like Quectel, China Mobile, and Rida, with Rida achieving a remarkable 73% year-on-year growth [7][8] Future Outlook - The industrial internet market in China is expected to exceed 1 trillion yuan by 2025, becoming a significant driver for overall IoT growth [8] - The transition from a "selling connectivity" model to a "selling computing power" model is seen as a crucial challenge for the industry [9][10] - The commercialization of RedCap technology is anticipated to further enhance the capabilities of IoT applications, with significant growth expected in sectors like industrial inspection and smart factories [10] Challenges - Despite the positive growth indicators, the industry faces challenges such as reliance on imported core technologies and price sensitivity in the market [9] - The competition in the Cat-1 bis module market is intensifying, leading to a decline in average selling prices (ASP) and creating a "revenue without profit" scenario for many small and medium-sized manufacturers [9] - The need for collaboration across the industry to enhance technological routes, service capabilities, and global compliance is essential for sustaining growth [11]

（文章来源：证券日报） 证券日报网讯 12月26日，移远通信在互动平台回答投资者提问时表示，公司作为全球领先的物联网综 合解决方案供应商，依托自身在软硬件设计、AI算法、大模型等方向积累的技术能力，形成了"模组 +大模型+AI算法+平台"的AI整体解决方案，赋能AI机器人、AI玩具、智能零售、智慧医疗、教育等多 行业，形成了一系列标杆案例。未来公司将通过深化与产业链伙伴的协同合作，共同推动AI技术的规 模化落地。 ...

国联民生证券承销保荐有限公司 关于上海移远通信技术股份有限公司使用 公司及子公司在募投项目实施过程中涉及上述以募集资金支付确有困难的 情形，主要情形及原因如下： 自有资金支付募投项目款项并以募集资金等额置换的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 人"）作为上海移远通信技术股份有限公司（以下简称"移远通信"或"公司"） 2025年度向特定对象发行A股股票的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司募集资金监管规则》《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号一一规范运作》《上海证券交易所上市 公司自律监管指引第11号一一持续督导》等相关法律、法规和规范性文件的规定， 对公司使用自有资金支付募投项目款项并以募集资金等额置换事项进行了核查， 具体情况如下： 一、 募集资金基本情况 经中国证券监督管理委员会《关于同意上海移远通信技术股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕2184 号）核准，公司向特定对 象发行人民币普通股（A 股）26,165,765 股，发行价格 85.21 元/股，募集资金总 额为 2, ...

证券代码：603236 证券简称：移远通信 公告编号：2025-059 上海移远通信技术股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日召开第四届董事会第十次会议审议通过了《关于使用自有资金支付募投项目款 项并以募集资金等额置换的议案》，同意公司及子公司在 2025 年度向特定对象发 行 A 股股票募集资金投资项目（以下简称"募投项目"）实施期间，根据实际情 况先行使用自有资金支付募投项目款项后定期以募集资金进行等额置换。保荐机 构国联民生证券承销保荐有限公司（以下简称"保荐人"）对本次募集资金置换 事项出具了明确的同意意见。现将具体情况公告如下： 一、 募集资金基本情况 经中国证券监督管理委员会《关于同意上海移远通信技术股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕2184 号）核准，公司向特定 对象发行人民币普通股（A 股）26,165,765 股，发行价格 85.21 元/股，募集资金 总额为 2,229,584,835.65 元，扣除不含税保荐承销费用人民币 7,857,629.96 元， 减除其他与发行权益性证券直接相关的不含税发行费用人民币 1,801,09 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603236 证券简称：移远通信 公告编号：2025-058 上海移远通信技术股份有限公司向特定对象发行股票结果暨股本变动公告 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。 重要内容提示: ● 预计上市时间：上海移远通信技术股份有限公司（以下简称"发行人""公司"或"移远通信"）本次向特 定对象发行股票（以下简称"本次发行"）新增的26,165,765股股份已于2025年12月24日在中国证券登记 结算有限责任公司上海分公司办理完毕登记、托管及限售手续。公司本次发行新增股份为有限售条件流 通股，预计将于6个月限售期满后的次一交易日在上海证券交易所(以下简称"上交所")上市流通交易， 如遇法定节假日或休息日，则顺延至其后的第一个交易日。限售期届满后的转让和交易将按中国证券监 督管理委员会(以下简称"中国证监会")及上交所的有关规定执行。本次发行对象所认购的股份因公司分 配股票股利、资本公积转增等情形所取得的股份，亦应遵守上述限售安排。 ● 资产过户情况：本次发行的股票 ...

股票简称：移远通信 股票代码：603236 上海移远通信技术股份有限公司 向特定对象发行 A 股股票 上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二〇二五年十二月 上海移远通信技术股份有限公司向特定对象发行 A 股股票 上市公告书 特别提示 一、发行数量及价格 1、发行数量：26,165,765 股 2、发行价格：85.21 元/股 3、募集资金总额：人民币 2,229,584,835.65 元 4、募集资金净额：人民币 2,219,926,105.91 元 二、本次发行股票预计上市时间 本次发行新增股份在其限售期满的次一交易日在上海证券交易所上市交易（预 计上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易日）。 三、新增股份的限售安排 本次发行对象共有 14 名，均以人民币货币参与认购，全部发行对象认购的股票 自发行结束之日起六个月内不得转让。法律法规、规范性文件对限售期另有规定的， 依其规定。发行对象基于本次交易所取得的上市公司向特定对象发行的股票，因上 市公司分配股票股利、资本公积转增股本等情形所衍生取得的股份亦应遵守上述股 份锁定安排。发行对象因本次交易取得的 ...

国联民生证券承销保荐有限公司 关于上海移远通信技术股份有限公司 二〇二五年十二月 上海移远通信技术股份有限公司 上市保荐书 声 明 上海证券交易所： 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"、"保荐 机构"、"本保荐机构"）接受上海移远通信技术股份有限公司（以下简称"上 海移远通信技术股份有限公司"、"发行人"、"公司"）的委托，担任上海移 远通信技术股份有限公司本次向特定对象发行股票（以下简称"本次发行"）的 保荐机构，出具本上市保荐书。 向特定对象发行股票 之 上市保荐书 （中国（上海）自由贸易试验区浦明路 8 号） 国联民生证券承销保荐有限公司及其保荐代表人根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《证券发行上市保荐业务管理办法》、《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）、《上海证券交易所股票上市规则》等有关法 律、法规的规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执 业规范和道德准则出具本上市保荐书，并保证所出具文件的真实性、准确性和完 整性。 本上市保荐书如无特别说明，相关 ...