移远通信：行业需求回暖，Q2业绩超预期

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to achieve approximately 8.238 billion yuan in revenue for the first half of 2024, representing a year-on-year growth of 26.51%. The net profit attributable to the parent company is projected to be around 200 million yuan, marking a turnaround from losses, with a non-recurring net profit of approximately 184 million yuan [2]. - In Q2 2024, the company anticipates revenue of about 4.284 billion yuan, reflecting a year-on-year increase of 27% and a quarter-on-quarter increase of 8%. The net profit attributable to the parent company is expected to be around 145 million yuan, showing a significant year-on-year growth of 625% and a quarter-on-quarter growth of 164% [2]. - The company has optimized operational efficiency, leading to a decrease in expense ratios, with a Q2 net profit margin of 3.4%, an increase of 2.8 percentage points year-on-year and 2 percentage points quarter-on-quarter [2]. - The global cellular IoT module market showed signs of recovery in Q1 2024, with a year-on-year growth of 7%, driven mainly by demand from China and India. The company holds a leading position in the IoT module market with a 37.1% share [2]. Financial Data and Valuation - Revenue projections for 2024-2026 are 17.343 billion yuan, 21.701 billion yuan, and 27.797 billion yuan, with year-on-year growth rates of 25.12%, 25.13%, and 28.09% respectively [12]. - The net profit attributable to the parent company for the same period is expected to be 450 million yuan, 624 million yuan, and 900 million yuan, with year-on-year growth rates of 395.79%, 38.76%, and 44.16% respectively [12]. - Earnings per share (EPS) are projected to be 1.70 yuan, 2.36 yuan, and 3.40 yuan for 2024, 2025, and 2026, respectively, indicating a three-year compound annual growth rate (CAGR) of 115.44% [12]. - The company maintains a strong market position and is expected to benefit from the development of edge AI technology [12].