Quectel(603236) 长江证券·2025-04-25 23:30Investment 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]