上海移远通信技术股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日 召开了第三届董事会第二十次会议，审议通过了《关于变更注册资本及修改<公 司章程>的议案》。现将有关情况公告如下： 证券代码：603236 证券简称：移远通信 公告编号：2024-040 上海移远通信技术股份有限公司 关于变更注册资本及修改《公司章程》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。 除上述条款修订外，《公司章程》其他内容不变，修订后的《公司章程》详见 公司同日披露于上海证券交易所网站（www.sse.com.cn）的《公司章程》（2024 年 8 月修订）。 上述事项尚需提交股东大会审议，并提请股东大会授权公司管理层办理本次 变更相关的工商变更登记事宜。 特此公告。 上海移远通信技术股份有限公司董事会 2024 年 8 月 27 日 一、《公司章程》修订情况 根据《公司法》《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》《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 ...

证券代码：603236 证券简称：移远通信 公告编号：2024-037 上海移远通信技术股份有限公司 关于增加 2024 年度日常关联交易预计金额的公告 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。 重要内容提示： ● 本次日常关联交易事项尚需提交公司股东大会审议。 ● 上海移远通信技术股份有限公司（以下简称"公司"或"移远通信"）日 常关联交易是在公平的基础上按市场规则进行，不会损害公司及全体股东的合法 权益，不会影响公司的独立性，不会对关联人形成依赖，不会对公司未来的财务 状况和经营成果产生不利影响。 ● 本次日常关联交易事项不构成重大不利影响的同业竞争。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议审议情况 2024 年 8 月 26 日，公司召开的第三届董事会第二次独立董事专门会议审议 通过了《关于增加 2024 年度日常关联交易预计金额的议案》，全体独立董事一 致同意将议案提交公司董事会审议。 经第三届董事会第二次独立董事专门会议审议，全体独立董事认为：本次公 司增加 2024 ...

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。 鉴于上海移远通信技术股份有限公司（以下简称"公司"或"移远通信"） 第三届监事会即将届满，依据《中华人民共和国公司法》、《公司章程》的相关规 定，公司按照相关法律程序进行换届选举。公司第四届监事会由 3 名监事组成， 其中股东代表监事 2 名，职工代表监事 1 名。 公司于 2024 年 8 月 26 日召开了职工代表大会，会议经民主讨论、表决，全 体与会职工代表一致通过如下决议： 选举安勇先生（简历见附件）担任公司第四届监事会职工代表监事，将与公 司 2024 年第一次临时股东大会选举产生的 2 名股东代表监事共同组成公司第四 届监事会，监事会任期自 2024 年第一次临时股东大会审议通过相关议案之日起 算，任期三年。 上海移远通信技术股份有限公司监事会 证券代码：603236 证券简称：移远通信 公告编号：2024-038 上海移远通信技术股份有限公司 关于职工代表大会选举职工代表监事的决议公告 特此公告。 2024 年 8 月 27 日 附件：简历 安勇，男，出生于 197 ...

Group 1: Product Demand and Market Trends - The demand for main products such as 4G modules, 5G modules, and smart modules is recovering [2] - The development of IoT and connected vehicles is driving growth in the automotive industry, with increasing penetration of applications like autonomous driving systems and connected vehicle systems [4] - Fixed Wireless Access (FWA) is expected to become the second-largest application of 5G technology by 2029, following enhanced mobile broadband (eMBB) [4] Group 2: Financial Performance and Margins - The gross margin in Q2 showed an increase compared to Q1, influenced by factors such as product structure adjustments and raw material price fluctuations [4] - The company currently employs over 5,000 people, with R&D personnel numbers expected to remain stable compared to the end of 2023 [5] Group 3: Product Development and Innovations - The company has launched several satellite communication modules, including the CC200A-LB series and others that support IoT NTN standards, aimed at various applications like asset tracking and emergency communication [5] - The company has developed a range of intelligent computing modules applicable in various sectors, including smart cameras, drones, and edge computing [6] - The edge computing module has a maximum computing power of 48 TOPS, supporting Wi-Fi and Bluetooth connections for high-demand applications [6] Group 4: Pricing and Market Strategy - Module prices have remained stable in the first half of the year, with future adjustments based on upstream material price changes and market demand [6]

公 司 报 告│ 公 司 点 评 研 究 行业需求回暖，Q2 业绩超预期 二季度业绩超预期，盈利能力大幅提升 公司发布 2024 年上半年业绩预告，预计营业收入为 82.38 亿元左右，同比 增长 26.51%，归母净利润为 2 亿元左右，同比实现扭亏为盈，扣非归母净 利润为 1.84 亿元左右。 2024 年 Q2 公司营业收入约为 42.84 亿元，同比增长 27%，环比增长 8%； 2024 年 Q2 归母净利润约为 1.45 亿元，同比增长 625%，环比增长 164%。 公司持续优化运营效率，提高单位人员产出，费用率同比有所下降，Q2 归 母净利率为 3.4%，同比提升 2.8 个百分点，环比提升 2 个百分点。 根据 Counterpoint 统计,2023 年全球蜂窝物联网模组市场首次出现下降， 同比下降 2%；2024Q1，全球蜂窝物联网模组市场显现复苏迹象，同比增长 了 7%，中国和印度的需求是主要驱动力。公司作为物联网模组龙头，2024Q1 以 37.1%的份额位居全球第一，公司在模组业务基础上不断拓展衍生业务， 为客户提供物联网综合解决方案，未来仍有望受益于行业的发展。 盈利预测、估值与 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [8][23]. Core Insights - The company is expected to achieve a revenue of approximately 8.238 billion yuan in 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 [1][5]. - The company has partnered with MikroElektronika to develop high-precision positioning services, enhancing its IoT solutions for various applications including drones and smart agriculture [2]. - The company has shown a consistent revenue growth trend, with Q2 2024 revenue estimated at 4.284 billion yuan, reflecting a year-on-year increase of approximately 26.9% [5]. - The company has successfully integrated its 5G modules with NVIDIA's Jetson AGX Orin, positioning itself to leverage AI edge computing capabilities for future growth [6]. Financial Summary - The company’s revenue for 2022 was 14.230 billion yuan, with a projected increase to 17.769 billion yuan in 2024, representing a growth rate of 28.20% [7]. - The net profit attributable to the parent company is expected to rise from 622.82 million yuan in 2022 to 550.89 million yuan in 2024, with a significant growth rate of 507.33% anticipated for 2024 [7][16]. - The company’s EBITDA is projected to improve from 2.410 billion yuan in 2022 to 946.74 million yuan in 2024 [7]. Market Position and Future Outlook - The company is well-positioned in the communication and IoT sectors, with a focus on expanding its edge computing capabilities and high-precision services [6][2]. - The overall industry is beginning to see a recovery in demand, which is expected to benefit the company’s growth trajectory [6].

公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [Table_ 【事项Summary 】 ] | --- | --- | |-----------------------------------------------|----------------------------------| | | | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 13525.07 | | 流通市值（百万元 ) | 13525.07 | | 52 周最高/最低（元） | 63.53/29.78 | | 52 周最高/最低（PE） | 87.15/30.26 | | 52 周最高 /最低（PB） | 4.40/2.24 | | 52 周涨幅（%） | -17.22 | | 52 周换手率（%） | 512.96 | | [Table_R 相关研究 eport] | | | 《 23 | 年业绩预告发布，物联网需求逐步回 | | 暖，公司 23Q4 | 收入环比增长 12% 》 | | | 2024.01.31 | | 《公司加强费用管控，净利润环比逐步好 | | | 转》 ...

[Table_Title] 评级：买入（维持） 市场价格：48.69 元 ◼ 公告摘要：公司发布 2024 年半年度业绩预告，预计报告期内实现归母净利润 约 2 亿元，同比扭亏为盈，扣非后归母净利润约 1.84 亿元，同比扭亏为盈。 投资要点 公司点评 下游需求修复，盈利能力显著改善 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 14,230 13,861 17,414 21,343 25,673 增长率 yoy% 26% -3% 26% 23% 20% 净利润（百万元） 623 91 604 779 944 增长率 yoy% 74% -85% 565% 29% 21% 每股收益（元） 2.35 0.34 2.28 2.94 3.57 每股现金流量 1.90 3.92 4.00 0.68 7.19 净资产收益率 17% 3% 14% 16% 16% P/E 20.7 142.0 21.3 16.5 13.6 PEG 0.3 -1.7 0.0 0.6 0.6 P/B 3.5 3.5 3.0 2.6 2.2 备注：股价 ...

Investment Rating - The report assigns a "Strong Buy" rating with a potential upside of at least 35% [6]. Core Views - The Internet of Things (IoT) industry is showing significant recovery, with the inventory destocking phase over and global downstream demand gradually recovering, particularly in automotive and AIoT scenarios. The company, as a leading IoT module provider, is expected to benefit significantly from this recovery [4]. - The company's net profit forecasts for 2024-2026 are projected at 598 million, 721 million, and 878 million RMB, representing year-over-year growth rates of +560%, +20%, and +22% respectively. The earnings per share (EPS) are expected to be 2.26, 2.72, and 3.2 RMB, with corresponding price-to-earnings (P/E) ratios of 20, 16, and 13 [5][17]. - The company has secured significant overseas orders in the automotive sector, which are expected to enhance performance starting in 2026, with total sales estimated between 742 million and 1.309 billion USD over the project's lifecycle [10]. Summary by Sections Company Overview - The company operates in the telecommunications sector, with a current A-share price of 44.26 RMB and a market capitalization of 11.71 billion RMB. The stock has seen a 12-month high of 63.39 RMB and a low of 29.71 RMB [1]. Financial Performance - In Q2, the company achieved a record revenue of 4.284 billion RMB, a 27% year-over-year increase, and a net profit of approximately 145 million RMB, reflecting a 640% increase year-over-year and a 165% increase quarter-over-quarter. The net profit margin improved to 3.4%, up 2.8 percentage points year-over-year [9]. Market Trends - The global IoT module shipment volume declined by 2% in 2023 due to reduced demand, but is expected to recover in the second half of 2024 as inventory levels normalize and demand from sectors like smart meters, POS systems, and automotive increases. A significant market growth is anticipated by 2025 with the application of 5G technologies [4]. Product Portfolio - The company's product mix is heavily weighted towards wireless communication modules, accounting for 98.67% of its offerings, with the remaining 1.33% from other products [1]. Future Outlook - The company is well-positioned to leverage advancements in AIoT technology, with ongoing developments in edge computing and AI applications, which are expected to drive new growth opportunities [16].

移远通信 (603236 CH) 根据公司中报业绩预告，公司预计 1H24 归母净利润约为 2 亿元，同比扭亏； 扣非归母净利润约 1.84 亿元，同比扭亏；单季度来看，2Q24 归母净利润 约 1.45 亿元，环比增长 165%；扣非归母净利润为 1.33 亿元，环比增长 158%。公司 2Q24 业绩超过我们的预期（1 亿），主要系公司盈利能力的环 比改善。考虑到公司盈利能力的修复，我们预计公司 2024~2026 年归母净 利润分别为 4.84/7.05/8.75（前值：4.12/5.92/8.10）亿元，可比公司 2024 年 Wind 一致预期 PE 均值为 24x，考虑到公司在物联网模组龙头地位，以 及公司天线、ODM 等新业务具备较高增长潜力，给予公司 24 年 32x PE， 对应目标价 58.48 元（前值：46.73 元），维持"买入"评级。 上调盈利预测，维持"买入"评级 | --- | --- | |----------------------------------------------|-------------| | 基本数据 | | | 目标价 ( 人民币 ) | 58.48 ...