23/1023/1224/0124/0224/0324/0424/0524/0624/0724/0824/0924/10 移远通信(603236) 报告日期：2024 年 10 月 28 日 需求复苏和开源节流带动业绩恢复增长 ——移远通信 2024 年三季报点评 投资要点 ❑ 24Q3 单季归母 yoy+51.3% 2024 年前三季度，公司实现营业收入 132.5 亿元，yoy+32.9%；实现归母净利润 3.6 亿元，yoy+2,078.7%；实现扣非归母净利润 3.3 亿元，yoy+601.1%。我们认 为 24 年前三季度公司业绩实现良好增长主要得益于公司把握行业复苏机遇，积 极开拓业务。24 年前三季度实现销售毛利率 17.93%，同比-0.44pct；实现销售净 利率 2.62%，同比+2.84pct。 24Q3 单季公司实现营业收入 50.0 亿元，yoy+44.6%，qoq+16.4%；实现归母净利 润 1.5 亿元，yoy+51.3%，qoq-4.7%；实现扣非归母 1.4 亿元，yoy+52.9%。24Q3 单季实现销售毛利率 17.58%，同比-2.29pct，环比-1.68pct；实 ...

公司报告 | 季报点评 移远通信（603236） 证券研究报告 2024 年 10 月 25 日 投资评级 行业 通信/通信设备 6 个月评级 增持（维持评级） 当前价格 53.46 元 目标价格 元 行业需求持续复苏加速增长，积极期待边缘/终端+智能汽车持续驱动成长！ 事件： 公司发布 2024 年三季报，前三季度公司实现营业收入 132.46 亿元，较上 年同期增长 32.90%；实现归属于上市公司股东的净利润 3.57 亿元，较上 年同期相比实现扭亏为盈；实现扣非净利润 3.26 亿元，同比扭亏为盈。单 Q3 来看，实现营业收入 49.97 亿元，同比增长 44.64%，实现归母净利润 1.47 亿元，同比增长 51.29%，实现扣非归母净利润 1.37 亿元。 物联网行业持续复苏，收入加速增长 继 24H1 实现营业收入约 27%增长后，公司 Q3 延续营收整体快速增长趋势， 并加速增长，（Q3 单季度营收 49.97 亿元，同比增长约 44.64%）。主要得益 于物联网市场逐步恢复同时公司不断拓展衍生业务，为客户提供物联网解 决方案。 季度毛利率有所承压，费用管控成效显 公司前三季度实现毛利率 17 ...

移远通信（603236.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 扭亏为盈，龙头位置稳固 2024 年 10 月 23 日 ➢ 事件：2024 年 10 月 22 日，移远通信发布 2024 年三季报，前三季度公司 实现营业收入 132.46 亿元，同比+32.90%；实现归母净利润 3.57 亿元，较去 年同期实现扭亏为盈。 ➢ 公司 Q3 业绩同比大超预期，公司业务条线多点开花。2024Q3 公司实现营 业收入 49.97 亿元，同比+44.64%，环比+16.36%；归母净利润 1.47 亿元，同 比+51.29%；扣非净利润 1.37 亿元，同比+52.88%。物联网市场需求逐步恢复, 公司在模组业务的基础上，加快推进衍生产品及解决方案，公司 5G 模组、车 载模组、智能模组、ODM、天线等业务量均有所提升。 ➢ 2024Q2 中国与印度市场发力下游需求回暖，移远通信龙头位置稳固。据 Counterpoint 发布的《按应用划分的全球蜂窝物联网模组和芯片组追踪报告》 显示，2024 年第二季度全球蜂窝物联网模组出货量同比增长了 11%，环比增长 了 6%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the industry and potential benefits from edge AI development [2][4] Core Views - The company's revenue grew rapidly, with Q3 2024 revenue reaching 4.997 billion yuan, a 44.64% YoY increase and 16.36% QoQ growth [6] - Net profit margin improved by 2.84 percentage points YoY, reaching 2.62% in Q3 2024 [6] - The company holds a 37.1% market share in the global cellular IoT module market, maintaining its leading position [6] - The company's 5G-A module RG650V has passed GCF/PTCRB certification, marking a significant milestone in global compatibility [6] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.246 billion yuan, a 32.90% YoY increase [2] - Net profit attributable to shareholders reached 357 million yuan, a remarkable 2078.73% YoY growth [2] - Operating cash flow was 307 million yuan, a 15.77% YoY decrease [6] Industry Outlook - The global cellular IoT module market showed signs of recovery in Q1 2024, with a 7% YoY growth in shipments [6] - China and India are the main drivers of demand in the IoT module market [6] Future Projections - Revenue is expected to reach 18.027 billion yuan in 2024, with a 30.05% YoY growth [6] - Net profit is projected to be 522 million yuan in 2024, representing a 475.09% YoY increase [6] - EPS is forecasted to be 1.97 yuan per share in 2024 [6] Competitive Advantages - The company has successfully expanded its business from module manufacturing to providing comprehensive IoT solutions [6] - Its early adoption of 5G-A technology positions it well for future market opportunities [6]

证券研究报告 移远通信 (603236 CH) Q3 收入同比高增，费用控制良好 投资评级(维持): 买入 目标价(人民币): 79.58 华泰研究 季报点评 2024 年 10 月 21 日│中国内地 通信设备制造 根据公司 2024 年三季报，2024 年前三季度公司营收为 132.46 亿元，同比 增长 32.90%；归母净利润为 3.57 亿元，同比扭亏为盈；扣非归母净利润为 3.26 亿元，同比增长扭亏为盈。其中 3Q24 单季公司营收为 49.97 亿元， 符合此前发布的营收简报（49 亿元），同比增长 44.64%；归母净利润为 1.47 亿元，同比增长 51.29%，环比下滑 4.74%；扣非归母净利润为 1.37 亿元， 同比增长 52.88%，环比基本持平。我们认为公司单季度归母净利的环比波 动主要受到毛利率的影响。展望未来，我们认为公司作为全球物联网模组龙 头厂商，有望受益于行业需求端的企稳回暖，长期来看有望受益于 AI 边缘 计算带来的产业机遇，维持"买入"评级。 Q3 综合毛利率略承压；费用端控制良好 3Q24 单季度公司综合毛利率为 17.58%，同比下降 2.29pct，环比下降 ...

Financial Performance - Revenue for the third quarter reached RMB 4,997,072,751.96, a 44.64% increase year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 147,282,826.92, up 51.29% year-over-year[2] - Total revenue for the first three quarters was RMB 13,245,900,486.06, a 32.90% increase year-over-year[2] - Operating income for the first three quarters of 2024 reached 13.25 billion RMB, up from 9.97 billion RMB in the same period of 2023[14] - Net profit for the first three quarters of 2024 was 347 million RMB, compared to a net loss of 21.78 million RMB in the same period of 2023[16] - Net profit attributable to parent company shareholders: RMB 356,658,200.80, a decrease of RMB 18,024,634.54[17] - Comprehensive income attributable to parent company shareholders: RMB 358,192,186.35, a decrease of RMB 12,317,644.77[17] - Basic earnings per share: RMB 1.36, compared to RMB -0.07 in the previous year[17] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 11,757,754,780.03, a 4.67% increase from the end of the previous year[3] - Total assets increased to 11.76 billion RMB from 11.23 billion RMB[13] - Total liabilities rose to 7.96 billion RMB from 7.61 billion RMB[14] - Short-term borrowings increased to 1.03 billion RMB from 719.56 million RMB[13] - Contract liabilities grew to 451.15 million RMB from 218.70 million RMB[13] - Long-term borrowings decreased to 1.32 billion RMB from 1.44 billion RMB[14] - Total equity attributable to the parent company increased to 3.81 billion RMB from 3.63 billion RMB[14] Cash Flow - Operating cash flow for the first three quarters was RMB 306,786,256.32, a decrease of 15.77% year-over-year[2] - Cash received from sales of goods and services: RMB 11,405,967,376.41, an increase from RMB 10,230,631,993.60 in the previous year[18] - Net cash flow from operating activities: RMB 306,786,256.32, a decrease from RMB 364,218,208.57 in the previous year[18] - Net cash flow from investing activities: RMB -202,972,922.13, a decrease from RMB -165,168,333.74 in the previous year[19] - Net cash flow from financing activities: RMB -201,344,620.33, an improvement from RMB -370,852,448.26 in the previous year[19] - Cash and cash equivalents at the end of the period: RMB 1,761,676,081.73, a decrease from RMB 2,055,614,590.04 in the previous year[19] Earnings and Returns - Basic earnings per share for the third quarter were RMB 0.56, a 51.35% increase year-over-year[3] - Weighted average return on equity for the third quarter was 3.88%, an increase of 1.08 percentage points year-over-year[3] Government Subsidies - Government subsidies received during the third quarter amounted to RMB 11,876,957.19[4] Business Segments - The company's 5G modules, automotive modules, and smart modules saw increased business volumes during the quarter[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 32,322[9] - Qian Penghe holds 60,175,557 shares, representing 22.74% of the total shares[9] - Ningbo Quectel Investment Partnership holds 17,257,208 shares, representing 6.52% of the total shares[9] - Hong Kong Securities Clearing Company holds 12,143,613 shares, representing 4.59% of the total shares[9] - Ge Guilian holds 4,266,970 shares, representing 1.61% of the total shares[9] - Shanghai Xingzhi Venture Capital holds 3,879,560 shares, representing 1.47% of the total shares[9] - Ge Weidong holds 3,626,000 shares, representing 1.37% of the total shares[9] - Zhang Dong holds 3,548,720 shares, representing 1.34% of the total shares[9] - Shanghai Chongyang Strategic Investment - Chongyang Strategic Yingzhi Fund holds 3,231,127 shares, representing 1.22% of the total shares[9] - Zhu Yuehai holds 2,986,239 shares, representing 1.13% of the total shares[9] R&D Expenses - R&D expenses for the first three quarters of 2024 amounted to 1.23 billion RMB, slightly up from 1.20 billion RMB in the same period of 2023[16]

C o m p a n y U p d a t e 公司基本资讯 产业别 通信 A 股价(2024/9/20) 39.30 上证指数(2024/9/20) 2748.92 股价 12 个月高/低 57.25/29.71 总发行股数(百万) 264.57 A 股数(百万) 264.57 A 市值(亿元) 103.98 主要股东 钱鹏鹤 (22.74%) 每股净值(元) 14.10 一个月 三个月 一年 股价涨跌(%) -6.1 -13.1 -14.5 近期评等 出刊日期 前日收盘 评等 2024-08-27 44.26 买进 产品组合 无线通信模组 98.67% 其他 1.33% 股价相对大盘走势 2024 年 9 月 23 日 何利超 H70529@capital.com.tw 目标价(元) 50 机构投资者占流通 A 股比例 基金 17.2% 一般法人 17.8% 移远通信 (603236.SH) BUY 买进 控股股东减持影响有限，业绩好转趋势确立 结论及建议： 控股股东直接持有公司比例为22.74%，本次拟通过集中竞价、大宗交易 方式减持公司总股本1%股份。整体份额与去年八月终止的减持计划相当，预 计影 ...

Investment Rating - Maintain "Overweight" rating [5] Core Views - The company seized the opportunity of IoT market recovery in H1 2024, with multiple business segments flourishing [1] - Key drivers include heavy R&D investment, continuous development of module categories, and focus on automotive intelligence [1] - The company achieved significant milestones in 5G module development and global commercialization [1] - Revenue in H1 2024 reached 8 249 billion yuan, up 26 67% YoY, with net profit attributable to parent company surging 281 48% YoY to 209 million yuan [2] Financial Performance - H1 2024 revenue: 8 249 billion yuan, +26 67% YoY [2] - H1 2024 net profit attributable to parent company: 209 million yuan, +281 48% YoY [2] - Gross margin: 18 14%, +0 57% YoY [2] - R&D expenses: 796 million yuan, with 4 203 R&D personnel [1] - Contract liabilities: 227 million yuan, up from 164 million yuan in the same period last year [2] Business Development - Developed over 50 models of 5G modules covering industrial, Android smart, and automotive grades [1] - Achieved global first in large-scale commercial application of 5G CPE with Wi-Fi 7 [1] - Launched multiple smart module products with edge computing capabilities, winning 2024 AIoT Technology Innovation Product Award [1] - Expanded GNSS module product line, with LG290P and LG580P meeting high-precision positioning needs in various industries [6] - Pioneered satellite communication modules, with products like CC660D-LS and BG95-S5 achieving mass production [6] Market Position - Global leader in IoT solutions with comprehensive product portfolio covering cellular modules, automotive modules, smart modules, and satellite communication modules [9] - Products widely applied in smart transportation, smart energy, financial payment, smart city, and industrial IoT [9] - Maintains strong position in global automotive module market with multiple 5G module series adopted by major automakers [6] Industry Outlook - Global IoT connections estimated to reach 38 8 billion by 2029, up from 15 7 billion in 2023 [7] - Cellular IoT connections projected to grow to 6 7 billion by 2029 from 3 4 billion in 2023 [7] - Global cellular module shipments expected to reach 790 million units by 2029, with revenue of 9 495 billion USD [8] Financial Projections - 2024E revenue: 171 484 billion yuan, +23 72% YoY [10] - 2024E net profit attributable to parent company: 470 60 million yuan, +418 82% YoY [10] - 2025E revenue: 210 1875 billion yuan, +22 57% YoY [10] - 2026E revenue: 255 2048 billion yuan, +21 42% YoY [10] - 2026E net profit attributable to parent company: 889 20 million yuan [10]

证券研究报告 公司近一年市场表现 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 在较大的收入基数下，公司仍持续加大研发投入，上半年研发费用 7.96 亿元， 占收比 9.6%。5G 方面，公司持续布局 5G-A 生态，推出 RG650x 全球首个 5G-A 基带和射频标准的模组；智能模组方面，公司推出 SC200U、SC200V 等多款产品，为智能支付、ECR、PDA、行业手持终端、车载设备、机器人 等场景带来更多可能；卫星方面，率先推出多款卫星通信模组，广泛用于物 流监测、管线信息回传、个人应急通信、智慧农业等领域；车载方面，推出 "七大车载产品技术生态"，其中智能座舱模组、C-V2X 模组、高精定位模组 市场领先，为客户提供车载通信一站解决方案。 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 通信终端及配件 移远通信（603236.SH） 增持-B(维持) 二季度业绩环比大幅增长，物联网市场持续回暖中 2024 ...

公司近一年市场表现 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 在较大的收入基数下，公司仍持续加大研发投入，上半年研发费用 7.96 亿元， 占收比 9.6%。5G 方面，公司持续布局 5G-A 生态，推出 RG650x 全球首个 5G-A 基带和射频标准的模组；智能模组方面，公司推出 SC200U、SC200V 等多款产品，为智能支付、ECR、PDA、行业手持终端、车载设备、机器人 等场景带来更多可能；卫星方面，率先推出多款卫星通信模组，广泛用于物 流监测、管线信息回传、个人应急通信、智慧农业等领域；车载方面，推出 "七大车载产品技术生态"，其中智能座舱模组、C-V2X 模组、高精定位模组 市场领先，为客户提供车载通信一站解决方案。 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 通信终端及配件 移远通信（603236.SH） 增持-B(维持) 二季度业绩环比大幅增长，物联网市场持续回暖中 2024 年 9 月 6 ...