Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The overall demand in the IoT industry is improving, with significant growth in core businesses such as wireless modules, automotive modules, and smart modules. The gross profit margin remains stable quarter-on-quarter [12]. - The company has established a "1+N" business matrix, focusing on modules as the foundation while developing diversified businesses such as antennas, ODM, intelligent solutions, and software service platforms [12]. - In the first three quarters of 2025, the company achieved operating revenue of 17.877 billion yuan, a year-on-year increase of 34.96%, and a net profit attributable to shareholders of 733 million yuan, a year-on-year increase of 105.65% [6]. Summary by Sections Industry Demand and Performance - In Q3 2025, the company reported operating revenue of 6.33 billion yuan, a year-on-year increase of 26.68%, and a net profit of 262 million yuan, a year-on-year increase of 78.11% [6][12]. Business Development and Strategy - The company is continuously expanding its market coverage and actively exploring new growth points. It is leveraging technology innovation and global compliance to lead in the integration of 5G and AI [12]. - The automotive module and solution layout is being deepened, with a focus on high-end vehicle-grade products and solutions that have been successfully implemented with over 20 major manufacturers [12]. Financial Projections - The company is expected to benefit from the recovering demand in the IoT market, with projected net profits for 2025, 2026, and 2027 being 1 billion yuan, 1.267 billion yuan, and 1.813 billion yuan respectively, representing year-on-year growth rates of 70%, 27%, and 43% [12].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][40]. Core Insights - Nvidia's GTC event provided a significant CAPEX guidance of $500 billion for the Blackwell-Rubin series, with North American CSPs showing a clear upward trend in capital expenditures for Q3 2025 [4][16]. - The report highlights a strong growth trend in AI infrastructure investments, with North American CSPs' capital expenditures reaching a total of $113.3 billion in Q3, marking a 75% year-on-year increase [5][17]. - The A-share communication industry is experiencing high growth in AI computing performance, although there is a mismatch between high short-term expectations and actual performance releases [5][17]. Summary by Sections Industry Dynamics - Nvidia's guidance for North American CSPs suggests CAPEX could reach $443 billion, $549 billion, and $632 billion from 2025 to 2027, with GPU shipments expected to total 20 million units [4][16]. - The report emphasizes the stability of capital markets regarding concerns over "AI bubble" investments, with Nvidia's roadmap enhancing investment certainty in areas like 1.6T optical modules and quantum computing [4][16]. A-Share Communication Industry Overview - The report notes that leading companies in optical modules, such as Zhongji Xuchuang and Xinyi Technology, continue to expand production, with stable gross margin trends despite short-term performance fluctuations [5][17]. - The bottleneck effects in core materials like optical chips are becoming more pronounced, with domestic chip manufacturers expected to gain market share as overseas giants slow down production [5][17]. Market Performance - The overall market showed mixed performance during the week of October 27 to October 31, 2025, with the Shenzhen Component Index rising by 0.67% and the communication index declining by 3.59% [11][20]. - The report identifies cloud computing as the leading sector with a weekly increase of 22.48%, followed by IDC and equipment manufacturers [11][20]. Recommended Companies - The report suggests focusing on companies in various segments, including optical devices (e.g., Guangke Technology, Shijia Photon) and AIOT solutions (e.g., Rockchip, Yiyuan Communication) [20].

Core Viewpoint - The stock of Esky Communication has experienced fluctuations, with a year-to-date increase of 32.59% but a recent decline of 9.60% over the past five trading days, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Esky Communication achieved a revenue of 17.877 billion yuan, representing a year-on-year growth of 34.96%. The net profit attributable to shareholders was 733 million yuan, showing a significant increase of 105.65% [2]. - Cumulatively, Esky Communication has distributed 749 million yuan in dividends since its A-share listing, with 540 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Esky Communication reached 42,400, an increase of 10.63% from the previous period. The average number of circulating shares per shareholder decreased by 9.61% to 6,174 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 17.75 million shares, which increased by 1.1141 million shares compared to the previous period [3].

Core Insights - Quectel Wireless Solutions has launched five new durable fiberglass antennas that support LoRa, V2X, Wi-Fi, and 5G technologies [1] Product Development - The new antennas expand Quectel's existing product range, providing options tailored to specific use cases [1] - The durable fiberglass design offers discreet and robust solutions across key wireless technologies [1]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Insights - The company has shown strong performance with a revenue of 17.877 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 34.96%. The net profit attributable to shareholders reached 733 million yuan, up 105.65% year-on-year [1] - The growth is primarily driven by the acceleration of smart technology in the IoT sector, with significant contributions from AI and 5G integration across core business areas such as 5G modules, automotive modules, and smart modules [1] - The company has established a comprehensive layout in the automotive sector, benefiting from the trend of automotive intelligence, with partnerships with over 40 major car manufacturers and 60 top-tier suppliers [2] - In the robotics sector, the company's AI strategy has been effectively implemented, leading to collaborations with well-known robotics clients and applications in various robotic fields [2] - The company has developed a complete solution for AI toys, providing a one-stop service that includes hardware, algorithms, and IoT platforms, with successful implementations in leading toy brands [3] - The company has enhanced its overseas production capacity and supply chain resilience by establishing its own factory in Malaysia and strengthening partnerships with global contract manufacturers [4] Financial Summary - The company is projected to achieve net profits of 990 million yuan, 1.20 billion yuan, and 1.46 billion yuan for the years 2025 to 2027, with corresponding PE ratios of 25, 21, and 17 [5] - The revenue forecast for 2025 is 24.35 billion yuan, reflecting a growth rate of 30.96% compared to the previous year [12]

证券简称：移远通信 股票代码：603236 上海移远通信技术股份有限公司 Quectel Wireless Solutions Co., Ltd. （ 上海市松江区泗泾镇高技路 205 弄 6 号 5 层 513 室） 2025年度向特定对象发行A股股票 募集说明书 （注册稿） 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二〇二五年十一月 移远通信向特定对象发行 A 股股票 募集说明书 发行人声明 发行人及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计报告真实、完整。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责，由此变化引致的投资风险，由投资者自行负责。 1-1-1 移远通信向特定对象发行 A 股股票 募集说明书 重大事项提示 一、重大风险提示 本公司提请投资者仔细阅读本募集说明书"第六节 与本次发行相关的风险 因素"章节，并特别注意以下风险： （一）募集资金投资项目相关风险 1、新增产能消化及项目效益不及预期 ...

Core Viewpoint - The company, Shanghai Quectel Communication Technology Co., Ltd., is set to hold a Q3 2025 earnings presentation on November 11, 2025, to discuss its operational results and financial status with investors [2][5]. Group 1: Earnings Presentation Details - The earnings presentation will take place on November 11, 2025, from 13:00 to 14:00 [5][6]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][5]. - Investors can submit questions for the presentation from November 4 to November 10, 2025, through the Roadshow Center website or via email [2][7]. Group 2: Participation Information - Participants in the earnings presentation will include the Chairman and General Manager, Qian Penghe, and other key executives [6]. - Investors can access the presentation and its main content afterward through the Shanghai Stock Exchange Roadshow Center [8].

Group 1: Market Overview - In October 2025, the Shanghai Composite Index rose by 1.85%, while the Shenzhen Component Index fell by 1.10%[7] - The average return of the stock portfolio in October was 0.24%, outperforming the CSI 300 Index, which remained flat[7] - The A-share market saw significant style rotation, with large-cap value indices showing defensive characteristics[7] Group 2: Stock Recommendations - Huaxin Cement (600801) closed at 21.58 CNY, with a monthly increase of 16.65%[8] - Xiamen Tungsten (600549) closed at 35.70 CNY, with a projected EPS of 1.47 CNY[16] - Muyuan Foods (002714) closed at 50.30 CNY, with a projected EPS of 3.65 CNY[20] - CATL (300750) closed at 388.77 CNY, with a projected EPS of 14.97 CNY[24] - Guodian NARI (600406) closed at 24.23 CNY, with a projected EPS of 1.05 CNY[28] - SANY Heavy Industry (600031) closed at 22.14 CNY, with a projected EPS of 1.02 CNY[32] - Inovance Technology (300124) closed at 77.01 CNY, with a projected EPS of 2.04 CNY[36] - Yutong Bus (600066) closed at 32.33 CNY, with a projected EPS of 2.17 CNY[40] - Changdian Technology (600584) closed at 40.02 CNY, with a projected EPS of 1.00 CNY[44] Group 3: Economic and Policy Insights - The U.S. PMI data indicates resilient growth momentum, while employment figures remain weak[7] - The Federal Reserve's interest rate cut has been confirmed, but internal divisions within the FOMC raise questions about future easing paths[7] - The Chinese economy shows signs of resilience in production, with exports exceeding expectations despite a slowdown in demand[7]

证券代码：603236 证券简称：移远通信 公告编号：2025-051 上海移远通信技术股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 上海移远通信技术股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日发布公司 2025 年第三季度报告。为便于广大投资者更全面深入地了解公司 2025 年第三季度的经营成果、财务状况，公司计划于 2025 年 11 月 11 日（星期 二）13:00-14:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行 交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 会议召开时间：2025 年 11 月 11 日（星期二）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ...

Investment Rating - The report maintains an "Overweight" rating for the Internet of Things (IoT) module industry, highlighting a recovery in the industry driven by the trend of interconnected devices and the integration of AI technologies [1]. Core Insights - The IoT module industry is positioned as a critical component for achieving a fully connected world, facilitating communication between various devices and networks. The growth in IoT connections and market size is expected to continue, with projections indicating that global IoT connections could exceed 39 billion by 2029 [6][22]. - The integration of lightweight AI models and edge computing is anticipated to enhance the capabilities of IoT devices, leading to more personalized services and experiences across various sectors [6][46]. - The report emphasizes the importance of domestic companies in China, which are leading in the production of cellular IoT modules and are well-positioned to benefit from the increasing demand for smart modules [6][64]. Summary by Sections 1. IoT Module Demand Driven by Applications - IoT modules serve as the core infrastructure for achieving seamless connectivity and information exchange across devices [13]. - The global IoT industry is projected to reach a trillion-dollar scale, with a continuous increase in connection numbers driven by policy support and technological advancements [22][29]. 2. AI Integration and Edge Computing - The demand for edge computing is rising, with AI technologies enabling real-time data processing and decision-making at the device level [46]. - The report notes that the cost of deploying lightweight AI models has significantly decreased, making it feasible for IoT devices to incorporate advanced AI capabilities [43][44]. 3. Key Companies - The report highlights Yiyuan Communication as a leading global provider of IoT solutions, emphasizing its diverse product offerings and significant market share in the cellular IoT module sector [64][65]. - The company is actively expanding its market presence and developing high-performance products that integrate AI capabilities, positioning itself for future growth in the IoT landscape [65].