证券代码：603236 证券简称：移远通信 公告编号：2025-005 上海移远通信技术股份有限公司 第四届董事会第三次会议决议公告 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。 一、 董事会会议召开情况 上海移远通信技术股份有限公司（以下简称"公司"）第四届董事会第三次 会议通知和议案于 2025 年 3 月 28 日以书面方式向各位董事发出。本次会议于 2025 年 3 月 31 日以现场结合通讯方式召开。会议应出席董事 5 人，实际出席会 议的董事 5 人，会议由董事长钱鹏鹤先生主持。公司监事和部分高级管理人员列 席会议。本次董事会会议的召集、召开和表决程序符合有关法律、法规、部门规 章、规范性文件和《公司章程》的规定。 根据《公司法》《证券法》《上市公司证券发行注册管理办法》等法律法规和 规范性文件的规定，公司拟定了本次向特定对象发行股票的发行方案，具体内容 如下： 二、 董事会会议审议情况 本次董事会会议形成了如下决议： （一） 审议通过《关于公司符合向特定对象发行 A 股股票条件的议案》 公司董事会根据《公司法》 ...

Group 1 - The communication industry experienced a net outflow of funds amounting to 1.29 billion yuan today, with six stocks seeing net outflows exceeding 100 million yuan [1][2] - The Shanghai Composite Index fell by 0.04% today, while the communication industry rose by 0.24% [1][2] - Among the 127 stocks in the communication sector, 84 stocks increased in value, with three hitting the daily limit, while 38 stocks declined, including one hitting the lower limit [2][4] Group 2 - The top three stocks with the highest net inflow in the communication sector were Sanwei Communication, with a net inflow of 502.41 million yuan, followed by Runze Technology and Yiyuan Communication, with net inflows of 53.96 million yuan and 50.65 million yuan respectively [2][4] - The stocks with the highest net outflow included Yongding Co., with a net outflow of 237.37 million yuan, followed by Zhongji Xuchuang and Zhongtian Technology, with net outflows of 198.72 million yuan and 179.38 million yuan respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [5]. Core Insights - The company is expected to achieve rapid growth in 2024, with projected revenue of 18.56 billion yuan, representing a year-on-year increase of approximately 33.90%. The net profit attributable to shareholders is forecasted to reach 540 million yuan, a significant increase of 495.33% compared to the previous year [1][3]. - The overall demand in the IoT market is recovering, driven by advancements in edge computing, mixed reality, and large models, which are increasingly integrating with IoT technologies [1]. - The global IoT connections are estimated to grow from 15.7 billion in 2023 to 38.8 billion by 2029, with cellular IoT connections expected to rise from 3.4 billion to 6.7 billion in the same period [1]. Summary by Sections Financial Performance - The company forecasts a revenue of 18.56 billion yuan for 2024, with a growth rate of 33.90%. The net profit is expected to be 540 million yuan, reflecting a growth rate of 495.33% [1][4]. - The revenue and net profit projections for 2025 and 2026 are 21.87 billion yuan and 25.29 billion yuan, and 701 million yuan and 888 million yuan respectively [4][9]. Product Development - The company has developed over 50 models of 5G modules, including industrial-grade, Android smart, and automotive-grade products, along with corresponding antenna products and certification testing services [3]. - The introduction of new smart module products aims to enhance applications in smart payments, electronic cash registers, handheld terminals, automotive devices, and robotics [3]. Market Trends - The report highlights the significant role of edge computing and XR (Extended Reality) in driving growth within the IoT sector, with the company actively exploring and innovating in these areas [2]. - The integration of 5G, big data, and cloud computing technologies is expected to further propel the development of IoT solutions [2].

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in 2024, driven by the recovery in the IoT market and the integration of advanced technologies [2]. Group 1: Company Performance - In 2024, the company anticipates a revenue of 18.56 billion yuan, representing a year-on-year increase of approximately 33.90% [2]. - The forecasted net profit attributable to shareholders is 540 million yuan, reflecting a staggering year-on-year growth of 495.33% [2]. Group 2: IoT Industry Development - The global IoT connections are projected to grow from 15.7 billion in 2023 to 38.8 billion by 2029, with cellular IoT connections increasing from 3.4 billion to 6.7 billion in the same period [3]. - The recovery in the IoT market is supported by advancements in infrastructure and technologies such as ChatGPT, 5G Advanced, edge computing, satellite IoT, and multimodal large models [3]. Group 3: Edge Computing and XR Growth - The integration of 5G and high computing power is becoming a crucial development direction, with intelligent modules being essential components of IoT devices [4]. - The company has been innovating in the IoT sector, particularly in edge computing and XR hardware and software ecosystems since 2022 [4]. Group 4: Product Development - The company has developed over 50 models of 5G modules covering various applications, including industrial, automotive, and Android smart modules [5]. - The introduction of new smart modules and solutions aims to enhance applications in smart payments, electronic cash registers, handheld devices, and robotics [5]. - The company plans to launch a combination module BC680Z in the first half of 2024, supporting mainstream NB frequency bands and GNSS positioning [5].

——移远通信（603236.SH）跟踪报告之七 要点 24 年业绩实现快速增长：根据公司 2024 年业绩预告，2024 年公司预计实现营 业收入 185.60 亿元，同比增长约 33.90%；实现归母净利润 5.40 亿元，同比增 长 495.33%。业绩快速增长的主要原因是 2024 年物联网市场需求整体呈现复苏 态势，边缘计算、混合现实、大模型等技术与物联网加速融合的趋势愈发显著。 物联网行业快速发展：根据爱立信估测，2023 年全球物联网连接数为 157 亿个， 至 2029 年全球连接量将达 388 亿。2023 年蜂窝物联网全球连接量为 34 亿，至 2029 年，蜂窝物联网全球连接量可达 67 亿。无线通信模组作为物联网产业链上 的关键环节，是终端设备实现网络信息传输的重要组件。2024 年，物联网景气 度逐步复苏，物联网基础设施不断完善、ChatGPT、5G Advanced、边缘计算、 卫星物联网、多模态大模型等技术的推出，也将持续推动物联网行业快速发展。 边缘计算与 XR 助力成长。在新兴行业，5G+高算力成为了重要发展方向，集成 高性能、高算力、多媒体功能的智能模组已经成为物联网设备的重 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve rapid growth in 2024, with projected revenue of 18.56 billion yuan, a year-on-year increase of approximately 33.90%, and a net profit of 540 million yuan, reflecting a staggering growth of 495.33% [1][3] - The overall demand in the IoT market is recovering, driven by advancements in edge computing, mixed reality, and large models, which are increasingly integrating with IoT technologies [1] - The global IoT connections are estimated to grow from 15.7 billion in 2023 to 38.8 billion by 2029, with cellular IoT connections expected to rise from 3.4 billion to 6.7 billion in the same period [1] Summary by Sections Performance Forecast - The company forecasts a significant recovery in the IoT market in 2024, leading to an upward revision of the net profit forecast to 540 million yuan, an increase of 7% from previous estimates [3] - The projected net profit for 2025 is 701 million yuan, and for 2026, it is 888 million yuan, corresponding to P/E ratios of 40, 31, and 25 respectively [3] Product Development - The company has developed over 50 models of 5G modules, covering various applications including industrial, automotive, and smart devices [3] - The introduction of new smart modules and solutions aims to enhance capabilities in sectors such as smart payment and robotics [3] Industry Trends - The integration of 5G and high computing power is becoming a crucial development direction in emerging industries, with the company actively exploring edge computing and XR solutions [2] - The company has established a comprehensive 5G+XR ecosystem since 2022, showcasing its advanced algorithm capabilities in various industrial applications [2]

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][38]. Core Insights - The launch of the AI agent platform Manus signifies a maturation of intelligent agent capabilities, with significant market interest and a rapid increase in computational token consumption [4][11]. - Manus is designed to integrate various capabilities, including planning, tool usage, and memory, which are essential for executing complex tasks and will lead to a substantial increase in computational demand [4][12]. - The report emphasizes that the domestic computational power sector is currently the largest investment theme, with recommendations to focus on companies benefiting from capital expenditures by CSPs and operators [5][13]. Summary by Sections Industry Investment Rating - The telecommunications industry is rated as "Outperform" with expectations of exceeding the benchmark index by over 10% [1][38]. Market Performance - The overall market saw an increase during the week of March 3 to March 9, 2025, with the Shenwan Communications Index rising by 2.81% and the STAR Market Index increasing by 2.67% [6][14]. Key Developments - The Manus AI platform has been released, showcasing advanced capabilities in handling various tasks, which has garnered significant attention in the market [4][11]. - The report highlights that the introduction of Manus will lead to a dramatic increase in the consumption of computational tokens, with a single task running cost estimated at approximately $2, significantly lower than previous models [4][12]. Investment Recommendations - The report suggests focusing on domestic computational power, particularly in sectors such as servers, switches, optical modules, and IDC infrastructure, which are expected to benefit from increased capital expenditures [5][13]. - It also recommends monitoring overseas computational sectors for innovations in NV technology and ASIC capital expenditures, especially with upcoming events like GTC2025 [5][14]. - Attention is drawn to edge AI applications, particularly in IoT modules and edge computing, as they align with privacy compliance requirements [5][14]. Notable Companies to Watch - Domestic computational power: Unisplendour, Ruijie Networks, Guangxun Technology, Huagong Technology, Guanghuan New Network, Aofei Data, Chaoxun Communication, Langwei Co [5][15]. - Overseas computational power: NewEase, Tianfu Communication, Zhongji Xuchuang, Taicheng Light, Guangku Technology, Dingtong Technology, Wolong Nuclear Materials [5][15]. - Edge AI: Guanghetong, Yiyuan Communication, Meige Intelligent, Yuntian Leifeng, Yinghantong, Tianzhun Technology, Heertai, Tuobang Co [5][15].

[Table_Stock] 移远通信（603236） [Table_Rating] 买入（首次） [◼Table_Summary] 投资摘要 | [Table_Author] 分析师: | 刘京昭 | | --- | --- | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | | 联系人: | 杨昕东 | | SAC 编号: | S0870123090008 | [Table_BaseInfo] 基本数据 [Table_I 行业 ndustry] : 通信 日期: shzqdatemark 2025年03月06日 移远天地，通达八方 ——移远通信深度研究报告 IoT模组产业龙头，多领域覆盖&全球化并存。移远通信是国内领先的 物联网解决方案提供商，占据全球IoT模组市场的主导地位，产品涵盖 蜂窝模组、车载前装模组、智能模组等硬件，以及物联网解决方案、 认证与测试、智慧城市、工业智能等服务与解决方案。目前公司已迈 入业务快速拓展期，模组化产品加速向新兴领域渗透。 行业β效应显著，全产业链催化模组兴盛。物联网发展路径明晰，产 业链环节分 ...

| [Table_Author] 分析师: | 刘京昭 | | --- | --- | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | | 联系人: | 杨昕东 | | SAC 编号: | S0870123090008 | [Table_BaseInfo] 基本数据 [Table_Rating] 买入（首次） [◼Table_Summary] 投资摘要 [Table_I 行业 ndustry] : 通信 日期: shzqdatemark 2025年03月06日 [Table_Stock] 移远通信（603236） | 最新收盘价（元） | 80.20 | | --- | --- | | 12mth A 股价格区间（元） | 36.90-92.60 | | 总股本（百万股） | 261.66 | | 无限售 A 股/总股本 | 100.00% | | 流通市值（亿元） | 209.85 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -12% 5% 22% 39% 56% 73% 89% 106% 123% ...

Core Viewpoint - The news highlights a significant advancement in AI model architecture by ByteDance, which has positively impacted related stocks in the market, particularly in the "Doubao" concept sector [1] Group 1: Stock Performance - Doubao concept stocks experienced a surge in the afternoon trading session, with Yiyuan Communication rising over 4% and Lexin Technology increasing by more than 3% [1] Group 2: Technological Advancement - ByteDance's Doubao large model team introduced a new sparse model architecture called UltraMem, which effectively addresses the high memory access issues associated with MoE (Mixture of Experts) inference [1] - The inference speed of the UltraMem architecture is reported to be 2 to 6 times faster than that of the MoE architecture, while the inference cost can be reduced by up to 83% [1]