Core Viewpoint - Shanghai Mijuan Communication Technology Co., Ltd. is set to hold its 2024 Annual General Meeting, focusing on various proposals including profit distribution, director and supervisor remuneration, and external guarantees for subsidiaries. Meeting Procedures - Shareholders and their representatives must register according to the meeting notice and provide valid documentation to attend the meeting [2] - Late attendees can participate in voting if they arrive before the voting starts; otherwise, they can only observe [2][3] - The meeting prohibits recording and disruptive behavior, with staff authorized to maintain order [2] Voting and Proposals - Voting will be conducted through a combination of on-site and online methods, with results announced by the meeting host [3][4] - The meeting will address several proposals, including the 2024 Board Work Report and the company's operational performance [6] Company Performance - In 2024, the company achieved a revenue of 18.594 billion yuan, a year-on-year increase of 34.14%, and a net profit of 588 million yuan, up 548.49% [6] - The company is focusing on expanding its IoT solutions, particularly in sectors like automotive, smart agriculture, and AI applications [6][9] Research and Development - The company operates eight R&D centers globally, emphasizing innovation in 5G technology and IoT solutions [7][8] - It has filed over 568 patents and 363 trademarks, showcasing its commitment to intellectual property [8] Product Development - The company has launched multiple 5G modules and solutions, including the RG650x series, which supports advanced applications like AR/VR and industrial automation [9][10] - New products include AI-enabled modules and high-precision GNSS modules, catering to various industries [11][16] Strategic Goals - The company aims to enhance its market position by expanding its product lines and improving customer customization capabilities [33] - Plans for 2025 include strengthening partnerships with operators and chip suppliers to drive innovation and market growth [34]

Core Viewpoint - The company, Quectel, will hold an earnings briefing for the fiscal year 2024 and the first quarter of 2025 on May 21, 2025, to address investor inquiries and provide insights into its financial performance [1][2]. Group 1: Meeting Details - The earnings briefing is scheduled for May 21, 2025, from 10:30 to 11:30 [1][2]. - The meeting will be conducted in a video recording format combined with online interaction [2][4]. - Investors can participate via the Shanghai Stock Exchange Roadshow Center website [2][3]. Group 2: Investor Participation - Investors can submit questions from May 14 to May 20, 2025, through the designated website or via email [3][4]. - The company will respond to commonly asked questions during the briefing [2][3]. Group 3: Contact Information - The contact for inquiries is the Board Secretary's office, reachable by phone or email [3][4].

上海 2025 年 5 月 上海移远通信技术股份有限公司 2024 年年度股东大会会议资料 上海移远通信技术股份有限公司 2024 年年度股东大会文件目录 | 2024 | 年年度股东大会会议须知 | 2 | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | 4 | | 2024 | 年年度股东大会会议议案 | 6 | | 议案一 | 《关于 2024 年度董事会工作报告的议案》 | 6 | | 议案二 | 《关于 2024 年度监事会工作报告的议案》 | 19 | | 议案三 | 《关于 2024 年度财务决算报告的议案》 | 23 | | 议案四 | 《关于 2025 年度财务预算报告的议案》 | 28 | | 议案五 | 《关于 2024 年年度报告及摘要的议案》 | 30 | | 议案六 | 《关于公司 2024 年度利润分配方案的议案》 | 31 | | 议案七 | 《关于提请股东大会授权董事会制定 2025 年中期利润分配方案的议案》 | 32 | | 议案八 | 《关于续聘会计师事务所的议案》 | 33 | | 议案九 | 《关于公司董事 2025 年度薪酬方 ...

证券代码：603236 证券简称：移远通信 公告编号：2025-030 上海移远通信技术股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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 4 月 24 日发布公司 2024 年年度报告，于 2025 年 4 月 29 日发布公司 2025 年第一季度报 告。为便于广大投资者更全面深入地了解公司 2024 年年度及 2025 年第一季度经 营成果、财务状况，公司计划于 2025 年 05 月 21 日（星期三）10:30-11:30 举 行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2025 年 05 月 21 日（星期三）10:30-11:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] 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. The short-term outlook for the IoT industry's downstream is improving, and as the company transitions from product-oriented to solution-oriented, the added value of its products is expected to continue to increase, benefiting in the long term [1][8] Financial Performance - In Q1 2025, the company achieved operating revenue of 5.221 billion yuan, a year-on-year increase of 32.05%, and a net profit attributable to the parent company of 212 million yuan, a year-on-year increase of 286.91% [3][8] - The significant revenue growth is attributed to increased market demand and the expansion of the company's product line. The growth rates of selling expenses, management expenses, and R&D expenses were relatively small at 23.66%, 30.42%, and 12.90%, respectively. Additionally, a reduction in credit impairment losses by 180 million yuan contributed to profit growth [8] Business Growth and Strategy - The 5G module business has seen significant growth, becoming a new growth point for the company. The company has developed over 50 5G module products, with several receiving global certifications. The ODM team's scale and technical capabilities are continuously improving, allowing the company to provide customized solutions to well-known domestic and international clients across various application fields [8] - The company is strategically expanding into new business areas to enhance its comprehensive IoT solution capabilities. It aims to provide comprehensive IoT solutions while consolidating its cellular module business and exploring high-potential fields such as vehicle modules, smart modules, GNSS modules, antennas, and ODM business [8] - Smart modules are emerging as a new growth direction, integrating computing and communication functions, and are expected to drive the demand for edge computing in various fields such as vehicle networking and consumer electronics [8] Profit Forecast - The company is expected to benefit from the recovering demand in the IoT market and the transition towards solution provision. The forecasted net profits attributable to the parent company for 2025-2027 are 715 million yuan, 948 million yuan, and 1.305 billion yuan, representing year-on-year growth rates of 22%, 33%, and 38%, respectively [8]

Group 1 - In April 2025, A-share listed companies implemented a total of 9 private placements, a year-on-year decrease of 59%, with actual fundraising amounting to approximately 15.306 billion yuan, down 13% year-on-year [1][2] - The number of private placement proposals disclosed in April 2025 reached 40, with a proposed fundraising scale of approximately 23.217 billion yuan, an increase of 8% year-on-year [1][7] - The leading companies in actual fundraising in April 2025 included Dongfang Electric, with a total of 4.123 billion yuan raised, followed by Waigaoqiao with 2.475 billion yuan, and Baiwei Storage with 1.9 billion yuan [4][5] Group 2 - The industrial sector led the number of private placements in April 2025, with 3 placements totaling approximately 5.56 billion yuan [6][14] - The information technology sector had the highest number of disclosed private placement proposals, totaling 12, with a proposed fundraising amount exceeding 3.804 billion yuan [14][15] - The second highest in terms of disclosed proposals was the industrial sector with 9 proposals, followed by the consumer discretionary sector with 7 proposals [14][15]

Investment Summary - Company achieved a revenue of 18.594 billion with a year-on-year growth of 34.14% and a net profit of 588 million, reflecting a significant increase of 548.49% [1] - In Q4 alone, the company reported a revenue of 5.348 billion, up 37.33% year-on-year, and a net profit of 2.3157 billion, which is a 112.97% increase [1] Core Insights - Revenue growth is driven by domestic business, with domestic revenue accounting for 47.72% of total revenue, an increase of 0.32 percentage points from the previous year [2] - The company has improved its cost control, with sales, management, and R&D expense ratios decreasing by 0.50, 0.91, and 2.60 percentage points respectively compared to the previous year [2] - Profitability metrics have improved, with operating profit margin and net profit margin reaching 3.15% and 3.11%, up 2.56 and 2.50 percentage points year-on-year [2] Market Dynamics - The impact of tariffs is less than expected, with only 0.8% of total revenue coming from direct exports to the U.S. The company has a global procurement system to mitigate tariff impacts [3] - The growth drivers for the company include the expansion of the IoT market and the rapid deployment of smart terminals, which are expected to significantly boost business [3] Investment Outlook - The company is positioned to benefit from the rapid growth in edge AI applications and is expected to achieve revenues of 22.585 billion, 26.769 billion, and 31.725 billion from 2025 to 2027, with net profits projected at 743 million, 952 million, and 1.125 billion respectively [4] - The expected growth rates for net profit are 26.36%, 28.05%, and 18.21% for the same period, with corresponding P/E ratios of 24.35, 19.01, and 16.08 [4]

证券研究报告 | 公司点评 | 通信设备 业绩高增长，受益于 AI 端侧放量 ——移远通信 2024 年年报及 2025 年一季报点评报告 投资要点 ❑ 业绩持续高增，净利率同比提升 2024 年，公司实现营业收入 185.94 亿元，同比增长 34.14%，归母净利润 5.88 亿 元，同比增长 548.49%，扣非归母净利润 5.32 亿元，同比增长 9287.32%。销售 毛利率 17.61%，同比下降 1.33pp，销售净利率 3.11%，同比增长 2.50pp。 2025 年一季度，公司实现营业收入 52.21 亿元，同比增长 32.05%，归母净利润 2.12 亿元，同比增长 286.91%，扣非归母净利润 2.01 亿元，同比增长 290.77%。 销售毛利率 17.81%，同比提升 0.88pp，销售净利率 4.04%，同比提升 2.71pp。 业绩实现高增，主要受益于物联网行业需求景气，公司在通信模组业务和智能化 解决方案板块均实现较好增长。同时公司规模效应凸显，通过管理效率的提升， 使净利润实现高速增长。 ❑ 行业整体需求回暖，公司份额全球领先，业务布局多元 2024 年以来，物联网行业景 ...

Group 1 - The core viewpoint of the news is the emphasis on strengthening the standard supply for intelligent connected vehicles as outlined by the Ministry of Industry and Information Technology (MIIT) in its 2025 automotive standardization work points [1][2] - The MIIT aims to accelerate the approval and implementation of standards related to autonomous driving, including design operation conditions, automatic parking, and simulation testing [1][2] - The report highlights that companies in the industry chain will focus on enhancing product maturity and safety, with major manufacturers expected to streamline hardware and software architectures and accelerate data collection [2] Group 2 - The intelligent connected vehicle ETF (159872) has shown a positive performance, with notable increases in constituent stocks such as Derun Electronics (8.65%) and Yiyuan Communication (5.78%) [1] - As of March 31, 2025, the top ten weighted stocks in the China Securities Internet of Vehicles Theme Index (930725) include BYD, Hongfa Technology, and Huichuan Technology, collectively accounting for 50.65% of the index [2]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company experienced significant growth in Q1 2025, with revenue reaching 52 billion RMB, a year-on-year increase of 32%, and a net profit of 2.1 billion RMB, reflecting a 287% increase [1] - The company is positioned as a leading global IoT module manufacturer, expected to benefit from a recovery in industry demand and long-term opportunities from edge/endpoint AI development [1][5] - The revenue from the module and antenna business in 2024 was 184 billion RMB, up 34% year-on-year, with both domestic and international markets showing strong performance [2] Summary by Sections Financial Performance - In 2024, the company's revenue was 186 billion RMB, a 34% increase year-on-year, and the net profit was 5.9 billion RMB, up 548% [1] - The comprehensive gross margin for 2024 was 17.6%, a slight decline of 1.3 percentage points, primarily due to increased orders from overseas strategic clients [3] - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing year-on-year [3] Market Outlook - The IoT module market is expected to stabilize and improve as downstream demand recovers, with high-speed products like 5G cellular modules poised for growth in the AI era [4] - Long-term, the transition of AI computing capabilities to the edge is anticipated to enhance the value of IoT modules, shifting their role from "transmission" to "transmission + computation" [4] Valuation and Forecast - The earnings forecast for 2025-2027 has been revised upward, with projected net profits of 8.01 billion RMB, 9.59 billion RMB, and 11.28 billion RMB respectively [5] - The target price for the company is set at 91.79 RMB, based on a 30x PE ratio for 2025, reflecting the company's leading position in the IoT module market [5]