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]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to achieve approximately 8.238 billion yuan in revenue for 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, with a non-recurring net profit of approximately 184 million yuan [2]. - In Q2 2024, the company anticipates revenue of about 4.284 billion yuan, reflecting a year-on-year increase of 27% and a quarter-on-quarter increase of 8%. The net profit attributable to the parent company is expected to be around 145 million yuan, showing a significant year-on-year growth of 625% and a quarter-on-quarter growth of 164% [2]. - The company has optimized operational efficiency, leading to a decrease in expense ratios, with a Q2 net profit margin of 3.4%, an increase of 2.8 percentage points year-on-year and 2 percentage points quarter-on-quarter [2]. - The global cellular IoT module market showed signs of recovery in Q1 2024, with a year-on-year growth of 7%, driven mainly by demand from China and India. The company holds a leading position in the IoT module market with a 37.1% share [2]. Financial Data and Valuation - Revenue projections for 2024-2026 are 17.343 billion yuan, 21.701 billion yuan, and 27.797 billion yuan, with year-on-year growth rates of 25.12%, 25.13%, and 28.09% respectively [12]. - The net profit attributable to the parent company for the same period is expected to be 450 million yuan, 624 million yuan, and 900 million yuan, with year-on-year growth rates of 395.79%, 38.76%, and 44.16% respectively [12]. - Earnings per share (EPS) are projected to be 1.70 yuan, 2.36 yuan, and 3.40 yuan for 2024, 2025, and 2026, respectively, indicating a three-year compound annual growth rate (CAGR) of 115.44% [12]. - The company maintains a strong market position and is expected to benefit from the development of edge AI technology [12].

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 ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately 200 million yuan for the first half of 2024, marking a turnaround from a loss in the same period last year [2]. - Estimated operating revenue for the first half of 2024 is around 8.238 billion yuan, representing a year-on-year growth of 26.51% [6]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be approximately 184 million yuan [12]. - The impact of non-recurring gains and losses on net profit is estimated to be around 16 million yuan, primarily from subsidies received [15]. - The company reported a net loss of approximately 115.37 million yuan in the previous year, with a loss per share of 0.44 yuan [6]. Operational Efficiency - The company is continuously optimizing operational efficiency and improving output per employee, leading to a decrease in expense ratio year-on-year [6]. Financial Reporting - The financial data provided is preliminary and has not been audited by registered accountants, with the final figures to be disclosed in the official semi-annual report [5][19]. - There are no significant uncertainties affecting the accuracy of this earnings forecast [16]. Business Development - The company has successfully expanded its module business and is providing comprehensive IoT solutions to customers [6]. - The forecast indicates a significant recovery in market demand during the reporting period [6].

证券代码：603236 证券简称：移远通信 公告编号：2024-030 上海移远通信技术股份有限公司 ● 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 关于 2024 年度日常关联交易预计的公告 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无须提交公司股东大会审议。 1、独立董事专门会议审议情况 2024 年 7 月 5 日，公司召开的第三届董事会第一次独立董事专门会议审议 通过了《关于 2024 年度日常关联交易预计的议案》，全体独立董事一致同意将 议案提交公司董事会审议。 经第三届董事会第一次独立董事专门会议审议，全体独立董事认为：本次预 计日常关联交易是根据公司实际情况进行 ...

证券代码：603236 证券简称：移远通信 公告编号：2024-029 上海移远通信技术股份有限公司 第三届监事会第十六次会议决议公告 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。 一、 监事会会议召开情况 上海移远通信技术股份有限公司（以下简称"公司"）第三届监事会第十六 次会议通知于 2024 年 7 月 2 日以口头方式向各位监事发出，于 2024 年 7 月 5 日 以现场结合通讯方式召开。会议应出席监事 3 人，实际出席会议监事 3 人，会议 由监事会主席辛健先生主持。公司董事会秘书及部分高级管理人员列席。本次会 议的召集、召开和表决程序符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 （一） 审议通过《关于 2024 年度日常关联交易预计的议案》 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《关于 2024 年度日常关联交易预计的公告》（公告编号：2024-030）。 监事会认为：公司 2024 年度日常关联交易的预计符合公司日常经营发展需 要，关联交易的实施不会 ...