Investment Rating - The report assigns a "BUY" rating for the company, with a target price of 55 RMB per share [3][6]. Core Insights - The company has faced significant pressure on its performance in 2023 due to industry conditions, but has recently seen a rebound in net profit by 140% in Q1 2024, driven by a recovery in downstream demand in the IoT sector. The emergence of new industries such as AIoT is expected to provide new growth momentum [3][16]. - The company has secured large overseas orders in the automotive sector, which are projected to enhance performance starting in 2026, with total sales estimated between 742 million to 1.309 billion USD over the project's lifecycle [4]. - The IoT industry is showing signs of recovery, with inventory levels normalizing and demand increasing in sectors like automotive and AIoT. The company, as a leading IoT module provider, is well-positioned to benefit from this recovery [7][16]. Financial Summary - The company's net profit for 2024 is projected to be 598.43 million RMB, with a year-over-year increase of 559.72%. EPS is expected to be 2.26 RMB, with a P/E ratio of 20 [10][18]. - Revenue is forecasted to grow from 13.86 billion RMB in 2023 to 16.88 billion RMB in 2024, reflecting a recovery in the market [12]. - The company has demonstrated effective cost control, with significant reductions in sales, management, and R&D expense ratios in Q1 2024 compared to the previous year [16].

邮编：200120 上海市锦天城律师事务所 关于上海移远通信技术股份有限公司 差异化分红事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 上海市锦天城律师事务所 法律意见书 释 义 在法律意见书内，除非文义另有所指，下列词语具有下述涵义： | 本所 | 指 | 上海市锦天城律师事务所 | | --- | --- | --- | | 公司、移远通信 | 指 | 上海移远通信技术股份有限公司 | | 本次差异化分红 | 指 | 移远通信2023年度利润分配所涉及的差异化分红 事项 | | 法律意见书 | 指 | 上海市锦天城律师事务所出具的《上海市锦天城 律师事务所关于上海移远通信技术股份有限公司 | | 《公司法》 | 指 | 差异化分红事项的法律意见书》 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《公司章程》 | 指 | 《上海移远通信技术股份有限公司章程》 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 上交所 | 指 | 上海证券交易 ...

证券代码：603236 证券简称：移远通信 公告编号：2024-028 上海移远通信技术股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.11 元（含税） 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（上海移远通信技术股 份有限公司回购专用证券账户除外）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司存 放于回购专用证券账户中的股份不参与本次利润分配。 3. 差异化分红送转方案： （1）差异化分红方案 根据公司 2023 年年度股东大会审议通过的《关于公司 2023 年度利润分配方案的议案》， 公司 2023 年度利润分配方案为：以实施权益分派股权登记日登记的总股本扣除公司回购专用 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | ...

Investment Rating - Maintain "Recommend" rating for the company [2] Core Views - The IoT module industry is experiencing a shift from West to East, with Chinese companies leading the market By 2023, four major Chinese companies including the report company accounted for over 50% of the global market share [5][18] - The company is the world's largest IoT module provider and a leading IoT solution supplier Despite short-term performance pressure due to weak downstream demand and high R&D investment, the company achieved a 140 60% YoY increase in net profit in Q1 2024 and is expected to continue compensatory growth [5] - The company has built a diversified product matrix, including 5G communication modules, GNSS positioning modules, and satellite communication modules, which are expected to further enhance profitability [5] - The company's global layout and rich product matrix are expected to drive growth, with overseas revenue accounting for 52 60% in 2023 [5][49] Financial Forecasts - Revenue is expected to grow from 13 86 billion yuan in 2024 to 25 63 billion yuan in 2026, with growth rates of 25 6%, 21 5%, and 21 1% respectively [1] - Net profit attributable to the parent company is expected to increase from 531 million yuan in 2024 to 881 million yuan in 2026, with growth rates of 486 0%, 34 0%, and 23 8% respectively [1] - EPS is forecasted to rise from 2 01 yuan in 2024 to 3 33 yuan in 2026, with PE ratios of 24x, 18x, and 14x respectively [1] Industry Analysis - The IoT module industry is located in the midstream of the IoT industry chain, with upstream components including baseband chips, RF chips, and storage chips, and downstream applications in wireless payment, vehicle transportation, smart energy, and smart cities [22][23] - The global IoT market is expected to grow from 13 87 trillion USD in 2024 to 22 27 trillion USD in 2028, with a CAGR of 12 6% [150] - The 5G-A era is expected to drive a new round of industry growth, with the R18 standard enhancing uplink transmission performance and accelerating the transition from 4G to 5G in the global cellular IoT market [5][160] Company Strategy - The company has established eight R&D centers and over 50 sales centers globally, with overseas revenue accounting for 52 60% in 2023 [5][49] - The company has launched a series of competitive 5G communication modules, including the RG650x and RG255x series, and has expanded into GNSS positioning and satellite communication modules [5][52] - The company has received a large overseas order for automotive modules, with a total sales amount estimated at 742 million to 1 309 billion USD over an eight-year period starting from 2026 [59] Product Development - The company has developed a comprehensive product line, including 5G/4G/3G/2G/LPWA modules, automotive front-end modules, smart modules, GNSS positioning modules, and satellite communication modules [182] - The company has launched the SG885G-WF, a new flagship Android smart module, and provides AIbox solutions for edge computing applications [94] - The company has introduced high-precision GNSS modules, such as the LG290P, which supports full-system and full-frequency signals for applications in autonomous driving, drones, and precision agriculture [56]

证券代码：603236 证券简称：移远通信 上海移远通信技术股份有限公司 投资者关系活动记录表 时 间 2024/5/6 5/20 5/21 地 点 线上会议、公司会议室 □新闻发布会 ■特定对象调研 □路演活动 □分析师会议 ■现场参观 调研形式 □电话会议 □业绩说明会 □网络会议 □其他 □媒体采访 华泰证券 王兴 国联安基金 苗瑜 来 访 人 员 华泰证券 高名垚 嘉实基金 孟丽婷 名称 奇盛基金 付伟琦， 海富通基金 吴昊 奇盛基金 田祥光 中银资管 刘先政 混沌资产 马骋 鹏华基金 杨飞 财通基金 张胤 招商基金 邹成 财通基金 沈犁 浦银安盛基金 范军 财通基金 夏钦 农银汇理基金 洪琳 ...

Summary of Conference Call Industry Overview - The conference call focuses on the hospital communication industry, specifically discussing current trends and challenges faced by the sector [1]. Key Points and Arguments - The hospital communication industry is experiencing significant changes due to advancements in technology and increasing demand for efficient communication systems [1]. - There is a growing emphasis on integrating communication solutions that enhance patient care and streamline hospital operations [1]. - The impact of the COVID-19 pandemic has accelerated the adoption of digital communication tools within hospitals, leading to a shift in operational strategies [1]. - Companies in the sector are investing in innovative technologies to improve connectivity and data sharing among healthcare providers [1]. Important but Overlooked Content - The call highlighted the importance of regulatory compliance and data security in the implementation of new communication technologies in hospitals [1]. - There is a noted concern regarding the potential for increased competition as more players enter the hospital communication market, which may affect pricing and service quality [1]. - The discussion included insights on the need for ongoing training and support for hospital staff to effectively utilize new communication systems [1].

证券代码：603236 证券简称：移远通信 公告编号：2024-027 上海移远通信技术股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 26 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 83,877,262 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 32.0561 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长钱鹏鹤先生主持会议。会议采用现 (一) 股东大会召开的时间：2024 年 5 月 16 日 (二) 股东大会召开的地点：上海移远通信技术股份有限公司会议室（上海市 闵行区田林路 1016 号科技绿洲 3 期（B 区）5 号楼） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1 ...

上海市锦天城律师事务所 关于上海移远通信技术股份有限公司 2023 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 1 上海市锦天城律师事务所 关于上海移远通信技术股份有限公司 2023 年年度股东大会的法律意见书 致：上海移远通信技术股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海移远通信技术股份 有限公司（以下简称"公司"）委托，就公司召开 2023 年年度股东大会（以下 简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称《公司法》）、《上市公司股东大会规则》等法律、法规和其他规范性文件以 及《上海移远通信技术股份有限公司章程》（以下简称《公司章程》）的有关规 定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则》等规定，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事项进行了 ...

上海移远通信技术股份有限公司 2023 年年度股东大会会议资料 上海 2024 年 5 月 上海移远通信技术股份有限公司 2023 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 三、本次大会谢绝股东录音、拍照及录像，对扰乱会议的正常秩序和会议议 程、侵犯公司和其他股东合法权益的行为，会议工作人员有权予以制止，并及时 报有关部门处理。 2023 年年度股东大会文件目录 | 2023 年年度股东大会会议须知 | 2 | | --- | --- | | 2023 年年度股东大会会议议程 | 4 | | 2023 年年度股东大会会议议案 | 6 | | 议案一 《关于 2023 年度董事会工作报告的议案》 | 6 | | 议案二 《关于 2023 年度监事会工作报告的议案》 | 19 | | 议案三 《关于 2023 年度财务决算报告的议案》 | 22 | | 议案四 《关于 2024 年度财务预算报告的议案》 | 27 | | 议案五 《关于 2023 年年度报告及摘要的议案》 | 29 | | 议案六 《关于公司 2023 年度利润分配方案的议案》 | 30 | | 议案七 《关于提请股东大会授权董事会制 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [22][43][32]. Core Insights - The company is a global leader in providing comprehensive IoT solutions, with a complete range of IoT products and services, including cellular modules, automotive modules, smart modules, short-range communication modules, GNSS positioning modules, satellite communication modules, and antennas [1][24]. - The company has seen a decline in revenue from 2G, 3G, CatM, and LTE-A modules, while 5G, automotive, and short-range modules have experienced continuous growth [4][24]. - The company has increased its R&D investment to 1.604 billion yuan in 2023, a year-on-year increase of 20.19%, supporting product and technology innovation [17][24]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 138.61 billion yuan, a decrease of 2.59% year-on-year, and a net profit attributable to shareholders of 0.91 billion yuan, down 85.43% year-on-year [22][23]. - For Q1 2024, the company reported operating revenue of 39.54 billion yuan, a year-on-year increase of 26.06%, and a net profit of 0.55 billion yuan, a year-on-year increase of 140.60% [22][23]. R&D and Innovation - The company has established eight R&D centers globally, enhancing its capability for rapid development and innovation in IoT technologies [17][24]. - The focus on R&D has led to the successful launch of competitive 5G communication modules and automotive modules, which have gained significant market traction [33][24]. Market Position and Strategy - The company maintains a strong international strategy with sales channels covering multiple regions, including China, Europe, North America, and Africa, which is expected to facilitate rapid growth in new business areas [32][24]. - The stable supply chain and advanced testing equipment ensure reliable customer applications, further solidifying the company's market position [32][24].