[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% ...

证券时报e公司讯，豆包概念股午后拉升，移远通信涨逾4%，乐鑫科技涨逾3%。 消息面上，近期，字节跳动豆包大模型团队提出了全新的稀疏模型架构UltraMem，该架构有效解决了 MoE推理时高额的访存问题，推理速度较MoE架构提升2—6倍，推理成本最高可降低83%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [3][10]. Core Insights - The company is expected to achieve a revenue of approximately 18.56 billion RMB in 2024, representing a year-on-year growth of 34%. The net profit attributable to shareholders is projected to be around 540 million RMB, showing a significant increase of 495% [7][9]. - The report highlights a strong recovery in the IoT market, with the company positioned as a leader in IoT module shipments globally. The demand for IoT modules is anticipated to rebound in 2024, driven by the normalization of inventory levels and increased demand in sectors such as smart meters and automotive [9]. - The rise of AIoT technology is noted, with the company actively exploring applications in edge computing and AI technologies, which are expected to drive future growth [9]. Company Overview - The company operates in the communication industry, with a current A-share price of 80.90 RMB and a market capitalization of approximately 21.17 billion RMB [2]. - Major shareholders include Qian Penghe, holding 21.74% of the shares [2]. - The company has shown a significant stock price increase over the past year, with a rise of 87.3% [2]. Financial Performance - The company reported a net profit of 1.8 billion RMB in Q4, a year-on-year increase of approximately 69%, with revenue reaching about 5.31 billion RMB, marking a 36% growth [9]. - The projected earnings per share (EPS) for 2024 is 2.06 RMB, with a corresponding price-to-earnings (P/E) ratio of 43 [8][9]. - The company’s financial forecasts indicate a continued upward trend in net profit, with estimates of 540 million RMB for 2024, 782 million RMB for 2025, and 949 million RMB for 2026 [9].

Core Viewpoint - The announcement reveals a significant change in the shareholding structure of 移远通信 (603236.SH) due to the divorce settlement between the controlling shareholder 钱鹏鹤 and MIN HONGMAO, resulting in a reduction of the combined shareholding percentage from 28.58% to 23.78% [1][3]. Shareholding Changes - 钱鹏鹤's shareholding before the change was 57,529,808 shares (21.99%), while 宁波移远 held 17,257,208 shares (6.60%), totaling 74,787,016 shares (28.58%) [1]. - Following the divorce agreement, 钱鹏鹤 will transfer 12,559,567 shares (4.80%) to MIN HONGMAO, leaving him with 44,970,241 shares (17.19%) and 宁波移远 maintaining its 6.60% stake [2][3]. Market Valuation - Based on the closing price of 87.8 yuan per share as of January 22, the shares transferred to MIN HONGMAO are valued at approximately 1.1 billion yuan [3]. Regulatory and Control Aspects - The share transfer does not trigger a mandatory bid and will not change the control of the company, as the controlling shareholder and actual controller remain the same [4]. Company Background - 移远通信 was listed on the Shanghai Stock Exchange on July 16, 2019, with an initial offering price of 43.93 yuan per share, raising a total of 980 million yuan for various projects [4]. - The company has conducted a private placement in 2021, raising 1.063 billion yuan, with the issuance price set at 221.20 yuan per share [6][7]. Dividend History - 移远通信 has a history of stock dividends, including a 10-for-2 bonus in 2020, a 10-for-3 bonus in 2021, a 10-for-3 bonus in 2022, and a 10-for-4 bonus in 2023, indicating a consistent approach to returning value to shareholders [10].

Core Viewpoint - The stock price of Esky Communication has experienced a significant decline despite a strong earnings forecast for 2024, indicating potential market volatility and investor sentiment issues [1] Group 1: Stock Performance - As of 10:17 AM today, Esky Communication's stock price dropped by 5.72%, with a trading volume of 18.76 million shares and a transaction amount of 1.582 billion yuan, resulting in a turnover rate of 7.17% [1] - Over the past five days, the main funds have shown a net outflow of 42.04 million yuan, with a net outflow of 3.81 million yuan on the previous trading day [1] Group 2: Earnings Forecast - The company has released its latest earnings forecast, projecting a net profit of 540 million yuan for 2024, which represents a year-on-year increase of 495.33% [1] Group 3: Financing Data - As of January 22, the latest margin trading balance for Esky Communication is 1.157 billion yuan, with a financing balance of 1.151 billion yuan, indicating an increase of 264 million yuan over the past five days, which is a growth rate of 29.69% [1]

关于控股股东权益变动的提示性公告 证券代码：603236 证券简称：移远通信 公告编号：2025-003 上海移远通信技术股份有限公司 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"或"移远通信"）于 2025 年 1 月 21 日收到公司控股股东、实际控制人钱鹏鹤先生的通知，获悉钱鹏 鹤先生与 MINHONG MAO 女士已办理了解除婚姻关系手续，解除婚姻关系协议就股 份分割事项作出了安排。上述事项将导致公司控股股东及其一致行动人合计持股 比例跨越 25%降至 23.78%，现将相关情况公告如下： 一、 本次权益变动基本情况 本次权益变动属于非交易过户行为，不触及要约收购； 本次权益变动不会导致公司控股股东、实际控制人及其一致行动人发生变化， 不涉及公司控制权变更，对公司的经营管理没有实质影响； 本次权益变动后，MINHONG MAO 女士、钱鹏鹤先生及其一致行动人宁波移远 投资合伙企业（有限合伙）将持续共同遵守《证券法》《上市公司股东减持股 份管理暂行办法》《 ...

上海移远通信技术股份有限公司 简式权益变动报告书 上市公司：上海移远通信技术股份有限公司 上市地点：上海证券交易所 股票简称：移远通信 股票代码：603236 信息披露义务人：钱鹏鹤 通讯地址：上海闵行区****** 股份变动性质：股份比例减少（非交易过户） 信息披露义务人的一致行动人：宁波移远投资合伙企业（有限合伙） 通讯地址：浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 A 区 B0798 股份变动性质：无变化 签署日期：2025 年 1 月 21 日 1 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》和《公开发 行证券的公司信息披露内容与格式准则第 15 号－权益变动报告书》的规定，本 报告书已全面披露信息披露义务人在移远通信拥有权益的股份变动情况。截至本 报告书签署日，除本报告书披露的信息外，上述信息披露义务人没有通过任何其 他方式增加或减少在移远通信中拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除本信息披露义务 人外，没有委托 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately 540 million yuan for 2024, an increase of about 449.29 million yuan, representing a year-on-year growth of approximately 495.33%[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 482 million yuan, an increase of about 476.33 million yuan, with a year-on-year growth of approximately 8,402.16%[5] - The company anticipates total operating revenue of approximately 18.56 billion yuan for 2024, reflecting a year-on-year increase of about 33.90%[10] - The impact of non-operating gains and losses on net profit is estimated to be around 58 million yuan, primarily from received subsidies[11] Previous Year Performance - The company reported a total profit of 76.62 million yuan and a net profit attributable to shareholders of 90.71 million yuan for the previous year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 5.67 million yuan in the previous year[8] - The company achieved earnings per share of 0.34 yuan in the previous year[9] Business Focus and Growth - The company emphasizes its focus on providing comprehensive solutions for global IoT customers, with significant growth in communication module and intelligent solution sectors[10] Forecast Accuracy and Data Validity - The company does not foresee any major uncertainties affecting the accuracy of this performance forecast[14] - The data provided is preliminary and subject to final audited results in the 2024 annual report[16]

重要内容提示： 一、股票交易异常波动的具体情况 证券代码：603236 证券简称：移远通信 公告编号：2025-002 上海移远通信技术股份有限公司 股票交易异常波动公告 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。 公司股票价格于 2025 年 1 月 17 日、1 月 20 日、1 月 21 日连续三个交易日 内日收盘价格涨幅偏离值累计超过 20%。根据上海证券交易所的相关规定，属于 股票交易异常波动。 二、公司关注并核实的相关情况 （一）生产经营情况 波动的重大事项或重要信息，包括但不限于重大资产重组、股份发行、重大交易 类事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战略 投资者等重大事项。 （三）媒体报道、市场传闻、热点概念情况 经公司核查，公司未发现近期可能对本公司股票交易价格产生较大影响的媒 体报道、市场传闻及热点概念情况。 （四）其他股价敏感信息 经公司自查，目前生产经营活动一切正常，内外部经营环境未发生重大变化。 （二）重大事项情况 经公司自查，并向控股股东及实际控制人书面征询核实：截至本 ...