Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 79.58 [1][4]. Core Insights - The company reported a revenue of RMB 13.246 billion for the first three quarters of 2024, representing a year-on-year increase of 32.90%. The net profit attributable to the parent company was RMB 357 million, marking a turnaround from losses to profits [1]. - In Q3 2024, the company's revenue reached RMB 4.997 billion, a year-on-year growth of 44.64%. The net profit attributable to the parent company was RMB 147 million, up 51.29% year-on-year [1][2]. - The company is positioned as a leading global player in the IoT module market and is expected to benefit from a recovery in industry demand and opportunities arising from AI edge computing in the long term [3]. Financial Performance Summary - For Q3 2024, the overall gross margin was 17.58%, a decrease of 2.29 percentage points year-on-year and 1.68 percentage points quarter-on-quarter, attributed to changes in shipment structure [2]. - The company effectively controlled expenses, with sales, management, and R&D expense ratios at 2.58%, 1.93%, and 8.64%, respectively, all showing year-on-year reductions [2]. - The company has projected net profits for 2024, 2025, and 2026 to be RMB 549 million, RMB 752 million, and RMB 909 million, respectively, with a corresponding PE ratio of 28x for 2025 [4]. Market Outlook - The IoT module market is expected to stabilize as downstream demand recovers. The development of AI large models is anticipated to increase the requirements for communication bandwidth and latency, presenting growth opportunities for high-speed products like 5G cellular modules [3]. - The transition of AI computing capabilities towards the edge is expected to enhance the value of IoT modules, shifting their role from mere transmission to "transmission + computation" [3].

证券代码：603236 证券简称：移远通信 公告编号：2024-055 上海移远通信技术股份有限公司 关于计提资产减值准备的公告 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。 上海移远通信技术股份有限公司（以下简称"移远通信"或"公司"）于 2024 年 10 月 21 日召开第四届董事会第二次会议及第四届监事会第二次会议，审议通 过了《关于计提资产减值准备的议案》，现将相关内容公告如下： 一、本次计提资产减值准备的情况概述 公司根据《企业会计准则》等相关规定，基于审慎性原则，为真实、准确地 反映公司资产和财务状况，公司对截至 2024 年 9 月 30 日合并财务报表范围内的 相关资产进行减值测试，根据减值测试结果 2024 年第三季度相应计提信用减值 准备 22,471,938.24 元和资产减值准备 24,797,507.59 元。 二、本次计提信用减值损失及资产减值损失情况说明 （一）2024 年第三季度信用减值损失及资产减值损失变化情况 单位：元 | 项目 | 本期计提 | 转回 | 转销 | 核销 | 其他 变动 ...

第四届监事会第二次会议决议公告 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。 证券代码：603236 证券简称：移远通信 公告编号：2024-054 上海移远通信技术股份有限公司 本次监事会会议形成了如下决议： （一） 审议通过《关于公司<2024 年第三季度报告>的议案》 公司按照中国证监会、上海证券交易所有关要求编制了 2024 年第三季度报 告。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《2024 年第三季度报告》。 经审核，监事会认为：《公司 2024 年第三季度报告》的编制和审核议程符合 法律、法规、《公司章程》和内部管理制度的各项规定；《公司 2024 年第三季度 报告》的内容和格式符合中国证监会和上海证券交易所的各项规定，所包含的信 息能从各个方面真实地、公允地反映出公司 2024 年第三季度的财务状况和经营 成果等事项；报告内容真实、准确、完整，不存在任何虚假记载、误导性陈述或 者重大遗漏；第三季度报告编制过程中，没有发现参与报告编制和审议的人员有 违反保密规定的行为。 表决结 ...

Financial Performance - Revenue for the third quarter reached RMB 4,997,072,751.96, a 44.64% increase year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 147,282,826.92, up 51.29% year-over-year[2] - Total revenue for the first three quarters was RMB 13,245,900,486.06, a 32.90% increase year-over-year[2] - Operating income for the first three quarters of 2024 reached 13.25 billion RMB, up from 9.97 billion RMB in the same period of 2023[14] - Net profit for the first three quarters of 2024 was 347 million RMB, compared to a net loss of 21.78 million RMB in the same period of 2023[16] - Net profit attributable to parent company shareholders: RMB 356,658,200.80, a decrease of RMB 18,024,634.54[17] - Comprehensive income attributable to parent company shareholders: RMB 358,192,186.35, a decrease of RMB 12,317,644.77[17] - Basic earnings per share: RMB 1.36, compared to RMB -0.07 in the previous year[17] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 11,757,754,780.03, a 4.67% increase from the end of the previous year[3] - Total assets increased to 11.76 billion RMB from 11.23 billion RMB[13] - Total liabilities rose to 7.96 billion RMB from 7.61 billion RMB[14] - Short-term borrowings increased to 1.03 billion RMB from 719.56 million RMB[13] - Contract liabilities grew to 451.15 million RMB from 218.70 million RMB[13] - Long-term borrowings decreased to 1.32 billion RMB from 1.44 billion RMB[14] - Total equity attributable to the parent company increased to 3.81 billion RMB from 3.63 billion RMB[14] Cash Flow - Operating cash flow for the first three quarters was RMB 306,786,256.32, a decrease of 15.77% year-over-year[2] - Cash received from sales of goods and services: RMB 11,405,967,376.41, an increase from RMB 10,230,631,993.60 in the previous year[18] - Net cash flow from operating activities: RMB 306,786,256.32, a decrease from RMB 364,218,208.57 in the previous year[18] - Net cash flow from investing activities: RMB -202,972,922.13, a decrease from RMB -165,168,333.74 in the previous year[19] - Net cash flow from financing activities: RMB -201,344,620.33, an improvement from RMB -370,852,448.26 in the previous year[19] - Cash and cash equivalents at the end of the period: RMB 1,761,676,081.73, a decrease from RMB 2,055,614,590.04 in the previous year[19] Earnings and Returns - Basic earnings per share for the third quarter were RMB 0.56, a 51.35% increase year-over-year[3] - Weighted average return on equity for the third quarter was 3.88%, an increase of 1.08 percentage points year-over-year[3] Government Subsidies - Government subsidies received during the third quarter amounted to RMB 11,876,957.19[4] Business Segments - The company's 5G modules, automotive modules, and smart modules saw increased business volumes during the quarter[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 32,322[9] - Qian Penghe holds 60,175,557 shares, representing 22.74% of the total shares[9] - Ningbo Quectel Investment Partnership holds 17,257,208 shares, representing 6.52% of the total shares[9] - Hong Kong Securities Clearing Company holds 12,143,613 shares, representing 4.59% of the total shares[9] - Ge Guilian holds 4,266,970 shares, representing 1.61% of the total shares[9] - Shanghai Xingzhi Venture Capital holds 3,879,560 shares, representing 1.47% of the total shares[9] - Ge Weidong holds 3,626,000 shares, representing 1.37% of the total shares[9] - Zhang Dong holds 3,548,720 shares, representing 1.34% of the total shares[9] - Shanghai Chongyang Strategic Investment - Chongyang Strategic Yingzhi Fund holds 3,231,127 shares, representing 1.22% of the total shares[9] - Zhu Yuehai holds 2,986,239 shares, representing 1.13% of the total shares[9] R&D Expenses - R&D expenses for the first three quarters of 2024 amounted to 1.23 billion RMB, slightly up from 1.20 billion RMB in the same period of 2023[16]

证券代码：603236 证券简称：移远通信 公告编号：2024-053 上海移远通信技术股份有限公司 第四届董事会第二次会议决议公告 上海移远通信技术股份有限公司（以下简称"公司"）第四届董事会第二次 会议通知和议案于 2024 年 10 月 11 日以书面方式向各位董事发出。本次会议于 2024 年 10 月 21 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。 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<2024 年第三季度报告>的议案》 公司按照中国证监会、上海证券交易所有关要求编制了 2024 年第三季度报 告。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《2024 年第三季度报告》。本议案已经第四届董事会审计委员会第一次会议审议通过， 并同意将该议案提交董事会审议。 表决结果：5 票同意，0 票反对，0 票弃权。 （二） 审议通过《 ...

特别提示：本简报所载财务数据为初步核算数据，未经会计师事务所审计， 具体财务数据以公司正式披露的 2024 年第三季度报告为准，敬请广大投资者注 意投资风险。 上海移远通信技术股份有限公司（以下简称"公司"）2024 年第三季度(2024 年 7 月至 9 月)营业收入预估为人民币 49.01 亿元左右，较去年同期的营业收入 同比增加约41.85%，较第二季度(2024年4月至6月)营业收入环比增加约14.12%。 公司 2024 年 1 月至 9 月营业收入预估为人民币 131.50 亿元左右，较去年同 期的营业收入增加约 31.94%。 证券代码：603236 证券简称：移远通信 公告编号：2024-052 上海移远通信技术股份有限公司 2024 年第三季度营业收入简报 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。 特此公告。 上海移远通信技术股份有限公司董事会 2024 年 10 月 11 日 ...

上海移远通信技术股份有限公司 简式权益变动报告书 上市公司名称：上海移远通信技术股份有限公司 股票上市地点：上海证券交易所 股票简称：移远通信 股票代码：603236.SH 信息披露义务人名称：上海重阳战略投资有限公司 住所：上海市虹口区武进路 289 号 418 室 通讯地址：上海市世纪大道 8 号国金中心二期 51 楼 信息披露义务人名称：上海重阳投资管理股份有限公司 住所：上海市浦东新区世纪大道 8 号 B 座 51 楼 5103-5116 室 通讯地址：上海市世纪大道 8 号国金中心二期 51 楼 信息披露义务人名称：Chongyang International Asset Management Limited（重阳国际资产管理有限公司） 住所：香港中环花园道 3 号工商银行大厦 705A 室 通讯地址：香港中环花园道 3 号工商银行大厦 705A 室 股份变动性质：减少 简式权益变动报告书的签署日期：2024 年 9 月 30 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司收购管理办法（2020 年修订）》（以下简称 "《收购办法》" ...

证券代码：603236 证券简称：移远通信 公告编号：2024-051 上海移远通信技术股份有限公司 关于股东权益变动的提示性公告 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： ●本次权益变动属于股份减持，不触及要约收购。 ●本次权益变动不会导致公司控股股东及实际控制人发生变化。 一、本次权益变动基本情况 上海移远通信技术股份有限公司（以下简称"移远通信"或"公司"）于 2024 年9月30日收到上海重阳战略投资有限公司、上海重阳投资管理股份有限公司、 Chongyang International Asset Management Limited（重阳国际资产管理有限 公司）（以下简称"信息披露义务人"）出具的《简式权益变动报告书》，获知上 海重阳战略投资有限公司管理的重阳战略聚智基金于 2024 年 9 月 26 日通过上 海证券交易所的集中竞价交易系统减持移远通信 1,282,402 股无限售条件流通 股股份，占公司总股本的 0.4847%。 本次权益变动前，信息披露义务人上海重阳战略投资有限公司和上海 ...

证券代码：603236 证券简称：移远通信 公告编号：2024-050 上海移远通信技术股份有限公司 关于 5%以上股东股份变动超过 1%的提示性公告 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。 | 信息披露 | 名称/姓名 | | | | 上海重阳投资管理股份有限公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 义务人 基本信息 | 住所 | | | 上海市浦东新区世纪大道 | 8 号 | B 座 51 | 楼 | 5103-5116 室 | | | 权益变动时间 | | | 2023 年 6 | 月 15 日-2024 | 年 9 月 | 23 | 日 | | 权益变动 明细 | 变动方式 | 变动日期 | | 股份种类 | | 变动股数 （股） | | 变动比例 （%） | | | 集中竞价 | 2024 9 | 年 | 人民币普通股 | | -504,334 | | -0.1906 | | | | 月 23 | 日 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 50 CNY per share [2]. Core Views - The controlling shareholder's planned reduction of 1% of shares is expected to have a limited impact on the company's stock price, as it mirrors a previous plan that was ultimately terminated [2]. - The company has shown a significant improvement in performance, with Q2 revenue reaching 4.295 billion CNY, a year-on-year increase of 27%, and a net profit of 155 million CNY, reflecting a 691% increase year-on-year [2]. - The IoT industry is experiencing a notable recovery, with the company positioned as a leader in the global IoT module market, which is expected to benefit from the resurgence in demand [2][3]. Summary by Sections Company Overview - The company operates in the communication industry, with a current stock price of 39.30 CNY and a market capitalization of approximately 10.398 billion CNY [1]. - The stock has seen a decline of 6.1% over the past month and 14.5% over the past year [1]. Financial Performance - In Q2, the company achieved a record high revenue of 4.295 billion CNY, with a net profit margin of 3.5%, an increase of 3 percentage points year-on-year [2]. - The domestic market contributed significantly to revenue growth, with a 41.25% increase year-on-year, while international revenue grew by 15.32% [2]. Industry Outlook - The IoT industry is recovering from a de-inventory cycle, with increasing demand expected in sectors such as automotive and AioT [2]. - The company is well-positioned to benefit from the anticipated growth in the IoT module market, particularly with the integration of 5G technology [2][3]. Future Earnings Projections - The company is projected to achieve net profits of 598 million CNY, 721 million CNY, and 878 million CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 560%, 20%, and 22% [3]. - The expected earnings per share (EPS) for the same period are 2.26 CNY, 2.72 CNY, and 3.32 CNY, with corresponding price-to-earnings (P/E) ratios of 17, 14, and 12 [3].