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 ...

同时推进列队跟驰、数字钥匙、网联信息辅助等标准制定，促进网联功能加速应用。推动信息安全工程等标准发布实施，加快推 进汽车密码强制性国家标准制定，完成数据安全管理体系、汽车安全漏洞分类分级标准审查，加快重要数据识别标准研制，提升 网络安全和数据安全保障能力。 截至2025年4月30日 早盘收盘，智能网联汽车ETF(159872)上涨1.87%，跟踪指数成分股得润电子(002055)上涨8.65%，移远通信 (603236)上涨5.78%，经纬恒润(688326)上涨5.34%，汇川技术(300124)、上汽集团(600104)等个股跟涨。 消息面上，4月28日，工信部发布2025年汽车标准化工作要点，强化智能网联汽车标准供给。推动自动驾驶设计运行条件、自动 泊车、自动驾驶仿真测试等标准批准发布及实施，加快自动驾驶系统安全要求强制性国家标准研制，构建自动驾驶系统安全基 线。 智能网联汽车ETF(159872)紧密跟踪中证车联网主题指数，中证车联网主题指数将内容与服务提供商、软件提供商、硬件提供 商、汽车厂商等相关上市公司纳入车联网主题，以反映车联网上市公司的整体表现。 智能网联汽车ETF(159872)，场外联接 ...

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]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][7]. Core Insights - The company reported a revenue of 5.221 billion RMB for Q1 2025, representing a year-on-year increase of 32.1%, and a net profit of 212 million RMB, up 286.9% year-on-year, slightly exceeding expectations [7]. - The company is focusing on emerging fields such as industrial intelligence, smart agriculture, AI models, and edge computing, which are expected to drive future growth [10]. - The IoT industry is recovering, with expectations for significant growth in 2025 as global demand gradually returns [10]. - The company is well-positioned in the AIoT sector, leveraging its experience in edge computing and exploring various AI technologies [10]. - Profit forecasts for 2025-2027 indicate net profits of 900 million, 1.32 billion, and 1.89 billion RMB, with corresponding year-on-year growth rates of 53%, 47%, and 43% [10]. Company Overview - The company operates in the communication industry, with a current A-share price of 68.98 RMB and a market capitalization of 18.049 billion RMB [2]. - The stock has seen a 12-month high of 95.6 RMB and a low of 38.06 RMB, with a significant year-on-year price increase of 82.2% [2]. - Major shareholders include Qian Penghe, holding 17.19% of shares [2]. Financial Performance - The company achieved a gross margin of 17.81% in Q1 2025, an increase of 0.88 percentage points year-on-year, and a net profit margin of 4.04%, up 2.71 percentage points year-on-year [10]. - The earnings per share (EPS) for 2025 is projected to be 3.44 RMB, with a price-to-earnings (P/E) ratio of 20 [8][10].

证券代码：603236 证券简称：移远通信 公告编号：2025-029 上海移远通信技术股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 19 日 14 点 30 分 召开地点：上海移远通信技术股份有限公司（上海市闵行区田林路 1016 号 科技绿洲 3 期（B 区）5 号楼）1 楼会议室 股东大会召开日期：2025年5月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 19 日 至2025 年 5 月 19 日 采用上海证券交易所网络投票系统 ...

证券代码：603236 证券简称：移远通信 公告编号：2025-028 上海移远通信技术股份有限公司 第四届董事会第五次会议决议公告 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。 一、 董事会会议召开情况 上海移远通信技术股份有限公司（以下简称"公司"）第四届董事会第五次 会议通知于 2025 年 4 月 18 日以书面方式发出通知，2025 年 4 月 28 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 2025 年第一季度报告的议案》 公司按照中国证监会、上海证券交易所有关要求编制了 2025 年第一季度报 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《2025 年第一季度报告》。 本议案已经第四届董事会审 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥5,221,392,925.26, representing a year-on-year increase of 32.05% compared to ¥3,954,236,158.15 in the same period last year[4] - Net profit attributable to shareholders was ¥211,894,191.97, a significant increase of 286.91% from ¥54,765,968.89 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥200,617,318.25, up 290.77% from ¥51,338,915.99 year-on-year[4] - Basic earnings per share increased to ¥0.81, reflecting a growth of 285.71% compared to ¥0.21 in the same period last year[4] - Net profit for Q1 2025 was ¥210,932,043.11, compared to ¥52,477,908.25 in Q1 2024, representing a significant increase of 301.5%[20] - Basic and diluted earnings per share for Q1 2025 were both ¥0.81, up from ¥0.21 in Q1 2024[21] - The company reported a total profit of ¥211,720,857.41 for Q1 2025, significantly higher than ¥51,975,628.86 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,694,085,110.98, up 5.50% from ¥12,980,186,345.52 at the end of the previous year[6] - The company's current assets totaled RMB 10,689,788,544.44, up from RMB 10,063,244,982.16, indicating an increase of about 6.2%[14] - The inventory value rose significantly to RMB 4,568,963,125.49 from RMB 3,259,878,398.68, representing an increase of approximately 40.0%[14] - Short-term borrowings increased to RMB 900,527,656.16 from RMB 730,078,996.08, marking a rise of about 23.3%[15] - The total liabilities of the company reached RMB 9,467,922,317.85, compared to RMB 8,961,707,280.81, which is an increase of approximately 5.6%[15] - The company's accounts receivable stood at RMB 2,829,356,784.55, a slight decrease from RMB 2,976,884,223.44, indicating a decline of about 4.9%[14] - The cash and cash equivalents decreased to RMB 1,188,820,674.96 from RMB 1,836,721,352.98, reflecting a decline of approximately 35.3%[13] Shareholder Information - Shareholders' equity attributable to the parent company increased to ¥4,246,280,511.52, a rise of 5.19% from ¥4,036,864,182.54[6] - The company reported a total of 44,970,241 shares held by the largest shareholder, accounting for 17.19% of total shares[12] - The company has no significant changes in the participation of major shareholders in margin trading or securities lending activities[12] Cash Flow - The net cash flow from operating activities was negative at -¥623,082,393.95, an improvement from -¥708,960,316.35 in the previous year[4] - Cash received from sales of goods and services in Q1 2025 was ¥4,400,034,557.72, a 32.8% increase from ¥3,314,094,551.65 in Q1 2024[24] - Operating cash inflow totaled approximately $4.80 billion, an increase from $3.61 billion year-over-year[25] - Cash outflow from operating activities was about $5.43 billion, compared to $4.32 billion in the previous year[25] - Cash flow from investing activities resulted in a net outflow of approximately $123.52 million, compared to a net outflow of $20.53 million last year[25] - Cash inflow from financing activities was $609.67 million, down from $688.17 million year-over-year[27] - Net cash flow from financing activities was positive $100.23 million, a decrease from $362.49 million in the previous year[27] - The ending balance of cash and cash equivalents was approximately $1.19 billion, down from $1.50 billion year-over-year[27] - Total cash outflow from financing activities was $509.44 million, compared to $325.68 million last year[27] Research and Development - Research and development expenses for Q1 2025 totaled ¥429,290,352.32, an increase of 12.9% from ¥380,226,757.47 in Q1 2024[20] Other Financial Metrics - The weighted average return on equity rose to 5.14%, an increase of 3.63 percentage points from 1.51%[6] - Other comprehensive income for Q1 2025 showed a net loss of ¥8,246,838.67, compared to a gain of ¥5,028,323.79 in Q1 2024[21] - The company has not adopted new accounting standards or interpretations affecting the financial statements for the year[26]

4月28日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 赛特新材：董事长自愿放弃领薪 高管人员自愿降薪 赛特新材公告，近日收到公司董事长出具的《关于自愿放弃领薪的函》和高级管理人员出具的《关于自 愿降薪的函》。公司董事长及管理层为表明对公司未来发展的坚定信心，优化公司成本结构，实现降本 增效，并提升公司竞争力，自愿提出降低2025年度薪酬，降薪幅度为公司董事会核定的各高级管理人员 基本薪酬的20%，降薪期限为2025年4月至12月。其中，董事长汪坤明自愿放弃领取2025年度4月至12月 的基本薪酬。 三只松鼠：已向香港联交所递交H股发行上市申请并刊发申请资料 三只松鼠公告称，公司已于2025年4月25日向香港联合交易所有限公司递交发行境外上市股份（H股） 并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请材料。该 申请材料为草拟版本，其所载资料可能会适时作出更新和修订。公司本次发行上市尚需取得相关政府机 关、监管机构、证券交易所的批准、核准或备案，该事项仍存在不确定性。 玉龙股份：上交所受理公司股票主动终止上市申请 玉龙股 ...

移远通信（603236）公告，2025年第一季度营收为52.21亿元，同比增长32.05%；净利润为2.12亿元， 同比增长286.91%。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] 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, achieving significant revenue growth in a single quarter [2][8] - The company's revenue for 2024 reached 18.594 billion, a year-on-year increase of 34.14%, while the net profit attributable to the parent company was 588 million, a year-on-year increase of 548.49% [6][8] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 18.594 billion, up 34.14% year-on-year, and a net profit of 588 million, up 548.49% year-on-year [6][8] - The gross profit margin has slightly declined quarter-on-quarter, potentially due to market competition, product structure, and some exchange rate impacts [2][8] Business Growth - The 5G module business has significantly increased, contributing greatly to overall performance, with over 50 5G module products developed and multiple certifications obtained [8] - The company is expanding its global presence, with domestic revenue of 8.873 billion, up 35.04% year-on-year, and overseas revenue of 9.721 billion, up 33.34% year-on-year [8] Strategic Development - The company aims to provide comprehensive IoT solutions, continuously expanding into high-potential areas such as vehicle modules, smart modules, GNSS modules, antennas, and ODM business [8] - The ODM business has seen rapid growth, leveraging the company's extensive global IoT resources [8]