重要内容提示： 控股股东持股的基本情况 本次减持计划实施前，上海移远通信技术股份有限公司（以下简称"公司"） 控股股东钱鹏鹤先生直接持有公司股份 60,175,557 股，占公司总股本的比例为 22.74%。 证券代码：603236 证券简称：移远通信 公告编号：2024-056 上海移远通信技术股份有限公司控股股东 减持股份结果的公告 本公司董事会、全体董事及相关股东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。 二、减持计划的实施结果 减持计划的实施结果情况 公司于 2024 年 9 月 21 日披露了《控股股东减持股份计划公告》（公告编 号：2024-049）。在减持计划期间内，公司控股股东钱鹏鹤先生拟减持其所持有 公司股份不超过 2,645,749 股，占公司总股本的 1%。 2024 年 11 月 7 日，公司收到钱鹏鹤先生出具的《股份减持结果告知函》， 在 2024/10/21～2024/11/7 期间内，钱鹏鹤先生通过集中竞价方式累计减持公司 股份 2,645,749 股。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | ...

证券代码：603236 证券简称：移远通信 公告编号：2024-057 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。 重要内容提示： 公司于 2024 年 11 月 7 日收到控股股东钱鹏鹤先生及其一致行动人宁波移远 的告知函，因公司实施资本公积金转增股本被动增加股份、以及股东实施此前披 露的减持计划，钱鹏鹤先生及其一致行动人宁波移远持有公司的股份比例由 29.27%（以 2023 年 3 月 23 日总股本计算）减少至 28.26%（以 2024 年 11 月 7 日总股本计算），持股比例变动超过公司总股本的 1%。 | 信息披露 | 名称/姓名 | 钱鹏鹤 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 义务人 基本信息 | 住所 | 上海市闵行区 | | | | | | | 权益变动时间 | 24 | | 2023 年 3 月 | 日-2024 年 11 月 | 7 日 | | ...

Investment Rating - The report upgrades the investment rating to "Accumulate-A" based on expected performance exceeding the benchmark index by 5%-15% [10]. Core Insights - The company has shown significant revenue growth, with a 32.9% year-on-year increase in revenue for the first three quarters of 2024, reaching 13.25 billion yuan, and a remarkable 2078.7% increase in net profit [2][10]. - The company is positioned to benefit from the recovery in the market and its refined management strategies, particularly in the automotive, gateway, payment, and PC sectors [3][10]. - The introduction of new products and platforms, such as the industrial smart brand Baowita, is expected to enhance the company's market value and expand its service offerings [8][9]. Financial Performance - For Q3 2024, the company reported a revenue of 5 billion yuan, a year-on-year increase of 44.6% and a quarter-on-quarter increase of 16.4% [2]. - The gross margin for the first three quarters was 17.93%, slightly down by 0.44 percentage points year-on-year, while the net profit margin improved by 2.84 percentage points to 2.62% [2][4]. - The company anticipates a recovery in profitability, with projected net profits for 2024-2026 expected to grow significantly, reaching 5.26 billion yuan in 2024, a 479.5% increase year-on-year [10]. Market Position and Strategy - The company maintains a leading position in the global cellular IoT module market, with a market share of 36.5% in Q2 2024, driven by strong demand from China and India [3]. - The focus on edge AI applications and the development of intelligent modules and IoT platforms is expected to unlock new growth opportunities [9]. - The company is actively collaborating with Qualcomm to launch new AI intelligent module products, enhancing its capabilities in various industrial applications [9].

Group 1: Financial Performance - In Q3 2024, the gross profit margin was 17.58%, a slight decrease from Q2 due to the product mix and increased sales of low-margin products to major clients [1] - Q3 2024 revenue reached 4.997 billion RMB, representing a year-on-year growth of 44.64% and a quarter-on-quarter increase of 16.36% [1] - Revenue for the first three quarters of 2024 grew by 32.90% year-on-year [1] Group 2: Business Development - The company is focusing on providing comprehensive IoT solutions, expanding into new products and services such as IoT antennas, software services, ODM business, industrial intelligence, and smart agriculture [3] - ODM and antenna revenues showed significant growth compared to the same period last year [3] - The company aims to gradually increase the proportion of new businesses while reducing the share of module business [3] Group 3: Market Trends and Strategy - Downstream demand is recovering, particularly in sectors like automotive, gateways, payment, and PC [3] - The company is committed to enhancing product planning and accelerating the development of new businesses to provide better products and services [3] - The company has established a presence in over 150 countries and regions, ensuring quick customer response through local technical support [4] Group 4: Regulatory Impact - The company is monitoring the impact of U.S. tariffs and regulations on its overseas business, focusing on high-value products and maintaining close communication with clients [4] - The potential ban on Chinese software and hardware in U.S. smart connected vehicles is being assessed, with ongoing discussions with international clients to find viable solutions [4] Group 5: Historical Performance - The company's strong performance prior to 2021 was attributed to the IoT industry's explosive growth and its early international expansion strategy [4] - The company has developed a rich product line, including automotive intelligent modules, Wi-Fi & BT modules, GNSS positioning modules, and UWB modules [5]

证券研究报告 | 公司动态点评 2024 年 10 月 28 日 移远通信（603236.SH） 2024 三季报点评：下游需求逐步回暖，24Q3 业绩增速亮眼 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|-------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 14,230 | 13,861 | 17,326 | 21,779 | 26,789 | 股票信息 | | | 增长率 yoy （ % ） | 26.4 | -2.6 | 25.0 | 25.7 | 23.0 | | | | 归母净利润（百万元） | 623 | 91 | 51 ...

23/1023/1224/0124/0224/0324/0424/0524/0624/0724/0824/0924/10 移远通信(603236) 报告日期：2024 年 10 月 28 日 需求复苏和开源节流带动业绩恢复增长 ——移远通信 2024 年三季报点评 投资要点 ❑ 24Q3 单季归母 yoy+51.3% 2024 年前三季度，公司实现营业收入 132.5 亿元，yoy+32.9%；实现归母净利润 3.6 亿元，yoy+2,078.7%；实现扣非归母净利润 3.3 亿元，yoy+601.1%。我们认 为 24 年前三季度公司业绩实现良好增长主要得益于公司把握行业复苏机遇，积 极开拓业务。24 年前三季度实现销售毛利率 17.93%，同比-0.44pct；实现销售净 利率 2.62%，同比+2.84pct。 24Q3 单季公司实现营业收入 50.0 亿元，yoy+44.6%，qoq+16.4%；实现归母净利 润 1.5 亿元，yoy+51.3%，qoq-4.7%；实现扣非归母 1.4 亿元，yoy+52.9%。24Q3 单季实现销售毛利率 17.58%，同比-2.29pct，环比-1.68pct；实 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 53.46 CNY, maintaining the "Increase" rating for the next six months [1]. Core Views - The report highlights a continuous recovery in industry demand, particularly in the IoT sector, which is expected to drive growth through edge computing and smart automotive applications [1][2]. - The company reported a significant increase in revenue and profitability, with a 32.90% year-on-year growth in revenue for the first three quarters, reaching 13.246 billion CNY, and a net profit of 357 million CNY, marking a turnaround from losses in the previous year [1][2]. Financial Performance Summary - For Q3, the company achieved a revenue of 4.997 billion CNY, representing a year-on-year growth of 44.64%, and a net profit of 147 million CNY, up 51.29% year-on-year [1][2]. - The gross margin for the first three quarters was 17.93%, a decrease of 0.44 percentage points compared to the same period last year, with Q3 gross margin at 17.58%, down 2.29 percentage points year-on-year [3]. - The company has effectively managed its expenses, with reductions in sales, management, and R&D expense ratios compared to the previous year [3]. Growth Opportunities - The report emphasizes the potential of edge computing as a significant growth area, particularly in AI applications, with the company successfully integrating its 5G modules with NVIDIA's Jetson AGX Orin for enhanced AI capabilities [4]. - The company is expanding its automotive product offerings, introducing a comprehensive suite of vehicle communication modules to support the ongoing trend of automotive intelligence [5]. Earnings Forecast and Investment Recommendations - The company is projected to achieve net profits of 550 million CNY, 730 million CNY, and 940 million CNY for the years 2024 to 2026, respectively, with corresponding valuation multiples of 26x, 19x, and 15x [5].

移远通信（603236.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 扭亏为盈，龙头位置稳固 2024 年 10 月 23 日 ➢ 事件：2024 年 10 月 22 日，移远通信发布 2024 年三季报，前三季度公司 实现营业收入 132.46 亿元，同比+32.90%；实现归母净利润 3.57 亿元，较去 年同期实现扭亏为盈。 ➢ 公司 Q3 业绩同比大超预期，公司业务条线多点开花。2024Q3 公司实现营 业收入 49.97 亿元，同比+44.64%，环比+16.36%；归母净利润 1.47 亿元，同 比+51.29%；扣非净利润 1.37 亿元，同比+52.88%。物联网市场需求逐步恢复, 公司在模组业务的基础上，加快推进衍生产品及解决方案，公司 5G 模组、车 载模组、智能模组、ODM、天线等业务量均有所提升。 ➢ 2024Q2 中国与印度市场发力下游需求回暖，移远通信龙头位置稳固。据 Counterpoint 发布的《按应用划分的全球蜂窝物联网模组和芯片组追踪报告》 显示，2024 年第二季度全球蜂窝物联网模组出货量同比增长了 11%，环比增长 了 6%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the industry and potential benefits from edge AI development [2][4] Core Views - The company's revenue grew rapidly, with Q3 2024 revenue reaching 4.997 billion yuan, a 44.64% YoY increase and 16.36% QoQ growth [6] - Net profit margin improved by 2.84 percentage points YoY, reaching 2.62% in Q3 2024 [6] - The company holds a 37.1% market share in the global cellular IoT module market, maintaining its leading position [6] - The company's 5G-A module RG650V has passed GCF/PTCRB certification, marking a significant milestone in global compatibility [6] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.246 billion yuan, a 32.90% YoY increase [2] - Net profit attributable to shareholders reached 357 million yuan, a remarkable 2078.73% YoY growth [2] - Operating cash flow was 307 million yuan, a 15.77% YoY decrease [6] Industry Outlook - The global cellular IoT module market showed signs of recovery in Q1 2024, with a 7% YoY growth in shipments [6] - China and India are the main drivers of demand in the IoT module market [6] Future Projections - Revenue is expected to reach 18.027 billion yuan in 2024, with a 30.05% YoY growth [6] - Net profit is projected to be 522 million yuan in 2024, representing a 475.09% YoY increase [6] - EPS is forecasted to be 1.97 yuan per share in 2024 [6] Competitive Advantages - The company has successfully expanded its business from module manufacturing to providing comprehensive IoT solutions [6] - Its early adoption of 5G-A technology positions it well for future market opportunities [6]

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].