上海证券：给予移远通信买入评级

Investment Summary - Company achieved a revenue of 18.594 billion with a year-on-year growth of 34.14% and a net profit of 588 million, reflecting a significant increase of 548.49% [1] - In Q4 alone, the company reported a revenue of 5.348 billion, up 37.33% year-on-year, and a net profit of 2.3157 billion, which is a 112.97% increase [1] Core Insights - Revenue growth is driven by domestic business, with domestic revenue accounting for 47.72% of total revenue, an increase of 0.32 percentage points from the previous year [2] - The company has improved its cost control, with sales, management, and R&D expense ratios decreasing by 0.50, 0.91, and 2.60 percentage points respectively compared to the previous year [2] - Profitability metrics have improved, with operating profit margin and net profit margin reaching 3.15% and 3.11%, up 2.56 and 2.50 percentage points year-on-year [2] Market Dynamics - The impact of tariffs is less than expected, with only 0.8% of total revenue coming from direct exports to the U.S. The company has a global procurement system to mitigate tariff impacts [3] - The growth drivers for the company include the expansion of the IoT market and the rapid deployment of smart terminals, which are expected to significantly boost business [3] Investment Outlook - The company is positioned to benefit from the rapid growth in edge AI applications and is expected to achieve revenues of 22.585 billion, 26.769 billion, and 31.725 billion from 2025 to 2027, with net profits projected at 743 million, 952 million, and 1.125 billion respectively [4] - The expected growth rates for net profit are 26.36%, 28.05%, and 18.21% for the same period, with corresponding P/E ratios of 24.35, 19.01, and 16.08 [4]