Quectel(603236) 天风证券·2024-07-13 13:02Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [8][23]. Core Insights - The company is expected to achieve a revenue of approximately 8.238 billion yuan in the first half of 2024, representing a year-on-year growth of 26.51%. The net profit attributable to the parent company is projected to be around 200 million yuan, marking a turnaround from losses [1][5]. - The company has partnered with MikroElektronika to develop high-precision positioning services, enhancing its IoT solutions for various applications including drones and smart agriculture [2]. - The company has shown a consistent revenue growth trend, with Q2 2024 revenue estimated at 4.284 billion yuan, reflecting a year-on-year increase of approximately 26.9% [5]. - The company has successfully integrated its 5G modules with NVIDIA's Jetson AGX Orin, positioning itself to leverage AI edge computing capabilities for future growth [6]. Financial Summary - The company’s revenue for 2022 was 14.230 billion yuan, with a projected increase to 17.769 billion yuan in 2024, representing a growth rate of 28.20% [7]. - The net profit attributable to the parent company is expected to rise from 622.82 million yuan in 2022 to 550.89 million yuan in 2024, with a significant growth rate of 507.33% anticipated for 2024 [7][16]. - The company’s EBITDA is projected to improve from 2.410 billion yuan in 2022 to 946.74 million yuan in 2024 [7]. Market Position and Future Outlook - The company is well-positioned in the communication and IoT sectors, with a focus on expanding its edge computing capabilities and high-precision services [6][2]. - The overall industry is beginning to see a recovery in demand, which is expected to benefit the company’s growth trajectory [6].