Quectel(SH:603236) Great Wall Securities·2024-09-02 06:13Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [10]. Core Views - The company has achieved steady revenue growth and a recovery in profitability in the first half of 2024, with revenue reaching 8.249 billion yuan, a year-on-year increase of 26.67%, and a net profit of 209 million yuan, marking a turnaround from losses [2][4]. - The company is focusing on optimizing its product matrix in the smart module sector and has made significant advancements in its global market strategy, with overseas revenue accounting for 51.17% of total revenue in the first half of 2024 [2][3]. - The company is actively investing in research and development, with R&D expenses amounting to 796 million yuan, representing 9.65% of its revenue [2][3]. Financial Summary - In 2024, the company is projected to achieve a revenue of 17.326 billion yuan, with a year-on-year growth rate of 25.0% [4][6]. - The net profit for 2024 is estimated at 512 million yuan, reflecting a significant recovery from the previous year's loss [4][6]. - The company's earnings per share (EPS) for 2024 is forecasted to be 1.94 yuan, with a price-to-earnings (P/E) ratio of 22.2 times [4][6]. Business Development - The company is deepening its presence in the IoT wireless communication module sector and continuously optimizing its business layout, including the introduction of multiple 5G module products that have received global certifications [2][3]. - The company has launched several satellite communication modules and is providing comprehensive end-to-end solutions for various applications, including logistics monitoring and smart agriculture [2][3]. - The company is also expanding into new business areas such as antennas and industrial intelligence, with innovative products and platforms aimed at enhancing operational efficiency in manufacturing [2][3].