Quectel(603236) 长江证券·2024-09-06 02:13Investment Rating - The report maintains a "Buy" rating for the company [7] Core Viewpoints - The company achieved significant growth in both revenue and net profit in H1 2024, with revenue reaching 8.249 billion yuan, a year-on-year increase of 26.67%, and net profit attributable to the parent company reaching 209 million yuan, a year-on-year increase of 281.48% [3] - The company's overseas revenue accounted for 51.17% of total revenue, indicating strong growth in international markets [4] - The company's cost control measures have been effective, with a notable decrease in expense ratios and improved operational efficiency [4] - The company is strategically expanding into new business areas such as automotive modules, smart modules, and GNSS modules, which are expected to drive future growth [4] Financial Performance - In Q2 2024, the company's revenue was 4.295 billion yuan, a year-on-year increase of 27.2%, and net profit attributable to the parent company was 155 million yuan, a year-on-year increase of 691.5% [3] - The company's gross margin in Q2 2024 was 19.3%, an increase of 1.7 percentage points year-on-year, and the net margin was 3.5%, an increase of 3.0 percentage points year-on-year [4] - R&D investment in H1 2024 reached 796 million yuan, accounting for 9.65% of total revenue [4] Strategic Development - The company is focusing on providing comprehensive IoT solutions, expanding beyond its core module business into areas such as industrial intelligence, agricultural intelligence, and smart solutions [4] - The company's subsidiary, Ankelian, which focuses on ODM business, has seen rapid revenue growth, leveraging the company's global IoT resources [4] Future Outlook - The company is expected to maintain strong growth in the second half of 2024, supported by robust order books [4] - The report forecasts that the company's net profit attributable to the parent company will reach 527 million yuan in 2024, 687 million yuan in 2025, and 887 million yuan in 2026, with year-on-year growth rates of 481%, 30%, and 29% respectively [5]