移远通信：二季度业绩环比大幅增长，物联网市场持续回暖中

Investment Rating - The report maintains an "Add-B" investment rating for the company, indicating a projected price increase of 5% to 15% relative to the benchmark index [1]. Core Views - The company has shown significant revenue growth, with a 26.7% year-on-year increase in revenue for the first half of 2024, reaching 8.25 billion yuan, and a remarkable 281.5% increase in net profit [1][2]. - The IoT market is recovering, and the company is expected to continue improving its performance due to effective cost control and a favorable market environment [1][2]. - The company is expanding its product line, particularly in 5G Redcap, smart modules, and satellite modules, which are anticipated to contribute to higher growth rates [3][4]. Financial Performance - In the first half of 2024, the company achieved a net profit of 210 million yuan, with a significant increase in the second quarter, where net profit reached 160 million yuan, reflecting a 691.5% year-on-year growth [1][2]. - The company's revenue from domestic and overseas markets for the first half of 2024 was 4.03 billion yuan and 4.22 billion yuan, respectively, showing year-on-year growth of 41.2% and 15.3% [2]. - The company’s ODM business has started to show results, with revenue from its subsidiary reaching 200 million yuan, a growth of over 50% year-on-year [3][4]. Market Position - The company maintains its leading position in global shipments, with a market share of 37.1% in the first quarter of 2024 [2]. - The domestic IoT market has shown signs of significant recovery, driven by demand for LTE cat1 bis and smart connected vehicles [2][3]. - The company has established a comprehensive product line that enhances customer loyalty and captures new market demands effectively [4]. Earnings Forecast - The company is projected to achieve net profits of 530 million yuan, 690 million yuan, and 890 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 479.5%, 31.5%, and 29.1% [4][6].