山西证券：研究早观点-20240909

Group 1: Key Insights on 移远通信 (603236.SH) - The company reported a significant increase in performance for the first half of 2024, achieving revenue of 8.25 billion yuan, a year-on-year growth of 26.7%, and a net profit attributable to shareholders of 210 million yuan, up 281.5% year-on-year [2][3] - In Q2 2024, the company generated revenue of 4.3 billion yuan, with a year-on-year increase of 27.3% and a quarter-on-quarter increase of 8.6%, while net profit reached 160 million yuan, reflecting a year-on-year growth of 691.5% and a quarter-on-quarter growth of 182.3% [2][3] - The domestic and overseas revenue for the first half of 2024 was 4.03 billion yuan and 4.22 billion yuan respectively, showing a year-on-year increase of 41.2% and 15.3%, indicating a notable recovery in the domestic market [3] Group 2: Market Trends and Product Development - The domestic IoT market has shown significant recovery, with the number of cellular IoT terminal users reaching 2.55 billion, a year-on-year increase of 18.6% [3] - The growth in the domestic market is primarily driven by LTE cat1 bis applications and 5G scenarios, including smart connected vehicles [3] - The company continues to expand its product line, with new offerings in 5G Redcap, smart modules, and satellite modules expected to contribute to higher growth rates [4] Group 3: ODM Business and Competitive Position - The company has made progress in its ODM business, achieving revenue of 200 million yuan from its subsidiary, which represents over 50% growth year-on-year [4] - The company maintains a leading position in the global market with a 37.1% share in Q1 2024, supported by a comprehensive product line and strong R&D investment [3][4] - The company’s competitive advantages include a complete product line that enhances customer loyalty and a robust service platform [4] Group 4: Financial Projections and Investment Recommendations - The company is expected to maintain a growth rate above the industry average, with projected net profits for 2024-2026 of 530 million, 690 million, and 890 million yuan, reflecting year-on-year growth rates of 479.5%, 31.5%, and 29.1% respectively [4] - The investment rating is maintained at "Buy-B" based on the company's strong market position and effective cost control measures [4]