移远通信：控股股东减持影响有限，业绩好转趋势确立

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 50 CNY per share [2]. Core Views - The controlling shareholder's planned reduction of 1% of shares is expected to have a limited impact on the company's stock price, as it mirrors a previous plan that was ultimately terminated [2]. - The company has shown a significant improvement in performance, with Q2 revenue reaching 4.295 billion CNY, a year-on-year increase of 27%, and a net profit of 155 million CNY, reflecting a 691% increase year-on-year [2]. - The IoT industry is experiencing a notable recovery, with the company positioned as a leader in the global IoT module market, which is expected to benefit from the resurgence in demand [2][3]. Summary by Sections Company Overview - The company operates in the communication industry, with a current stock price of 39.30 CNY and a market capitalization of approximately 10.398 billion CNY [1]. - The stock has seen a decline of 6.1% over the past month and 14.5% over the past year [1]. Financial Performance - In Q2, the company achieved a record high revenue of 4.295 billion CNY, with a net profit margin of 3.5%, an increase of 3 percentage points year-on-year [2]. - The domestic market contributed significantly to revenue growth, with a 41.25% increase year-on-year, while international revenue grew by 15.32% [2]. Industry Outlook - The IoT industry is recovering from a de-inventory cycle, with increasing demand expected in sectors such as automotive and AioT [2]. - The company is well-positioned to benefit from the anticipated growth in the IoT module market, particularly with the integration of 5G technology [2][3]. Future Earnings Projections - The company is projected to achieve net profits of 598 million CNY, 721 million CNY, and 878 million CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 560%, 20%, and 22% [3]. - The expected earnings per share (EPS) for the same period are 2.26 CNY, 2.72 CNY, and 3.32 CNY, with corresponding price-to-earnings (P/E) ratios of 17, 14, and 12 [3].