Quectel(603236) 国联证券·2024-10-22 12:42Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the industry and potential benefits from edge AI development [2][4] Core Views - The company's revenue grew rapidly, with Q3 2024 revenue reaching 4.997 billion yuan, a 44.64% YoY increase and 16.36% QoQ growth [6] - Net profit margin improved by 2.84 percentage points YoY, reaching 2.62% in Q3 2024 [6] - The company holds a 37.1% market share in the global cellular IoT module market, maintaining its leading position [6] - The company's 5G-A module RG650V has passed GCF/PTCRB certification, marking a significant milestone in global compatibility [6] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.246 billion yuan, a 32.90% YoY increase [2] - Net profit attributable to shareholders reached 357 million yuan, a remarkable 2078.73% YoY growth [2] - Operating cash flow was 307 million yuan, a 15.77% YoY decrease [6] Industry Outlook - The global cellular IoT module market showed signs of recovery in Q1 2024, with a 7% YoY growth in shipments [6] - China and India are the main drivers of demand in the IoT module market [6] Future Projections - Revenue is expected to reach 18.027 billion yuan in 2024, with a 30.05% YoY growth [6] - Net profit is projected to be 522 million yuan in 2024, representing a 475.09% YoY increase [6] - EPS is forecasted to be 1.97 yuan per share in 2024 [6] Competitive Advantages - The company has successfully expanded its business from module manufacturing to providing comprehensive IoT solutions [6] - Its early adoption of 5G-A technology positions it well for future market opportunities [6]