Quectel(SH:603236) ZHESHANG SECURITIES·2024-10-28 05:23Investment Rating - The investment rating for the company is "Accumulate" [7] Core Insights - The company achieved a significant year-on-year growth in Q3 2024, with a net profit increase of 51.3% and a total revenue of 50.0 billion yuan, reflecting a 44.6% growth [1] - The company is benefiting from a global demand recovery, particularly in the Chinese and Indian markets, with a 11% year-on-year increase in global cellular IoT module shipments in Q2 2024 [2] - The company is accelerating the development of derivative products and services, including IoT antennas and software services, to maintain its technological leadership [3] - The company has effectively controlled expenses, with a reduction in sales, management, and R&D expense ratios in Q3 2024 [4] - Profit forecasts for the company indicate a net profit of 5.0 billion yuan in 2024, with a corresponding PE ratio of 28 [5] Financial Summary - For the first three quarters of 2024, the company reported a revenue of 13.25 billion yuan, a year-on-year increase of 32.9%, and a net profit of 360 million yuan, a year-on-year increase of 2,078.7% [1] - The company’s gross profit margin for Q3 2024 was 17.58%, a decrease of 2.29 percentage points year-on-year [1] - The projected revenues for 2024 to 2026 are 17.56 billion yuan, 20.95 billion yuan, and 24.16 billion yuan respectively, with corresponding net profits of 5.0 billion yuan, 7.0 billion yuan, and 8.6 billion yuan [6]