移为通信：盈利能力显著提升，国际市场进展顺利

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [3]. Core Insights - The company achieved a revenue of 694 million RMB in the first three quarters of 2024, representing a year-on-year growth of 6.51%. The net profit attributable to shareholders reached 134 million RMB, up 36.39% year-on-year. However, Q3 saw a revenue decline of 4.96% and a net profit decrease of 2.68% compared to the previous year [1]. - The domestic two-wheeler business is under short-term pressure, but profitability has significantly improved due to cost reduction and efficiency enhancement measures. The gross margin for the first three quarters was 42.51%, an increase of 1.76 percentage points year-on-year, while the net margin was 19.31%, up 4.23 percentage points year-on-year [2]. - The company has a strong international market presence, with overseas revenue growing by 9.48% year-on-year in the first three quarters of 2024. The establishment of a global sales network and compliance with international safety certifications have bolstered its competitive advantage [2]. - The upcoming new national standards for electric bicycles present a development opportunity for the company, as its IoT smart terminals can enhance vehicle safety and monitoring capabilities [2]. Summary by Sections Financial Performance - For 2024-2026, the company is projected to achieve revenues of 1.258 billion RMB, 1.519 billion RMB, and 1.806 billion RMB, respectively. The net profit is expected to be 225 million RMB, 290 million RMB, and 351 million RMB, with corresponding P/E ratios of 30, 23, and 19 times [3]. - The gross profit margin is expected to improve, with a forecasted increase in net profit growth rates of 53.65% in 2024, 28.73% in 2025, and 20.89% in 2026 [6]. Market Position and Strategy - The company has established a global sales network, with products sold across multiple continents, enhancing its international brand recognition [2]. - The company is focusing on high-margin customized products and new business areas to drive revenue growth and improve profitability [2].