MeiG(SZ:002881)2024-11-01 06:30Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 2.182 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 39.90%, with a net profit attributable to shareholders of 91.36 million yuan, up 33.05%. In Q3 2024 alone, the company achieved a revenue of 876 million yuan, a year-on-year increase of 63.29% and a quarter-on-quarter increase of 19.84%, with a net profit of 57.87 million yuan, reflecting a year-on-year growth of 189.22% and a quarter-on-quarter growth of 114.27% [1][2]. Summary by Sections Financial Performance - The company’s revenue growth is driven by the booming cellular IoT market, with overseas revenue reaching 695 million yuan, up 50.43%, and domestic revenue at 1.487 billion yuan, up 35.43%. The demand for smart module products and customized solutions is strong across various industries, particularly with the acceleration of edge AI ecosystems and the expansion of 5G and Wi-Fi 6/7 product procurement by overseas operators [1][2]. Market Position and Strategy - The company maintains a leading position in smart module technology, catering to differentiated customer needs in the IoT market. IDC predicts that by 2025, the number of global IoT devices will exceed 40 billion, generating nearly 80 ZB of data, with over half requiring edge computing capabilities. The company’s dual-driven product strategy of wireless communication modules and IoT solutions enhances its competitive advantage [2]. Future Outlook - The investment recommendation includes projected net profits for 2024-2026 of 109.26 million yuan, 149.59 million yuan, and 178.73 million yuan, respectively, with corresponding EPS of 0.42, 0.57, and 0.68 yuan. The PE ratios are forecasted to be 61.80, 45.14, and 37.78 times for the same periods [2][4].