通信：需求复苏景气提升，5G RedCap和智能模组预期加强

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The demand recovery in the communication sector is improving, with significant growth expected in 5G RedCap and smart modules. The embedded AI cellular module is projected to account for 25% of all cellular IoT module shipments by 2030, up from 6% in 2023, with a compound annual growth rate (CAGR) of 35% [1] - Revenue growth is observed across key companies, with YD Communication reporting a revenue of 13.246 billion yuan, a year-on-year increase of 32.9%, and net profit of 347 million yuan. Guanghe Communication's revenue reached 6.217 billion yuan, up 5.12% year-on-year, with a net profit of 657 million yuan. Meige Intelligent's revenue was 2.182 billion yuan, showing a 39.9% year-on-year increase, with a net profit of 90.5 million yuan [1] - The market for communication modules is primarily concentrated in automotive, laptops, mobile devices, and IoT sectors. The global cellular IoT module shipments grew by 11% year-on-year and 6% quarter-on-quarter, driven mainly by demand from China and India [1] Summary by Sections Investment Recommendations - Preferred stocks include: - Meige Intelligent (002881.SZ) - Rating: Accumulate - Guanghe Communication (300638.SZ) - Rating: Accumulate - YD Communication (603236.SH) - Rating: Accumulate [1] Market Trends - The commercial launch of 5G RedCap is imminent, with chip/module manufacturers introducing product iterations. 5G RedCap aims to reduce costs and power consumption while enhancing the overall demand for IoT markets [1] - The demand for high-performance computing modules is expanding, with embedded AI cellular modules expected to grow significantly in the coming years [1]