Quectel(603236) 群益证券·2025-01-23 08:28Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [3][10]. Core Insights - The company is expected to achieve a revenue of approximately 18.56 billion RMB in 2024, representing a year-on-year growth of 34%. The net profit attributable to shareholders is projected to be around 540 million RMB, showing a significant increase of 495% [7][9]. - The report highlights a strong recovery in the IoT market, with the company positioned as a leader in IoT module shipments globally. The demand for IoT modules is anticipated to rebound in 2024, driven by the normalization of inventory levels and increased demand in sectors such as smart meters and automotive [9]. - The rise of AIoT technology is noted, with the company actively exploring applications in edge computing and AI technologies, which are expected to drive future growth [9]. Company Overview - The company operates in the communication industry, with a current A-share price of 80.90 RMB and a market capitalization of approximately 21.17 billion RMB [2]. - Major shareholders include Qian Penghe, holding 21.74% of the shares [2]. - The company has shown a significant stock price increase over the past year, with a rise of 87.3% [2]. Financial Performance - The company reported a net profit of 1.8 billion RMB in Q4, a year-on-year increase of approximately 69%, with revenue reaching about 5.31 billion RMB, marking a 36% growth [9]. - The projected earnings per share (EPS) for 2024 is 2.06 RMB, with a corresponding price-to-earnings (P/E) ratio of 43 [8][9]. - The company’s financial forecasts indicate a continued upward trend in net profit, with estimates of 540 million RMB for 2024, 782 million RMB for 2025, and 949 million RMB for 2026 [9].