Quectel(SH:603236) EBSCN·2025-03-12 16:25Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [5]. Core Insights - The company is expected to achieve rapid growth in 2024, with projected revenue of 18.56 billion yuan, representing a year-on-year increase of approximately 33.90%. The net profit attributable to shareholders is forecasted to reach 540 million yuan, a significant increase of 495.33% compared to the previous year [1][3]. - The overall demand in the IoT market is recovering, driven by advancements in edge computing, mixed reality, and large models, which are increasingly integrating with IoT technologies [1]. - The global IoT connections are estimated to grow from 15.7 billion in 2023 to 38.8 billion by 2029, with cellular IoT connections expected to rise from 3.4 billion to 6.7 billion in the same period [1]. Summary by Sections Financial Performance - The company forecasts a revenue of 18.56 billion yuan for 2024, with a growth rate of 33.90%. The net profit is expected to be 540 million yuan, reflecting a growth rate of 495.33% [1][4]. - The revenue and net profit projections for 2025 and 2026 are 21.87 billion yuan and 25.29 billion yuan, and 701 million yuan and 888 million yuan respectively [4][9]. Product Development - The company has developed over 50 models of 5G modules, including industrial-grade, Android smart, and automotive-grade products, along with corresponding antenna products and certification testing services [3]. - The introduction of new smart module products aims to enhance applications in smart payments, electronic cash registers, handheld terminals, automotive devices, and robotics [3]. Market Trends - The report highlights the significant role of edge computing and XR (Extended Reality) in driving growth within the IoT sector, with the company actively exploring and innovating in these areas [2]. - The integration of 5G, big data, and cloud computing technologies is expected to further propel the development of IoT solutions [2].