Quectel(SH:603236) Huaan Securities·2025-04-14 10:02Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has reported better-than-expected annual and quarterly results, with a projected annual revenue of approximately 18.56 billion yuan for 2024, representing a year-on-year growth of about 33.90%. The net profit attributable to the parent company is expected to be around 540 million yuan, reflecting a significant year-on-year increase of approximately 495.33% [5][6] - The global demand for IoT modules has rebounded, with the company's market share increasing from 33% in 2023 to 37% in 2024, maintaining its position as the global leader in shipments [5][6] - The company plans to enhance its AI computing module and solutions, collaborating with partners to provide comprehensive solutions for AI toy manufacturers, which is expected to drive rapid growth in customer demand and revenue [6][7] Summary by Sections Financial Performance - The company anticipates a revenue of approximately 5.2 billion yuan for Q1 2025, a year-on-year increase of about 31.50%, with a net profit of around 200 million yuan, marking a year-on-year growth of approximately 265.19% [5] - The financial forecast for 2024-2026 includes net profits of 544 million yuan, 785 million yuan, and 1.08 billion yuan respectively, with corresponding EPS of 2.08 yuan, 3.00 yuan, and 4.13 yuan [7] Market Position - The global IoT module market is recovering, with a 10% year-on-year increase in shipments in Q4 2024. The Chinese market saw a 21% increase, driven by the recovery in various sectors such as POS devices and automotive applications [5][6] Strategic Initiatives - The company has announced a fundraising plan to raise up to 2.3 billion yuan, aimed at expanding production capacity for communication modules and developing AI computing modules and solutions [6][7]