Quectel(SH:603236) Huaan Securities·2025-04-14 10:23Investment 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 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, a significant 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 this sector [5][6] - The company plans to enhance its AI capabilities by increasing investment in AI computing modules and solutions, with a fundraising target of up to 2.3 billion yuan to support this initiative [6][7] Financial Performance Summary - For 2024, the company expects revenue of 18.56 billion yuan, a 33.90% increase year-on-year, and a net profit of 540 million yuan, up 495.33% [5] - The first quarter of 2025 is projected to yield revenue of approximately 5.2 billion yuan, a 31.50% increase year-on-year, with a net profit of around 200 million yuan, reflecting a growth of 265.19% [5] - The company's financial forecasts for 2024-2026 indicate 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][9] Market Position and Growth Potential - The company has a strong foothold in the IoT module market, with a significant recovery in demand across various sectors, including automotive, gateways, security, AI glasses, and industrial automation [5] - The collaboration with partners in the AI sector aims to provide comprehensive solutions for AI toys and other applications, indicating a strategic move towards capturing emerging market opportunities [6][7]