Quectel(SH:603236) Great Wall Securities·2025-08-21 05:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][5]. Core Insights - The company has shown robust growth in the first half of 2025, with revenue reaching 11.546 billion yuan, a year-on-year increase of 39.98%. The net profit attributable to shareholders was 471 million yuan, up 125.03% year-on-year [2][3]. - The company is diversifying its module product lines and enhancing operational efficiency, which has contributed to improved profitability [2][3]. - The company continues to invest heavily in research and development, with R&D expenses amounting to 882 million yuan in the first half of 2025, representing 7.64% of revenue [3]. Financial Summary - Revenue projections for 2025-2027 are 23.755 billion yuan, 29.644 billion yuan, and 36.415 billion yuan, respectively, with growth rates of 27.8%, 24.8%, and 22.8% [4]. - The net profit attributable to shareholders is forecasted to be 902 million yuan in 2025, 1.131 billion yuan in 2026, and 1.413 billion yuan in 2027, with growth rates of 53.4%, 25.3%, and 24.9% respectively [4]. - The company's P/E ratio is projected to decrease from 27.4 in 2025 to 17.5 in 2027, indicating a potentially attractive valuation as earnings grow [4].