Quectel(SH:603236) Dongguan Securities·2025-09-03 09:38Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][9]. Core Insights - The company,移远通信, reported a significant year-on-year revenue growth of 39.98%, achieving a total revenue of 11.546 billion yuan in the first half of 2025. The net profit attributable to shareholders reached 471 million yuan, reflecting a remarkable increase of 125.03% [4][7]. - The company continues to lead in the IoT module market, with a strong focus on technological innovation and expansion into AI applications. The R&D investment for the first half of 2025 was 882 million yuan, accounting for 7.64% of revenue [7]. - The company is actively expanding its product offerings, including LTE modules, automotive modules, 5G modules, and AI solutions, to meet the growing market demand [7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a total revenue of 11.546 billion yuan, with a year-on-year growth of 39.98%. The overseas revenue accounted for 54.50% of total revenue, amounting to 6.293 billion yuan [4][7]. - The net profit attributable to shareholders was 471 million yuan, with a year-on-year increase of 125.03%, while the net profit after deducting non-recurring gains and losses was 451 million yuan, up 139.36% [4][7]. Market Position - According to Counterpoint Research, the company maintains a leading position in the global IoT module market, with a significant market share alongside major players like China Mobile and Guanghetong [7]. - The company is expected to continue its growth trajectory, with projected EPS of 3.23 yuan and 4.17 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 30 and 24 times [8]. Innovation and Development - The company has established eight R&D centers globally and is focused on integrating AI into its product offerings, including a comprehensive solution that combines modules, large models, AI algorithms, and platforms [7]. - The company aims to enhance its collaboration with chip manufacturers and application developers to drive the penetration of AI across various industry applications [7].