Quectel(603236) 光大证券·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for investment opportunities in the long term [2][12]. Core Insights - The global IoT market is projected to grow to $483 billion by 2027, with active IoT device connections expected to increase from 14.4 billion in 2022 to 16.7 billion in 2023, representing a 16% growth [1]. - The company has adjusted its net profit forecasts for 2023-2025 to 0.85 billion, 5.04 billion, and 7.01 billion respectively, reflecting significant downward revisions of 89%, 46%, and 38% [2]. - The company is expanding its product line, including the launch of the latest generation of 5G communication modules and AI-powered smart modules, which are expected to enhance its competitive edge in the IoT sector [10]. Financial Performance Summary - Revenue is projected to grow from 11.26 billion in 2021 to 21.28 billion by 2025, with a notable revenue growth rate of 84.45% in 2021, followed by a decline of 2.76% in 2023 [3][16]. - Net profit is expected to recover from 0.36 billion in 2021 to 0.70 billion in 2025, with a significant increase of 492.37% in 2024 [3][16]. - The company's P/E ratio is projected to decrease from 17 in 2021 to 16 in 2025, indicating a more attractive valuation over time [3][16]. Market Trends - The report highlights the continuous growth of the IoT market, driven by advancements in AI, 5G, and edge computing, which are expected to facilitate digital transformation across various industries [1]. - The company is actively exploring vertical applications in the IoT sector, which is anticipated to drive revenue growth in the upcoming quarters [10].