Quectel(SH:603236) Minsheng Securities·2024-04-18 06:30Investment Rating - The report maintains a "Recommended" rating for the company [1][10]. Core Views - The company has received a significant overseas order for its automotive business, which is expected to positively impact future growth. The project is estimated to generate sales of approximately $742 million to $1.309 billion over an eight-year delivery period starting in 2026 [10]. - The company holds a 34% share of the global market in cellular IoT modules, significantly ahead of its competitors, indicating a strong industry leadership position [10]. - A stock incentive plan has been implemented to bind the core team, with profit growth targets set for the next three years, suggesting potential for continued high growth in performance [10]. - The report projects revenue for 2023-2025 to reach approximately 139.40 billion yuan, 165.20 billion yuan, and 194.39 billion yuan, respectively, with corresponding net profits of 0.84 billion yuan, 6.75 billion yuan, and 8.45 billion yuan [10]. Financial Forecasts and Indicators - The company's revenue is expected to grow at rates of 26.4%, -2.0%, 18.5%, and 17.7% for the years 2022 to 2025, respectively [8][17]. - The net profit attributable to shareholders is projected to increase significantly, with growth rates of 73.9%, -86.6%, 707.7%, and 25.1% for the same period [8][17]. - The earnings per share (EPS) is forecasted to be 2.35 yuan, 0.32 yuan, 2.55 yuan, and 3.19 yuan from 2022 to 2025, respectively [8][17]. - The price-to-earnings (PE) ratio is expected to be 16, 122, 15, and 12 for the years 2022 to 2025 [8][17].