Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company experienced a revenue decline of 25% year-on-year in 1H25, with revenue of 360 million RMB and a net profit of 31 million RMB, down 69% year-on-year [1] - The company is viewed positively in the long term as a leading provider of wireless IoT devices and solutions, particularly in the context of AI opportunities [1][4] - Despite short-term order fluctuations due to tariff impacts, the company is expanding its video vehicle networking business rapidly [1][4] Financial Performance - In 2Q25, the company's revenue was 203 million RMB, a 23% year-on-year decline but a 30% increase quarter-on-quarter; net profit was 21 million RMB, down 66% year-on-year but up 117% quarter-on-quarter [1] - The overall gross margin for 1H25 was 41.01%, a decrease of 1.59 percentage points year-on-year [3] - The revenue from vehicle information intelligent terminal products was 237 million RMB, down 14% year-on-year, while asset management intelligent terminal products generated 66 million RMB, down 55% year-on-year [1] Emerging Business Opportunities - The company’s new business areas continue to show strong growth, particularly in video vehicle networking products, which saw a 90% year-on-year increase in revenue [2][4] - The company’s ECALL emergency light product has passed DGT3.0 certification, allowing entry into the Spanish and some EU markets, which is expected to drive rapid growth [4] Future Earnings Forecast - The net profit forecasts for 2025 to 2027 have been adjusted to 133 million RMB, 149 million RMB, and 165 million RMB respectively, down from previous estimates [5] - The target price for the company is set at 14.12 RMB, based on a price-to-earnings ratio of 49x for 2025 [5]

证券研究报告 移为通信 (300590 CH) 业绩短期承压，新兴业务延续开拓 2025 年 7 月 31 日│中国内地 通信设备制造 根据公司 2025 年中报，1H25 公司营收为 3.60 亿元，同比下滑 25%；归母 净利润为 0.31 亿元，符合此前业绩预告（0.30~0.39 亿元），同比下滑 69%。 其中 2Q25 单季公司营收为 2.03 亿元，同比下滑 23%，环比增长 30%；归 母净利润为 0.21 亿元，同比下滑 66%，环比增长 117%。1H25 公司业绩承 压，主要系部分订单受到关税扰动的影响。长期来看，公司作为业界领先的 无线物联网设备和解决方案提供商，我们仍然看好公司在 AI 时代的发展机 遇，维持"增持"评级。 关税扰动下订单短期波动；视频车联网业务快速开拓 分板块来看，1H25 公司车载信息智能终端产品营收 2.37 亿元，同比减少 14%；资产管理信息智能终端产品实现营收 0.66 亿元，同比减少 55%。公 司动物追踪溯源产品实现营收 0.25 万元，同比增长 22%；视频车联网业务 实现营收 0.19 亿元，同比增长 90%，实现高速增长。 综合毛利率保持韧性，费 ...