民生证券股份有限公司 关于上海移远通信技术股份有限公司 向特定对象发行股票 之 发行保荐书 保荐机构（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二〇二五年五月 上海移远通信技术股份有限公司 发行保荐书 声 明 上海证券交易所： 民生证券股份有限公司（以下简称"民生证券"、"保荐机构"）接受上海 移远通信技术股份有限公司（以下简称"移远通信"、"发行人"、"公司"） 的委托，担任上海移远通信技术股份有限公司本次向特定对象发行股票（以下简 称"本次发行"）的保荐机构，就本次发行项目出具发行保荐书。 民生证券股份有限公司及其保荐代表人根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下 简称"《注册管理办法》"）等有关法律、法规的规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并 保证所出具文件的真实性、准确性和完整性。 本发行保荐书如无特别说明，相关用语具有与《上海移远通信技术股份有限 公司 2025 年度向特定对象发行 ...

上海证券有限责任公司刘京昭,杨昕东近期对移远通信（603236）进行研究并发布了研究报告《移远通信2024 年年度报告点评：24年业绩超预期表现，第二成长曲线开启在即》，给予移远通信买入评级。 营收水平稳步增长，境内业务为关键主导。营收规模层面，24年内公司LTE模组、车载模组、5G模组、边缘 计算模组、GNSS模组、Wi-Fi模组等业务量均出现稳步提升，天线、ODM等业务规模持续扩大，助力公司业 绩平稳增长。分地区收入来看，境内收入占总营收比重47.72%，较23年同期增加0.32个百分点，上述数据指 标反映出移远对境内业务拓展力度的略有增加。 费用管控能力增强，利润率水平改善。费用方面，在业务拓展的前提下，公司24年费用管控得到一定程度改 善：24年移远销售、管理、研发三费费用率分别达2.71%、2.41%、8.97%，相较23年分别减小0.50个百分点、 0.91个百分点、2.60个百分点，而除管理费用外，销售/研发费用分别同比上升13.01%、4.02%，费用增长弱于 收入水平增加。利润率方面，费用管控提质显著催化营业利润率及净利率的稳步前行，2024年两者数据分别 为3.15%、3.11%，较23年 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company experienced significant growth in Q1 2025, with revenue reaching 52 billion RMB, a year-on-year increase of 32%, and a net profit of 2.1 billion RMB, reflecting a 287% increase [1] - The company is positioned as a leading global IoT module manufacturer, expected to benefit from a recovery in industry demand and long-term opportunities from edge/endpoint AI development [1][5] - The revenue from the module and antenna business in 2024 was 184 billion RMB, up 34% year-on-year, with both domestic and international markets showing strong performance [2] Summary by Sections Financial Performance - In 2024, the company's revenue was 186 billion RMB, a 34% increase year-on-year, and the net profit was 5.9 billion RMB, up 548% [1] - The comprehensive gross margin for 2024 was 17.6%, a slight decline of 1.3 percentage points, primarily due to increased orders from overseas strategic clients [3] - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing year-on-year [3] Market Outlook - The IoT module market is expected to stabilize and improve as downstream demand recovers, with high-speed products like 5G cellular modules poised for growth in the AI era [4] - Long-term, the transition of AI computing capabilities to the edge is anticipated to enhance the value of IoT modules, shifting their role from "transmission" to "transmission + computation" [4] Valuation and Forecast - The earnings forecast for 2025-2027 has been revised upward, with projected net profits of 8.01 billion RMB, 9.59 billion RMB, and 11.28 billion RMB respectively [5] - The target price for the company is set at 91.79 RMB, based on a 30x PE ratio for 2025, reflecting the company's leading position in the IoT module market [5]