事件简评 2025 年 10 月 27 日，公司发布 2025 年第三季度报告，2025 年第 1-3 季度公司实现营业收入 28.21 亿元，同比增长 29.30%；实现 归母净利润 1.13 亿元，同比增长 23.88%。对应 3Q25 营业收入 9.35 亿元，同比增长 6.66%，环比增长 5.10%；实现归母净利润 0.29 亿 元，同比下降 49.89%，环比下降 23.40%。 经营分析 国内外营收双增，毛利率环比修复：受益于海外客户 5G 产品、智 能化产品大批量发货，前三季度公司实现海外地区收入 9.6 亿元， 同比增长 38.1%；国内市场受益于端侧 AI 硬件产品持续增长，收 入同比增长 25.2%至 18.6 亿元。受低毛利产品大量出货、存储芯 片涨价等因素叠加的影响，公司毛利率同比仍有所承压，3Q25 毛 利率 12.67%，同比下降 3.1pct。但环比看，受益于海外业务占比 的提升，毛利率有所修复，环比 2Q 提升了 0.6pct。费用端看，公 司净利润同环比下滑主要系研发费用率增长的缘故。3Q 期末合同 负债金额约 1.25 亿元，较期初增长 15%，未来订单储备较为充足。 5 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Meige Intelligent [2][11]. Core Views - Meige Intelligent adopts a dual strategy of modules and solutions, establishing a first-mover advantage in key industries such as smart connected vehicles and IoT [3][19]. - The smart connected vehicle market is projected to grow significantly, with the wireless communication module market expected to reach CNY 50 billion by 2024 and CNY 159 billion by 2029, reflecting a compound annual growth rate (CAGR) of 26% from 2024 to 2029 [4][40]. - The company is positioned as a leader in the 5G smart module market, with a projected shipment of 881,000 units in 2024, capturing a market share of 35.1% [5][56]. Summary by Sections Company Overview - Meige Intelligent focuses on 4G/5G wireless communication technology and IoT solutions, providing various wireless communication modules and solutions to global customers [6][22]. Product Strategy - The company has evolved through three phases: precision component processing, expansion into 4G technology applications, and the current focus on wireless communication modules and IoT solutions [3][19]. Market Growth - The smart connected vehicle market is rapidly expanding, with domestic market size expected to reach CNY 1,365 billion by 2024 and CNY 3,012 billion by 2029, growing at a CAGR of 17% [38]. - The global edge AI market is forecasted to grow from CNY 321.9 billion in 2025 to CNY 1,223 billion by 2029, with a CAGR of 39.6% [31][33]. Financial Projections - Revenue projections for Meige Intelligent are CNY 37.86 billion, CNY 45.59 billion, and CNY 54.05 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 2.29 billion, CNY 3.04 billion, and CNY 3.93 billion [5][57].