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].