移远通信（603236）动态点评 定增引入地方优质资本，助力业务高质 量发展 2025 年 12 月 18 日 【事项】 2025年12月16日，公司发布2025年度向特定对象发行A股股票发行情 况报告书。本次发行价格为85.21元/股，发行股数为2616.58万股，募 集资金总额约为22.30亿元，募集资金将用于车载及5G模组扩产项目、 AI算力模组及AI解决方案产业化项目、总部基地及研发中心升级项目 和补充流动资金。 【评论】 挖掘价值 投资成长 买入（维持） 东方财富证券研究所 证券分析师：马成龙 证书编号：S1160524120005 联系人：隆军德 相对指数表现 -10% 10% 30% 50% 70% 90% 2024/12 2025/6 2025/12 移远通信 沪深300 基本数据 | 总市值（百万元） | 24,805.15 | | --- | --- | | 流通市值（百万元） | 24,805.15 | | 52 周最高/最低（元） | 110.85/60.98 | | 52 周最高/最低（PE） | 49.71/27.35 | | 52 周最高/最低（PB） | 7.19/3.95 | ...

Investment Rating - The report upgrades the investment rating of the company to "Buy-B" [1][9] Core Views - The company maintains its leading position in the global data transmission module market and has successfully transformed into a comprehensive IoT solution provider [3][4] - The company's revenue for the first three quarters of 2025 reached 17.877 billion yuan, a year-on-year increase of 34.96%, with a net profit of 733 million yuan, up 105.65% year-on-year [3] - The company is expanding its business into various sectors, including smart modules, antennas, AIOT PCBA solutions, and cloud management platforms, which opens new growth opportunities [4][5] Financial Performance - The company achieved a revenue of 6.33 billion yuan in Q3 2025, a year-on-year increase of 26.68% and a quarter-on-quarter increase of 1.63% [3] - The net profit for Q3 2025 was 262 million yuan, reflecting stable operational performance due to strict cost control [4] - The company expects to see significant growth in net profit, projecting 948 million yuan for 2025, with a year-on-year growth of 61.2% [9] Market Position and Strategy - The company holds a 37% share of the global IoT module market, reinforcing its top position [4] - The company is developing comprehensive AI capabilities, integrating large models and AI algorithms into its products, which diversifies its revenue streams [5][8] - The company has received regulatory approval for a capital increase aimed at expanding its AI module and solution production [8] Future Outlook - The company anticipates continued growth in the AI sector, with projections for net profit reaching 1.647 billion yuan by 2027, representing a compound annual growth rate of 39.8% [9] - The expected earnings per share (EPS) for 2025 is 3.62 yuan, with a price-to-earnings (P/E) ratio of 24.8 based on the closing price on November 12, 2025 [9][11]

Core Viewpoint - Shenzhen Guanghetong Wireless Co., Ltd. (hereinafter referred to as "Guanghetong") held a conference call on October 29, 2025, with over 40 institutional investors to discuss its operational performance for the first three quarters of 2025, core business progress, and future strategic planning [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 5.366 billion yuan and a net profit attributable to shareholders of 316 million yuan. Excluding the Ruiling wireless business, revenue grew by 7.32% year-on-year, while net profit decreased by 2.19% year-on-year [3]. - The third quarter of 2025 showed two significant improvements: an increase in gross margin on a quarter-on-quarter basis and a substantial increase in operating cash flow both year-on-year and quarter-on-quarter [3]. Group 2: Core Business Developments - Revenue from wireless communication modules showed slight year-on-year growth, while revenue from solutions experienced significant growth, primarily driven by edge AI solutions, robotic solutions, and other solutions [3]. - The Fixed Wireless Access (FWA) business grew rapidly year-on-year, driven by the low penetration rate of 5G in the company's main target markets and ongoing demand for high-speed wireless access in overseas markets [5]. Group 3: Strategic Partnerships and Innovations - The company has established a partnership with Hesai Technology, focusing on integrating laser radar technology with visual algorithm development, primarily in the robotics field, with potential future applications in low-speed intelligent vehicles [7]. - A formal partnership has been established with XREAL, with specific cooperation details to be gradually implemented based on business progress [8]. - The company has developed mature solutions in the AI toy sector, including communication modules and the second-generation MagiCore chip box solution, which has shown significant improvements in key performance metrics [4]. Group 4: Product Developments - The company has achieved mass production and delivery of lawn mowing robots, with single-eye solutions currently being the mainstream market choice [10]. - In addition to lawn mowing robots, the company has launched a visual fusion laser radar positioning solution for quadruped robots, and a new generation of the Fibot embodied intelligent robot development platform has been released [11].

Group 1 - The fourth Global Digital Trade Expo's "Digital Trade Investment Day" was successfully held in Shenzhen on July 15, with over 80 participants including government departments and investment institutions [1][3] - The event aims to leverage capital to promote digital trade and foster cooperation between innovative forces and investment capital in Shenzhen, a hub for innovation and venture capital [3][5] - Various investment opportunities and challenges related to AI and industry integration were discussed, along with insights on digital economy ecosystems and industry fund layouts [5][11] Group 2 - Nine innovative enterprises presented their core technologies and products during the project roadshow, showcasing solutions such as AI toys, composite electrolytes, and AI-driven content production technologies [13][17] - The event facilitated one-on-one discussions between venture capital and project parties, leading to preliminary cooperation intentions among several investment institutions and tech companies [17][19]

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