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 | ...

12月16日，移远通信公告称，公司向特定对象发行2616.58万股股份，募集资金总额达22.29亿元，资金 将精准投向车载及5G模组扩产、AI算力产业化等核心领域。 作为深耕赛道15年的领军企业，移远通信近年经营业绩呈现爆发式增长态势。2025年前三季度，公司营 收达178.8亿元、归母净利润达7.33亿元，同比增幅超30%、100%，盈利韧性凸显。 长江商报消息 ●长江商报记者 张璐 全球物联网通信模组龙头企业移远通信（603236.SH）再添发展动力。 长江商报记者注意到，近年来，移远通信以研发筑牢技术壁垒，自2019年上市以来累计研发费用高达 80.93亿元，截至2025年上半年拥有授权专利635项。其表现也获得资本市场认可，截至12月17日收盘， 公司年内股价累计上涨40.51%，总市值达248.1亿元。募资落地与业绩、股价协同向好，彰显龙头综合 竞争力。 募资22亿赋能主业升级 目前，移远通信已在全球8个城市设立研发中心，在多个国家和地区建立技术销售服务中心，形成了全 球化布局网络。 近年来，公司经营业绩呈现爆发式增长态势，核心财务指标表现亮眼。2022年—2024年，移远通信营收 从百亿规模稳步攀 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][11]. Core Views - The company has shown significant improvement in profitability and operational efficiency, with a diversified business matrix that enhances growth resilience [8]. - The revenue for the first three quarters of 2025 reached 17.877 billion, a year-on-year increase of 34.96%, while the net profit attributable to the parent company was 733 million, up 105.65% year-on-year [7]. - The company is positioned as a leader in the global cellular IoT module market, with a strong product matrix and market share [8]. Financial Performance Summary - The company forecasts revenue growth from 13.861 billion in 2023 to 36.375 billion by 2027, with a compound annual growth rate (CAGR) of approximately 22% [6]. - The net profit attributable to the parent company is expected to grow from 91 million in 2023 to 1.511 billion by 2027, reflecting a significant increase in profitability [6]. - The earnings per share (EPS) are projected to rise from 0.34 in 2023 to 5.78 by 2027 [6]. Business Growth Drivers - The automotive and wireless gateway segments are identified as key growth engines, with a complete product ecosystem covering smart cockpits, 4G/5G, and high-precision positioning [8]. - The company has established partnerships with over 60 Tier 1 suppliers and more than 40 vehicle manufacturers, indicating strong market penetration [8]. - The ODM business is also experiencing rapid growth, providing solutions for various industries including payment and smart mobility [8]. Investment Recommendations - The report suggests that the company will continue to benefit from its production layout and operational efficiencies, with adjusted profit forecasts for 2025-2027 [8]. - The expected net profits for 2025, 2026, and 2027 are 949 million, 1.198 billion, and 1.511 billion respectively, with corresponding EPS of 3.63, 4.58, and 5.78 [8].

Core Viewpoint - The company, Quectel, is experiencing significant growth in revenue and net profit, driven by its focus on IoT module development and production, despite facing inquiries from the exchange regarding its fundraising projects [1] Financial Performance - As of July 29, 2025, Quectel's stock price is 82.25 yuan, reflecting a 0.29% increase from the previous trading day, with a trading volume of 623 million yuan [1] - The company expects a 38.81% year-on-year increase in revenue for the first half of 2025, alongside a substantial 121.13% year-on-year increase in net profit [1] Business Operations - Quectel specializes in the research and sales of IoT modules, including automotive modules, 5G modules, and AI computing power modules [1] - The company has received inquiries from the exchange regarding the rationality of its fundraising projects, which include expansion of automotive and 5G modules and the industrialization of AI computing power modules [1] - In response, the company stated that the new production capacity aligns with industry growth rates and that it has sufficient orders on hand, with AI modules already in mass production and applied in robotics and smart toys [1] Market Activity - On July 29, 2025, there was a net outflow of 23.36 million yuan in principal funds [2]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, investments, acquisitions, and performance reports, helping investors identify potential investment hotspots and avoid black swan events [1] - A company is in the customer validation phase for its 1.6T optical module using AWG chips and components, indicating progress in the optical module and data center sectors [1] - Another company has achieved small batch sales of its phenolic resin products for photoresist and is in the pilot testing stage for its sulfide solid electrolyte project, showcasing advancements in photoresist and solid-state battery technologies [1] Group 2 - A humanoid robot company, in collaboration with Nvidia, is expected to see its net profit double year-on-year in the first half of the year, with multiple AI computing modules in development, reflecting growth in AI and robotics sectors [1]

Core Viewpoint - The company, Quectel, has officially received approval from the Shanghai Stock Exchange for a private placement plan to raise 2.3 billion yuan, aimed at expanding its production capacity in automotive and 5G modules, as well as developing AI solutions and upgrading its headquarters and R&D center [1][2]. Group 1: Investment Projects - The total investment for the automotive and 5G module expansion project is 957.27 million yuan, with the same amount allocated from the raised funds [3]. - The AI computing module and AI solution industrialization project has a planned investment of 411.24 million yuan, fully funded by the raised capital [3]. - The headquarters and R&D center upgrade project has a total investment of 728.44 million yuan, with 531.50 million yuan sourced from the raised funds [3]. - The working capital supplement project is allocated 400 million yuan, fully funded by the raised capital [3]. Group 2: Business Growth and Market Position - The automotive and industrial IoT sectors are the core sources of revenue growth for the company, contributing over half of its income [4]. - The company has developed a "seven major automotive product technology ecosystem," covering various modules and has partnerships with over 30 leading automotive brands [4]. - The company is projected to ship over 20 million units of its 5G RedCap module by 2025, holding a 31% market share in global 5G module shipments in 2024 [4]. - The AI computing module and solutions are expected to see a 45% year-on-year revenue growth in 2024, with applications in industrial quality inspection and robotics [4]. Group 3: Market Trends and Future Outlook - The global cellular IoT module market is expected to grow by 16% year-on-year in Q1 2025, driven by strong demand from India, China, and Latin America [8]. - The company maintains its position as the global leader in cellular IoT modules, with a market share that, along with its closest competitors, accounts for over half of global shipments [8][11]. - The company anticipates benefiting from China's "5G Application Sailing Action Plan," with expectations to capture over 50% of new demand by 2025 [11]. - Emerging businesses such as satellite communication modules and edge AI modules are projected to account for over 30% of revenue by 2025, optimizing the company's product structure [12].

Core Viewpoint - The company, Quectel, has successfully initiated a capital increase plan of 2.3 billion yuan to enhance its production capacity in the automotive and 5G module sectors, as well as to develop AI solutions and upgrade its headquarters and R&D center [1][4][6]. Group 1: Company Overview - Quectel, established in 2010 and based in Shanghai, specializes in IoT technology development and wireless module supply, providing comprehensive IoT cellular communication module solutions [4]. - The company went public in 2019 and currently has a market capitalization of approximately 20 billion yuan [4]. - Quectel is recognized as a national high-tech enterprise [4]. Group 2: Financial Performance - In 2024, Quectel reported a significant revenue increase of 34.14%, reaching 18.594 billion yuan, with a net profit surge of 548.49% to 588 million yuan [5]. - The automotive and industrial IoT sectors are the primary drivers of revenue growth, contributing over half of the total income [5]. Group 3: Market Position and Product Offerings - Quectel holds a 37.1% market share in the global cellular IoT module market in 2024, maintaining the leading position for several consecutive quarters [5]. - The company has established partnerships with over 30 automotive manufacturers, including major brands like Mercedes-Benz and Toyota [5]. - Quectel's 5G modules accounted for 31% of the global 5G IoT terminal shipments in 2024, serving over 1,000 clients across various verticals [6]. Group 4: Capital Increase Purpose - The capital increase will fund projects including the expansion of automotive and 5G module production, AI computing module development, and upgrades to the headquarters and R&D center [6][7]. - The automotive and 5G module expansion project has a total investment of 957 million yuan, aimed at enhancing production capabilities and supply chain stability [7]. - The AI computing module project, with an investment of 411 million yuan, will focus on acquiring advanced technology and talent in communication and AI fields [7]. Group 5: Industry Outlook - The global cellular module market is expected to recover in 2024, with an estimated shipment of 705 million units and revenue reaching 9.239 billion USD by 2029 [8]. - The company is projected to capture over 50% of the new demand anticipated in 2025, driven by favorable policies and increasing 5G penetration in the automotive sector [8]. - Emerging business areas such as satellite communication and edge AI modules are expected to account for over 30% of revenue by 2025, further optimizing the product structure [8]. Group 6: Future Growth Potential - The capital increase reflects the company's rapid growth and potential for further acceleration in the market, supported by a billion-dollar market and the anticipated boom in 5G RedCap modules [7][9].

Core Viewpoint - Shanghai Quectel Wireless Solutions Co., Ltd. is planning to issue shares to specific investors, with the underwriting by Minsheng Securities Co., Ltd. The issuance aims to raise up to 2.3 billion yuan for various projects, including expansion in 5G modules and AI solutions [1][6][9]. Group 1: Issuance Overview - The issuing company is Shanghai Quectel Wireless Solutions Co., Ltd., with the stock code 603236, established on October 25, 2010 [1][2]. - The issuance will involve A-shares with a par value of 1.00 yuan each, targeting up to 35 specific investors [5][6]. - The total amount to be raised is capped at 230 million yuan, with net proceeds allocated to several projects [9][10]. Group 2: Financial Data - As of March 31, 2025, total assets amounted to 1,369,408.51 million yuan, with total liabilities at 946,792.23 million yuan [3][4]. - The company reported a net profit of 21,093.20 million yuan for the first quarter of 2025, with total revenue of 522,139.29 million yuan [4][3]. - The company's total equity stood at 422,616.28 million yuan as of March 31, 2025 [4]. Group 3: Use of Proceeds - The funds raised will be allocated to the following projects: - Vehicle and 5G module expansion project: 95,726.57 million yuan - AI computing module and solution industrialization project: 41,123.77 million yuan - Headquarters and R&D center upgrade project: 53,149.66 million yuan - Working capital: 40,000.00 million yuan [9][10]. Group 4: Regulatory Compliance - The issuance has undergone necessary internal approvals, including board and shareholder meetings, confirming compliance with relevant laws and regulations [16][17]. - The underwriting process adheres to the guidelines set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [18].

Core Viewpoint - The company, Quectel Wireless Solutions Co., Ltd., is planning to issue A-shares to specific investors to raise a total of up to 2.3 billion yuan for various projects, including the expansion of 5G modules and AI solutions, which are expected to enhance its competitive edge and operational scale [1][5][9]. Company Overview - The company is a leading provider of IoT solutions, focusing on the design, development, production, and sales of wireless communication modules and related solutions [21]. - The company was established on October 25, 2010, and became a publicly listed company on July 16, 2019, with a total share capital of 261,657,654 shares [10][11]. Financial Performance - The company's revenue for the reporting period was 14.23 billion yuan, 13.86 billion yuan, 18.59 billion yuan, and 5.22 billion yuan, respectively [4]. - The net profit attributable to shareholders for the same periods was reported, indicating fluctuations in performance [4]. Fundraising and Investment Projects - The fundraising will be allocated to several key projects: - 5G module expansion project: 957.27 million yuan - AI computing module and solution industrialization project: 411.24 million yuan - Headquarters and R&D center upgrade project: 728.44 million yuan - Working capital: 400 million yuan - The total investment for these projects is approximately 2.5 billion yuan, with the net amount raised after expenses expected to be fully utilized for these projects [9][22]. Industry Overview - The IoT industry is experiencing rapid growth, with an estimated 15.7 billion global IoT connections in 2023, projected to reach 38.8 billion by 2029 [12][13]. - The demand for wireless communication modules is increasing, driven by advancements in technologies such as 5G, AI, and edge computing [14][15]. - The industry is characterized by high competition, with major players including Telit, Sierra Wireless, and U-Blox, among others [16][17][19]. Market Dynamics - The wireless communication module market is influenced by various factors, including technological advancements, market demand, and competitive landscape [20]. - The company faces challenges such as potential fluctuations in raw material costs and the need to adapt to changing market conditions [3][4]. Competitive Landscape - The company operates in a highly competitive environment, with increasing barriers to entry due to technological advancements and market consolidation [3][16]. - The competition is expected to intensify as the industry evolves, requiring companies to innovate continuously to maintain market share [15][16]. Business Model and Operations - The company employs a combination of in-house production and outsourcing to ensure efficient supply chain management and product quality [23]. - Sales are conducted through both online and offline channels, with a focus on expanding its customer base and enhancing service delivery [23].