证券日报网讯1月23日，移远通信（603236）在互动平台回答投资者提问时表示，二级市场股价会受到 宏观经济、行业政策、市场情绪、资金偏好等多重因素影响。公司会持续提升经营质量与核心竞争力， 加强投资者沟通，积极为投资者创造长期投资价值。公司作为物联网整体解决方案提供商，始终坚持以 客户需求为导向，不断拓展市场覆盖的广度与深度，积极挖掘和探索新兴业务领域。目前，公司模组、 天线、ODM、智能化解决方案、软件服务平台等多元化业务协同发展，形成了"硬件+连接+平台+应 用"的完整生态体系。敬请投资者注意投资风险。 ...

Core Viewpoint - The company, as a provider of IoT overall solutions, emphasizes customer demand and is actively expanding its market coverage while exploring emerging business areas [2] Group 1: Business Strategy - The company is committed to a customer-oriented approach, continuously expanding the breadth and depth of its market coverage [2] - The company is actively exploring and tapping into new business fields [2] Group 2: Business Development - The company has diversified its operations, developing modules, antennas, ODM, intelligent solutions, and software service platforms [2] - A complete ecosystem has been formed, integrating "hardware + connectivity + platform + applications" [2]

Core Viewpoint - The company emphasizes its commitment to customer-oriented solutions and aims to expand its market coverage while exploring emerging business areas [2] Group 1: Business Strategy - The company operates as a comprehensive IoT solution provider, developing a diverse range of businesses including modules, antennas, ODM, intelligent solutions, and software service platforms [2] - A complete ecosystem has been formed, integrating "hardware + connectivity + platform + applications" [2] Group 2: Innovation and Technology - In the field of artificial intelligence, the company has launched an "algorithm supermarket" that offers a complete solution package including modules, large models, algorithms, and IoT platforms [2] - The company is actively implementing solutions in various application scenarios such as smart industry, smart agriculture, companion toys, and robotics [2] Group 3: Market Trends - The company will closely monitor the development of cutting-edge technologies and market trends, seeking collaborative innovation opportunities with industry partners [2]

Group 1: Company Performance Overview - In the first half of 2025, the company achieved a revenue of 1.196 billion CNY and a net profit of 112 million CNY, reflecting a slight decline due to the downturn in the North American electric vehicle market [3] - The gross profit margin for the first half of 2025 was 23.92%, an increase of 0.36% compared to the same period last year, primarily due to a decrease in revenue contribution from lower-margin products [5] - The revenue structure for the three main business segments in the first half of 2025 showed that ODM contributed nearly 65%, while automotive displays accounted for over 28% [4] Group 2: Strategic Plans and Adjustments - The company plans to adjust its strategies across three main business segments: ODM, OBM MicroTouch™, and smart cockpit, to promote collaborative development [3] - There is a focus on enhancing the global manufacturing system and core competitiveness, as well as improving core technology R&D capabilities [3] - The company aims to build an efficient global team to expand and maintain its global customer base [3] Group 3: Production and Capacity Expansion - The first factory in Thailand has successfully entered mass production, primarily serving North American electric vehicle manufacturers [7] - The company plans to continue expanding production capacity in Thailand and may consider expanding production in Europe and the U.S. based on macroeconomic changes and customer needs [7] Group 4: Market Outlook and Orders - The company’s orders for the second half of 2025 are in line with expectations, and management is committed to overcoming challenges such as U.S. tariffs and increased market competition to meet revenue targets for the year [8] - The share of all-in-one machines in the commercial display segment has steadily increased, reaching nearly 47% in the first half of 2025 [9] Group 5: Brand Development and Client Acquisition - The company has made significant investments in marketing and brand building for its proprietary brand, MicroTouch™, which has led to increased brand recognition and a robust client reserve [10] - The business strategy has shifted from a "channel-centric" approach to a "product-centric" approach, successfully securing orders from several globally recognized enterprises [10]

Core Insights - The company reported a revenue of 1.764 billion yuan for the first half of 2025, representing a year-on-year growth of 15.1% [1] - The net profit attributable to the parent company reached 188 million yuan, an increase of 4.6% compared to the same period last year [1] Revenue Breakdown - The sanitary napkin segment generated revenue of 1.688 billion yuan, showing a year-on-year increase of 19.93% [1] - The diaper segment reported revenue of 38 million yuan, reflecting a decline of 34.03% year-on-year [1] - The ODM (Original Design Manufacturer) segment achieved revenue of 39 million yuan, down 43.08% compared to the previous year [1] Brand Portfolio - The company owns several brands including "Free Point" for sanitary napkins, "Good" for baby diapers, and "Danning" for adult incontinence products, all positioned in the mid-to-high-end market [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company reported a revenue of 1.764 billion RMB for the first half of 2025, representing a year-on-year increase of 15.1%. The net profit attributable to the parent company was 188 million RMB, up 4.6% year-on-year. The second quarter revenue was 768 million RMB, with a slight increase of 0.2% year-on-year, while net profit decreased by 25.5% due to short-term public sentiment affecting online channel revenue and operating profit [1][2]. - The company is focusing on optimizing its online channel operations, which are expected to return to a growth trajectory starting in the third quarter. Offline performance remains robust, with a steady national expansion and improving profitability [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue from sanitary napkins was 1.687 billion RMB, a year-on-year increase of 20.5%. The product structure is continuously optimized, with health series products expected to account for over 50% of revenue, up more than 8 percentage points year-on-year. Revenue from diapers and ODM decreased by 34.0% and 43.1% respectively [2]. - Offline revenue increased by 39.8% in the first half of 2025, with significant growth in regions such as Sichuan, Chongqing, and surrounding provinces [2]. Profitability and Cost Management - The company's gross margin for the first half of 2025 was 53.2%, a decrease of 1.2 percentage points year-on-year, primarily due to logistics and packaging costs being included in the e-commerce channel. The operating expense ratio was 40.7%, up 0.5 percentage points year-on-year, with sales expenses increasing due to heightened marketing efforts in response to public sentiment [3]. - The net profit margin for the first half of 2025 was 10.7%, down 1.0 percentage points year-on-year. However, with a lower base for net profit margin in the second half of the year, a faster growth in net profit is anticipated [3]. Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 372 million RMB, 487 million RMB, and 657 million RMB, with year-on-year growth rates of 29%, 31%, and 35% respectively. The corresponding EPS estimates are 0.87 RMB, 1.13 RMB, and 1.53 RMB [4]. - The target price is set at 34.80 RMB, based on a 40 times PE ratio for 2025, reflecting the company's strong competitive advantage in offline channels and the expected recovery of online sales [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The demand in the IoT market is gradually recovering, and the company is accelerating the promotion of derivative products and solutions based on its module business. It is believed that the downstream prosperity of the IoT industry is continuously recovering in the short term, and as the company transitions from product-oriented to solution-oriented, the added value of its products is expected to continue to increase, benefiting in the long term [2][10] Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.546 billion yuan, a year-on-year increase of 39.98%, and a net profit attributable to the parent company of 471 million yuan, a year-on-year increase of 125.03%. In the second quarter of 2025, the company achieved operating revenue of 6.325 billion yuan, a year-on-year increase of 47.28%, and a net profit attributable to the parent company of 259 million yuan, a year-on-year increase of 67.68% [4][10] Business Strategy - The company, as a global leader in IoT solutions, continues to focus on customer needs, expanding market coverage and actively exploring new growth points. It has established a "1+N" business matrix, with modules as the foundation, and diversified businesses such as antennas, ODM, intelligent solutions, and software service platforms working in synergy [10] - The company is deepening its layout in the automotive module and solution sectors, responding to the increasing demand for integrated cockpit SoC and connectivity in the automotive industry. It has introduced new products and solutions to support the intelligent upgrade of the automotive industry [10] Product Development - The company is focusing on the diversification of its module product line, leveraging technological innovation and global compliance to maintain a leading position in the integration of 5G and AI. Its intelligent module products are fully integrated with advanced AI models, enhancing user experience [10] - The antenna business is addressing customer pain points with customized solutions, achieving significant breakthroughs in various fields, including smart metering and public utilities [10] Profit Forecast - The company is expected to achieve net profits attributable to the parent company of 848 million yuan, 1.063 billion yuan, and 1.595 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 44%, 25%, and 50%, respectively. The corresponding price-to-earnings ratios are projected to be 27x, 21x, and 14x [10][15]

Core Viewpoint - The recent financial report of Yiyuan Communication (603236) shows significant growth in revenue and net profit for the first half of 2025, indicating strong performance in the IoT sector driven by advancements in 5G and AI technologies [1][7]. Financial Performance - Total revenue for the first half of 2025 reached 11.546 billion yuan, a year-on-year increase of 39.98% [1]. - Net profit attributable to shareholders was 471 million yuan, up 125.03% compared to the previous year [1]. - In Q2 2025, total revenue was 6.325 billion yuan, reflecting a 47.28% increase year-on-year [1]. - The gross margin was 17.71%, a decrease of 2.36% year-on-year, while the net margin improved to 4.06%, an increase of 64.17% [1]. Key Financial Metrics - The company's accounts receivable increased by 43.54% year-on-year, reaching 3.082 billion yuan [1]. - The total of selling, administrative, and financial expenses was 615 million yuan, accounting for 5.32% of revenue, down 6.39% year-on-year [1]. - Earnings per share rose to 1.8 yuan, a 125% increase from the previous year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 26.80% to 1.088 billion yuan due to increased cash payments for raw materials [1][2]. - Short-term borrowings increased by 103.74% to support business development needs [2]. - Inventory rose by 41.43% as the company increased stock to meet future sales demands [2]. Business Model and Strategy - The company has transitioned from a module supplier to a comprehensive IoT solution provider, capitalizing on the growth opportunities in the IoT sector [7]. - The increase in revenue is attributed to the successful expansion into diverse business areas, including 5G modules and ODM services [7]. Investment Insights - The company’s return on invested capital (ROIC) was 9.65% last year, indicating average capital returns [15]. - Analysts expect the company's performance in 2025 to reach 988 million yuan, with an average earnings per share forecast of 3.78 yuan [18]. Fund Holdings - The largest fund holding Yiyuan Communication is Dongfanghong Ruifeng LOF, with a scale of 1.751 billion yuan and a recent net value increase of 0.61% [19].

Core Viewpoint - 移远通信 reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by growth in the IoT sector and diversification of its business model [1][3]. Financial Performance - Total revenue reached 11.546 billion yuan, a year-on-year increase of 39.98% [1] - Net profit attributable to shareholders was 471 million yuan, up 125.03% year-on-year [1] - Gross margin was 17.71%, a decrease of 2.36% compared to the previous year [1] - Net margin improved to 4.06%, an increase of 64.17% year-on-year [1] - Earnings per share rose to 1.8 yuan, reflecting a 125% increase [1] Key Financial Metrics - Accounts receivable increased by 43.54% year-on-year, reaching 3.082 billion yuan [1] - Cash and cash equivalents decreased by 26.80% to 1.088 billion yuan [1] - Total liabilities decreased slightly by 2.49% to 2.591 billion yuan [1] - Operating cash flow per share was -3.09 yuan, a significant decrease of 142.99% [1] Business Growth Drivers - The company capitalized on the accelerating penetration of 5G and AI technologies, transitioning from a module supplier to a comprehensive IoT solution provider [3] - The growth in revenue was supported by strong performance in 5G modules, LTE modules, and automotive modules [3] Investment and Financial Strategy - The company increased its investment in inventory and prepayments to prepare for future production needs, with inventory rising by 41.43% [1][3] - Short-term borrowings increased by 103.74% to meet funding requirements for business development [1][3] Market Position and Fund Holdings - The largest fund holding shares in 移远通信 is 东方红睿丰LOF, with a scale of 1.751 billion yuan and a recent net value increase of 0.61% [4] - Several funds have adjusted their positions, with some increasing their holdings in 移远通信, indicating positive market sentiment [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 124.60 RMB [7][9]. Core Insights - The company reported a significant revenue growth of 39.98% year-on-year for H1 2025, reaching 11.546 billion RMB, and a net profit growth of 125.03%, amounting to 471 million RMB [1]. - The growth is attributed to the company's strategic focus on the Internet of Things (IoT) sector and its transition from a module supplier to a comprehensive IoT solution provider [2][4]. - The company is expected to benefit from the recovery in industry demand and the long-term opportunities presented by edge AI development [1][4]. Summary by Sections Financial Performance - In H1 2025, the company's revenue was 11.546 billion RMB, with a quarterly revenue of 6.325 billion RMB in Q2 2025, showing a year-on-year increase of 47.28% and a quarter-on-quarter increase of 21.14% [1][2]. - The comprehensive gross margin for H1 2025 was 17.71%, with a slight year-on-year decrease of 0.43 percentage points [3]. Business Expansion - The company's module and antenna business generated 11.5 billion RMB in revenue for H1 2025, reflecting a 40% year-on-year increase, driven by growth in 5G, LTE, and automotive modules [2]. - The company achieved overseas revenue of 5.3 billion RMB, a 30% increase year-on-year, while domestic revenue reached 6.3 billion RMB, growing by 49% [2]. Market Outlook - The report anticipates a stabilization and recovery in market demand for IoT modules, with expectations for improved trends as downstream demand recovers [4]. - The shift towards edge computing in AI is expected to enhance the value of IoT modules, transitioning their role from mere transmission to "transmission + computation" [4]. Profit Forecast and Valuation - The net profit forecasts for 2025 to 2027 have been revised upwards to 988 million RMB, 1.197 billion RMB, and 1.403 billion RMB, respectively [5]. - The company is assigned a 2025 PE ratio of 33x, reflecting its leading position in the IoT industry, with a target price adjustment to 124.60 RMB [5].