Quectel Wireless Solutions (603236.SH) expects a substantial increase in net profit for the year 2024, with a non-GAAP net profit of approximately 482 million yuan, a year-over-year surge of about 84 times.

Quectel Wireless Solutions (603236.SH) disclosed the annual performance forecast for 2024, with the company expecting a net profit attributable to the owners of the parent company of approximately 540 million yuan, an increase of about 495.33% year-on-year. The net profit attributable to the owners of the parent company after deducting non-recurring gains and losses is expected to be around 482 million yuan, an increase of about 8402.16% year-on-year. It is reported that the company focuses on providing comprehensive solutions for global IoT customers. During the reporting period, the overall demand in the IoT market showed a recovery trend, with the convergence of technologies such as edge computing, augmented reality, and large models with IoT accelerating. The company has always adhered to technological innovation, actively leading the industry development direction, and has achieved good growth in both the communication module business and intelligent solutions field. The company expects to achieve an operating income of around 18.56 billion yuan in 2024, an increase of about 33.90% year-on-year.