事件：公司发布1H26定期报告。
　　营收持续高增，盈利质量显著改善：1H26公司实现营收6.04亿元，同增67.70%；实现归母净利润0.88亿元，同增184.44%；实现毛利率40.21%，同降0.80pct，实现净利率14.57%，同增5.95pcts；2Q26单季方面，公司实现营收2.91亿元，同增43.34%，环降6.80%，实现归母净利润0.36亿元，同增70.97%，环降30.09%，实现毛利率/净利率39.57%/12.43%，分别同增0.33pct/1.98pcts，毛利率-净利率剪刀差持续降低。
　　新品放量叠加国内海外共同复苏，规模效应驱动高增：分产品线方面，公司资产管理信息智能终端表现突出，1H26实现营收1.81亿元，同增175.40%，毛利率43.78%，同增1.96pcts；车载信息智能终端板块实现营收2.86亿元，同增20.69%，实现毛利率43.04%，保持相对稳定；分地区方面，公司1H26海外市场实现收入5.65亿元，同增66.87%，实现毛利率42.29%，同降1.04pct，国内市场实现营收0.39亿元，同增81.04%，实现毛利率9.75%，同增5.64pcts。公司新业务放量叠加海外市场需求快速恢复，公司多款产品升级迭代成果在上半年集中释放，同时收入规模起量带动规模效应释放，叠加AI物联网应用场景持续深化带来的行业需求扩张，共同驱动业绩高增。
　　投资建议：结合公司1H26合同负债的快速增长/存货周转率的提升/经营性现金流的变动，我们认为公司在手订单旺盛，将持续深耕海外及国内市场，同时公司供应链弹性较大，物联网智能终端战略聚焦，预计2H26将延续1H26营收及利润高增态势，且国内海外市场的回暖将带动2027-2028年利润水平的持续回升。据此我们预测公司2026/2027/2028年将实现归母净利润1.55/2.20/2.65亿元，同增108.28%/41.69%/20.46%，对应EPS分别为0.34/0.48/0.57元，对应PE分别为33.25/23.47/19.48x，维持对公司的“推荐”评级。
　　风险提示：物联网需求下降的风险，AI推动不及预期的风险等。

Queclink’s 1H26 revenue was RMB604mn, up by 67.70% YoY. The attributable net profit was RMB88mn, up by 184.44% YoY and within the profit alert range of RMB84-93mn. For 2Q26, revenue was RMB291mn, up by 43.34% YoY; the attributable net profit was RMB36mn, up by 70.97% YoY. Growth was driven by stronger downstream demand, market expansion, new product ramps, and supportive policies. As a leading wireless IoT equipment and solutions provider, the company is well positioned for AI-driven opportunities, in our view. Maintain OVERWEIGHT.
Multiple product lines drove 1H26 growth
By product, 1H26 revenue from in-vehicle intelligent terminals was RMB286mn, up by 31% YoY. Asset-management intelligent terminals generated RMB181mn, up by 175% YoY. Animal tracking and tracing products/video telematics products/ two-wheeler intelligent terminals contributed RMB36/33/21mn, up by 44/69/205% YoY. By region, overseas revenue was RMB565mn, up by 67% YoY, with growth in North America, Europe, Africa, Oceania, and Asia ex-China. Domestic revenue was RMB39mn, up by 81% YoY.
2Q gross margin improved YoY, cost control was solid
For 1H26, the blended gross margin was 40.21%, down by 0.80pp YoY. For 2Q26,
the gross margin was 39.57%, up by 0.33pp YoY, which we attribute mainly to revenue-mix shifts. The selling/administrative/R&D expense ratios were 6.45/3.78/12.06%, down by 4.60/2.07/5.87pp YoY, reflecting operating leverage from rapid revenue growth. R&D investment stayed high. In 1H26, the company continued upgrading products across core IoT application scenarios and launched seven new products covering vehicle tracking, heavy equipment management, and industrial network connectivity, broadening its product portfolio.
Emerging product lines to become new growth drivers
AIoT use cases are expanding, creating new technologies, products, and demand. With years of industry expertise and a global sales network, the company is well placed to capture these opportunities and build new revenue growth engines, in our view. According to its 1H26 report, the company remained focused on high-growth AIoT segments, driving innovation and aligning products with market demand. It continued to hone its smart terminal products and industry solutions while expanding application scenarios to support business scale-up. Vehicle tracking products strengthened fleet management capabilities; heavy equipment and industrial communication products extended into high-value asset management; and long-battery-life positioning products enriched asset security solutions, underpinning global market expansion.
Earnings forecasts and valuation
We maintain our earnings forecasts. We expect attributable net profit of RMB159/193/233mn in 2026/2027/2028. Its peers’ average 2026E PE is 38x on Wind consensus. We assign a 2026E PE of 38x (previous: 41x for 2026E, reflecting peer valuation changes), deriving our target price of RMB13.08 (previous: RMB14.22 after adjusting for share-capital changes). Maintain OVERWEIGHT.
Risks: external shocks from geopolitical conflicts, replacement and upgrade cycle adjustments for new products, and phased demand fluctuations from customers.

　　根据公司2026年中报，1H26公司营收为6.04亿元，同比增长67.70%；归母净利润为0.88亿元，符合此前业绩预告（0.84~0.93亿元），同比增长184.44%。其中2Q26单季公司营收为2.91亿元，同比增长43.34%；归母净利润为0.36亿元，同比增长70.97%。公司业绩呈现快速增长，主因受益于下游客户需求扩张、市场拓展成果落地、新产品批量投产及相关政策落地多重利好叠加。展望未来，公司作为业界领先的无线物联网设备和解决方案提供商，我们继续看好公司在AI时代的发展机遇，维持“增持”评级。
　　1H26产品线多轮驱动，国外收入实现快速增长
　　分产品来看，1H26公司车载信息智能终端营收为2.86亿元，同比增长31%；资产管理信息智能终端营收为1.81亿元，同比增长175%，此外公司动物追踪溯源产品、视频车联网产品、两轮车智能化终端营收分别为0.36/0.33/0.21亿元，同比分别增长44%/69%/205%，均实现快速增长。分地区来看，1H26公司国外销售收入为5.65亿元，同比增长67%，从区域来看，北美洲、欧洲、非洲、大洋洲、亚洲（不含境内）同比均出现上升；国内销售收入为0.39亿元，同比增长81%。
　　Q2毛利率同比改善，费用控制良好
　　1H26公司综合毛利率为40.21%，同比下滑0.80pct；2Q26单季毛利率为39.57%，同比提升0.33pct，我们判断毛利率变化主因公司收入结构变动。费用方面，1H26公司销售/管理/研发费用率分别为6.45%/3.78%/12.06%，分别同比-4.60/-2.07/-5.87pct，我们判断主因收入快速增长带来规模效应显现。研发侧公司仍然保持了高度投入，根据公司2026年中报，公司持续围绕核心物联网应用场景进行产品升级与拓展，推出覆盖车辆追踪、重型设备管理、工业网络连接等领域的7款新品，持续完善产品矩阵。
　　新兴产品线快速起量，有望打造新增长点
　　人工智能物联网产业链应用场景持续深化，催生出大量新技术、新产品与新需求，行业发展空间广阔。公司凭借多年行业深耕积累与全球化销售网络优势，有望紧抓行业发展机遇，打造新的成长点。根据公司2026年中报，公司处于人工智能物联网高景气赛道领域，坚持以技术创新为驱动，以市场需求为导向，持续深耕智能终端产品与行业解决方案，不断挖掘、延伸应用场景，助力公司业务规模化；公司车辆追踪系列产品强化规模化车队管理能力，重型设备及工业通信产品拓展高价值资产管理场景，长续航定位产品则进一步丰富资产安全应用方案，为全球市场拓展提供产品支撑。
　　盈利预测与估值
　　我们维持公司盈利预测，预计公司2026~2028年归母净利润分别为1.59/1.93/2.33亿元，可比公司2026年Wind一致预期PE均值为38x，给予公司2026年PE38x（前值：2026年41x，主因可比公司估值变动），对应目标价13.08元（前值：考虑到股本变动后为14.22元），维持“增持”评级。
　　风险提示：地缘政治冲突的外部冲击；新产品替代升级的周期调整；客户需求端的阶段性波动。

Queclink's 2025 revenue was RMB891mn(-7.84%YoY),and attributable net profit(NP)was RMB75mn(-52.99%YoY),in line with its preliminary results.For 1Q26,revenue was RMB312mn(+99.27%YoY),and attributable NP was RMB52mn(+430.64%YoY).We attribute the strong earnings growth mainly to the scaling of some of the company's new businesses and the rapid recovery of overseas market demand.Looking ahead,as aleading provider of wireless IoT devices and solutions,Queclink is well positioned to leverage the development opportunities in the AI era,in our view.Maintain OVERWEIGHT.
Overseas operations recovered rapidly in 1Q26
By product,in 2025,revenue from vehicle-mounted smart terminals was RMB520mn(-3.97%YoY),and revenue from smart asset management terminals was RMB241mn(-23.22%YoY).By region,in 2025,Queclink's overseas revenue was RMB841mn(-10.01%YoY),and domestic revenue was RMB50mn(+54.06%YoY).According to its quarterly report,revenue from emergency light products(a newly-added segment compared with 1Q25)was RMB58mn in 1Q26,while other traditional businesses recorded robust revenue growth across the board.By region,in 1Q26,revenues from Europe/Asia(excluding the Chinese Mainland)/North America recovered rapidly,growing by 180/184/135%YoY.
Overall GPM temporarily declined
In 2025,the overall GPM was 39.70%(-2.24pp YoY).The figure reached 40.82%(+2.90pp QoQ,-2.50pp YoY),which we attribute mainly to shifts in revenue mix.For 2025,the sales/administrative/R&D expense ratios were generally stable at 9.28/5.33/16.12%(+0.82/+0.77/+3.16pp YoY).For 1Q26,they came down to 5.73/3.47/10.88%(-7.45/-3.53/-8.76pp YoY),thanks mainly to revenue growth and measures to lower costs and improve efficiency,in our view.
Maintain OVERWEIGHT
Considering that the company’s new products are set to contribute revenue,we raise our 2026/2027 revenue and earnings forecasts and introduce 2028 forecasts.We project 2026/2027/2028 attributable NP of RMB159/193/233mn(+24/+22%vs previous 2026/2027 forecasts).In the long run,we remain optimistic about the company's development opportunities in the AI era.We value the stock at 41x 2026E PE(previous:57x 2025E PE,lowered along with peers'valuation change),at par with its peers'average on Wind consensus.Our target price is RMB14.29(previous:RMB12.58).Maintain OVERWEIGHT.
Risks:disruptions from geopolitical conflicts;cyclical adjustment arising from the launch of new offerings;and temporary client demand volatility.

　　根据公司2025年年报及2026年一季报，2025年公司营收为8.91亿元，同比下降7.84%；归母净利润为0.75亿元，同比下降52.99%，符合此前业绩快报。1Q26公司营收为3.12亿元，同比增长99.27%，归母净利润为0.52亿元，同比增长430.64%，主因公司部分新业务放量，以及海外市场需求的快速恢复。展望未来，公司作为业界领先的无线物联网设备和解决方案提供商，我们仍然看好公司在AI时代的发展机遇，维持“增持”评级。
　　1Q26新业务步入收获期，境外业务快速回暖
　　分产品来看，2025年公司车载信息智能终端营收为5.20亿元，同比下降3.97%；资产管理信息智能终端营收为2.41亿元，同比下滑23.22%。分地区来看，2025年公司境外业务实现营收8.41亿元，同比下降10.01%；境内业务实现收入0.50亿元，同比增长54.06%。根据公司一季报，1Q26公司应急灯产品实现营收0.58亿元（与上年同期相比为新增业务），公司其他原有传统业务均实现稳健增长；分地区来看，1Q26欧洲市场收入同比增长180%、亚洲市场（不含境内）同比增长184%、北美洲市场同比增长135%，呈现快速回暖趋势。
　　综合毛利率短期波动，Q1费用率显著优化
　　2025年公司综合毛利率为39.70%，同比下降2.24pct。1Q26毛利率为40.82%，环比+2.90pcts，同比下降2.50pcts，我们判断主因公司收入结构变动的影响。费用管控方面整体平稳，2025年公司销售、管理、研发费用率分别为9.28%、5.33%、16.12%，分别同比+0.82pct、+0.77pct、+3.16pct；1Q26公司销售、管理、研发费用率分别为5.73%、3.47%、10.88%，分别同比-7.45pct、-3.53pct、-8.76pct，我们判断主因公司收入规模起量带动规模效应释放，此外公司积极推动降本增效。
　　新兴业务布局持续推进，有望打造新增长点
　　根据公司一季报，2025年公司完成多款产品的升级迭代，相关优化成果在1Q26集中释放；同时持续深耕现有市场、积极拓展新兴领域，为公司培育了新的业务增长点；同时公司将继续坚持国际化布局战略，通过拓展新型营销渠道、优化展会参展策略等方式持续开拓新兴市场。人工智能物联网产业链应用场景持续深化，催生出大量新技术、新产品与新需求，行业发展空间广阔。公司凭借多年行业深耕积累与全球化销售网络优势，有望紧抓行业发展机遇，有望打造新的成长点。
　　维持“增持”评级
　　考虑到公司新产品有望迎来收获期，我们上调公司2026~2027年收入与业绩预测，并引入2028年预测，预计2026~2028年公司归母净利润分别为1.59/1.93/2.33亿元（上调幅度：24%/22%/-），长期来看，我们仍然看好公司在AI时代的发展机遇。可比公司2026年Wind一致预期PE均值为41x，给予公司2026年41xPE（前值：2025年57xPE，主要系可比公司估值变化），对应目标价14.29元（前值：12.58元），维持“增持”评级。
　　风险提示：地缘政治冲突的外部冲击，新产品替代升级的周期调整，客户需求端的阶段性波动。