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。

　　根据公司2026年三季报，2026年前三季度公司营收8.62亿元，同比+47.97%；归母净利润9,916.20万元，同比+60.91%。3Q26营收2.58亿元，同比+16.01%、环比下降11.43%；归母净利润1,092.81万元，同比-64.29%、环比下降69.90%。部分订单对应产品集中于1H26交付，叠加汇率波动及研发、市场投入增加，单季盈利回落。展望未来，我们认为公司有望依托产品升级迭代与全球化销售网络，拓展人工智能物联网应用场景及新兴市场，培育新增长点，维持“增持”评级。
　　多产品线收入增长，新兴业务加快拓展
　　根据公司三季报，2026年前三季度车载信息智能终端收入4.12亿元，同比+22.34%。资产管理信息智能终端收入2.34亿元，同比+92.74%。两轮车业务收入3,043.95万元，同比+221.98%。视频车联网产品收入6,300.98万元，同比+71.88%。动物追踪溯源产品收入4,960.46万元，同比+44.89%。工业路由器等其他产品收入亦同比增长。资产管理终端贡献约四成营收增量，已成为本期收入增长的重要驱动力；两轮车及视频车联网业务保持较快增长，多产品线对收入扩张的贡献进一步显现。
　　单季度毛利率承压，费用率同比上行
　　2026年前三季度公司综合毛利率为39.16%，同比-1.49pct；3Q26毛利率为36.70%，同比-3.37pct、环比下降2.87pct。前三季度净利率为11.46%，同比+0.90pct；3Q26净利率为4.19%，同比-9.52pct、环比下降8.24pct。费用方面，前三季度销售/管理/研发费用率分别为7.77%/4.45%/13.77%，分别同比-2.21/-0.96/-3.19pct；3Q26分别为10.86%/6.00%/17.77%，分别同比+2.60/+1.31/+2.37pct。前三季度财务费用为1,458.68万元，其中3Q26为415.32万元；前三季度汇兑损失为2,090.96万元，主要受人民币升值影响。3Q26毛利率回落与费用率上行形成叠加，压缩单季利润空间，收入增长向利润的转化受到制约。
　　海外市场拓展成效显著，研发与市场投入加大
　　根据公司三季报，2026年前三季度外销收入1.17亿美元，同比+51.30%，北美洲、欧洲、亚洲等重要地区收入均实现同比增长，海外市场拓展成效持续显现。公司持续推进核心物料国产替代、生产工艺改进及技术迭代，改善成本结构与运营效率；同时加大新产品研发和市场端资源投放，强化技术储备并拓展市场空间。研发与市场投入增加对当期利润形成一定压力，也为后续产品迭代和市场拓展提供支撑。展望未来，公司有望依托产品升级与全球化销售网络，进一步拓展人工智能物联网应用场景和新兴市场，培育新的收入增长点
　　盈利预测与估值
　　考虑到部分订单交付节奏、3Q26毛利率承压及研发、市场投入增加，我们下调盈利预测，预计2026—2028年归母净利润为1.14/1.64/1.96亿元（下调幅度28.40%/15.18%/15.67%），对应EPS为0.25/0.35/0.43元。可比公司2027年iFinD一致预期PE均值为30.72x，考虑到公司全球化销售网络优势及新兴产品线增长潜力，给予公司2027年32xPE（前值：2026年38x，本次切换估值年份），较可比公司均值小幅溢价，下调目标价至11.33元（前值：13.08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 Wireles reported 9M26 revenue of RMB862mn(+47.97%YoY)and attributable net profit of RMB99.16mn(+60.91%YoY).3Q26 revenue was RMB258mn(+16.01%YoY,-11.43%QoQ),with attributable net profit of RMB10.93mn(-64.29%YoY,-69.90%QoQ).The QoQ decline was due to order deliveries concentrated in 1H26,forex fluctuations,and increased R&D and marketing investment.Looking ahead,we believe the company can leverage product upgrades and its global sales network to expand AIoT application scenarios and emerging markets,fostering new growth drivers.Maintain OVERWEIGHT.

Emerging businesses accelerating expansion
According to the company's 3Q26 report,9M26 revenue from in-vehicle intelligent terminals was RMB412mn(+22.34%YoY).Asset-management intelligent terminal revenue was RMB234mn(+92.74%YoY).Two-wheeler business revenue was RMB30.44mn(+221.98%YoY).Video telematics product revenue was RMB63.01mn(+71.88%YoY).Animal tracking and tracing product revenue was RMB49.60mn(+44.89%YoY).Revenue from other products such as industrial routers also grew YoY.Asset-management terminals contributed c.40%of the incremental revenue,becoming adriver of revenue growth during the period;the two-wheeler and video telematics businesses maintained rapid growth,with the contribution of multiple product lines to revenue expansion becoming increasingly evident.

3Q26 GPM strained;expense ratio up YoY
9M26 overall gross margin was 39.16%,down 1.49pp YoY;3Q26 gross margin was 36.70%,down 3.37pp YoY and 2.87pp QoQ.9M26 net margin was 11.46%,up 0.90pp YoY;3Q26 net margin was 4.19%,down 9.52pp YoY and 8.24pp QoQ.On expenses,9M26 selling/administrative/R&D expense ratios were 7.77/4.45/13.77%,down 2.21/0.96/3.19pp YoY;3Q26 ratios were 10.86/6.00/17.77%,up 2.60/1.31/2.37pp YoY.9M26 financial expenses were RMB14.59mn,of which 3Q26 was RMB4.15mn;9M26 forex losses were RMB20.91mn,due to RMB appreciation.The combination of lower 3Q26 gross margin and higher expense ratios compressed quarterly profit,constraining the conversion of revenue growth into profit.

Overseas market expansion paying off
According to the company's 3Q26 report,9M26 export revenue was USD117mn(+51.30%YoY),with YoY growth in key regions including North America,Europe,and Asia,reflecting continued gains in overseas market expansion.The company continued to advance import substitution of core materials,production process improvements,and technology iteration to improve cost structure and operational efficiency.Meanwhile,it increased investment in new product R&D and market resources,sharpening technology capabilities and expanding market space.Increased R&D and marketing investment pressured near-term profit but also supported future product iteration and market expansion.Looking ahead,the company is well-positioned to leverage product upgrades and its global sales network to further expand AIoT application scenarios and emerging markets,fostering new revenue growth drivers.







Earnings forecasts and valuation
Considering the delivery schedule of some orders,3Q26 gross margin pressure,and increased R&D and marketing investment,we lower our earnings forecasts.We now expect 2026/2027/2028 attributable net profit of RMB114/164/196mn(down 28.40/15.18/15.67%),with EPS of RMB0.25/0.35/0.43.The average 2027E PE of comparable companies on iFinD consensus is 30.72x.Considering the company's global sales network advantages and the growth potential of emerging product lines,we assign a2027E PE of 32x(previous:38x for 2026E;we roll forward the valuation year),a slight premium to the comparable company average,and lower our target price to RMB11.33(previous:RMB13.08).Maintain OVERWEIGHT.

Risks:external shocks from geopolitical conflicts,replacement and upgrade cycle adjustments for new products,and phased demand fluctuations from customers.

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。