The first two numbers do in fact represent PCI and (E)ARFCN, the third letter could be the MIMO status (in the case of EARFCN 1348 - 4x4 MIMO), and the fourth number could represent the availability of MIMO for that particular carrier.
But I’d like to remind you, that these are only guesses, thus I’d suggest asking about this command on the Quectel forums: