受行业需求调整影响业绩短期承压，持续 加大战略性新兴产业投入 核心观点 ⚫ 根据 25 年半年报调整营收增速和毛利率，调整 25、26 年 EPS 为 0.13、0.26 元 （前值为 0.36、0.45 元），新增 27 年 EPS 为 0.30 元，考虑到公司盈利能力快速 恢复，参考可比公司 26 年 60 倍 PE，给予目标价 15.60 元，维持买入评级。 风险提示：下游需求不及预期；军品采购价格下降风险；产能投放不及预期等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,449 | 4,920 | 6,280 | 7,793 | 8,486 | | 同比增长 (%) | 14.8% | -23.7% | 27.7% | 24.1% | 8.9% | | 营业利润(百万元) | 710 | 8 | 320 | 688 | 792 | | 同比增长 (%) | -1.3% | -98.9% | 3950.4% | 114.6% | 15. ...

东吴证券研报指出，行业阶段性影响短期业绩，海格通信新产品拓展可期。主要因行业客户调整及周期 性波动导致合同签订延缓，叠加公司战略性加大新兴领域研发投入，短期利润受挤压。海格通信核心竞 争优势持续强化：公司持续推进"北斗+5G"通导融合芯片研发，与中国移动合作的消费级芯片入选产投 协同十大标杆案例；卫星互联网终端再次中标客户窄带手持项目，巩固先发优势；低空经济领域迭 代"天腾"飞行管理服务平台，发布"天枢"运营平台，对接十余省份项目，并完成飞行汽车首期交付。考 虑到海格通信是无线通信与北斗导航领域龙头，不仅受益于国防信息化的长期趋势，并且积极布局卫星 互联网与低空经济，因此维持"买入"评级。 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to industry client adjustments and cyclical fluctuations, alongside increased investment in emerging fields, which has pressured short-term profits [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.229 billion yuan, a year-on-year decrease of 13.97% [2]. - The net profit attributable to shareholders was 2.5138 million yuan, representing a drastic year-on-year decline of 98.72% [1][2]. - The overall gross margin was 27.36%, down by 4.76 percentage points compared to the previous year [3]. Revenue Breakdown - Wireless communication revenue was 690 million yuan, a slight decrease of 5.73%, accounting for 30.93% of total revenue [2]. - Beidou navigation revenue fell to 280 million yuan, down 32.25%, with its share dropping from 15.96% to 12.57% [2]. - Aerospace revenue was 140 million yuan, a minor decline of 11.04% [2]. - Smart ecological revenue was 1.082 billion yuan, down 13.15%, but still contributed nearly half of total revenue [2]. R&D and Strategic Initiatives - The R&D expense ratio reached a historic high of 20.05%, indicating the company's commitment to transformation [3]. - The company is advancing the development of "Beidou + 5G" integrated chips and has collaborated with China Mobile on consumer-grade chips [3]. - The company has initiated a share repurchase plan of 200 to 400 million yuan for equity incentives [3]. Future Outlook - The company has revised its profit forecasts downward, expecting net profits of 334 million yuan and 567 million yuan for 2025 and 2026, respectively, with a new estimate of 1.027 billion yuan for 2027 [4]. - Despite the current challenges, the company maintains a "buy" rating due to its leadership in wireless communication and Beidou navigation, benefiting from long-term trends in defense informationization and active engagement in satellite internet and low-altitude economy sectors [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance is under pressure due to industry cyclical impacts, but new product expansions are expected to yield positive results [1][3] - The company is a leader in wireless communication and BeiDou navigation, benefiting from the long-term trend of defense informationization and actively expanding into satellite internet and low-altitude economy [3][9] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 2.229 billion yuan, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 2.5138 million yuan, down 98.72% year-on-year [1][9] - Revenue breakdown shows wireless communication revenue at 690 million yuan (down 5.73%), BeiDou navigation revenue at 280 million yuan (down 32.25%), aerospace revenue at 140 million yuan (down 11.04%), and smart ecology revenue at 1.082 billion yuan (down 13.15%) [9] - The company's R&D expense ratio reached a historical high of 20.05%, indicating a strong commitment to transformation [9] Earnings Forecast and Valuation - The revised net profit forecasts for 2025 and 2026 are 334 million yuan and 567 million yuan, respectively, with a new forecast for 2027 at 1.027 billion yuan [3][10] - Corresponding P/E ratios are projected at 104, 61, and 34 times for 2025, 2026, and 2027, respectively [3][10] Market Data - The closing price of the stock is 14.13 yuan, with a market capitalization of approximately 35.068 billion yuan [6][10] - The company has a price-to-book ratio of 2.81 [6] Competitive Advantages - The company is enhancing its core competitive advantages through continuous R&D in "BeiDou + 5G" integrated chips and has secured contracts in satellite internet and low-altitude economy sectors [9][10]

Overview of Business Performance - The company reported total revenue of 2.229 billion yuan for the first half of 2025, a year-on-year decrease of 13.97% [1] - The net profit attributable to shareholders was 2.5138 million yuan, down 98.72% year-on-year [1] - The non-recurring net profit was -36.3363 million yuan, a decline of 133.77% year-on-year [1] - In Q2, total revenue was 1.19 billion yuan, down 17.78% year-on-year [1] - Q2 net profit attributable to shareholders was -43.075 million yuan, a decrease of 128.09% year-on-year [1] - Q2 non-recurring net profit was -60.3048 million yuan, down 171.72% year-on-year [1] Key Financial Indicators Analysis - Total sales, management, and financial expenses amounted to 212 million yuan, accounting for 9.52% of revenue, an increase of 7.76% year-on-year [2] Cash Flow and Financial Position - The company experienced a significant decline in cash and cash equivalents, with a net decrease of 95.93% due to increased investments in financial products and debt repayments [5] - The company’s monetary funds decreased by 25.73% year-on-year to 2.541 billion yuan [5] - Accounts receivable increased by 1.76% year-on-year to 5.711 billion yuan, representing 10,747.5% of the latest annual net profit [5] Financial Condition Review - The gross profit margin was 27.36%, down 14.81% year-on-year [5] - The net profit margin was 0.3%, a decrease of 96.55% year-on-year [5] - Earnings per share were 0 yuan, down 98.73% year-on-year [5] - Interest-bearing liabilities increased by 57.49% year-on-year to 3.595 billion yuan [5] Development Review and Outlook - The company operates in four main business areas: wireless communication, Beidou navigation, aerospace, and digital ecology, with R&D investment accounting for 20.05% of revenue, totaling 447 million yuan [6] - The company has made significant progress in military applications of AI technology, satellite internet, and low-altitude economy, and has deepened collaboration with China Mobile to promote technology upgrades and application scenarios [6] Summary - The company’s mid-2025 report indicates a significant decline in performance, particularly in net profit and non-recurring net profit, necessitating a focus on cash flow management and accounts receivable to ensure future financial health [7]

证券日报网讯海格通信（002465）8月11日在互动平台回答投资者提问时表示，公司持续关注前沿技术 创新与行业应用，探讨结合公司实际进行合理部署及应用。目前已经私有化部署了DeepSeek，将逐步 构建起一个高效强大的AI系统，实现公司内网离线推理与调用服务，实现文档数据处理、文本整理与 逻辑推理等多元化应用场景，探索其在运营管理中的融合应用，以推动业务的持续创新与发展，提高经 营效率，助力高质量发展。公司以开放的姿态开展多层次合作，选择适合企业的发展路径，发挥各自领 域的业务能力和资源优势共同发展，实现互利共赢。 ...

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (August 4-10, 2025) saw the Shanghai Composite Index rise by 2.11%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 0.74%. The telecommunications sector index increased by 1.30% during the same period [2][11]. - Among the sub-sectors, the highest increase was seen in telecommunications cables and supporting equipment, which rose by 4.43%, while telecommunications network equipment and devices had the lowest increase at 0.11% [2][14]. - Notable individual stock performances included a 49.15% increase for Rihai Intelligent, 33.62% for Beiwai Technology, and 31.01% for Chengtian Weiye, marking them as the top gainers in the telecommunications sector [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a positive trend with a 1.30% increase in the index for the week [11]. - The sub-sector of telecommunications cables and supporting equipment led the gains with a 4.43% increase, while telecommunications network equipment and devices lagged with only a 0.11% increase [14]. Key Developments - The release of GPT-5 is expected to enhance AI applications, with ChatGPT's monthly active users projected to reach 700 million, a fourfold increase from the previous year [3][21]. - The successful launch of the low-orbit satellite internet GW constellation's 07 group of satellites marks a significant advancement in satellite internet infrastructure [3][18][19]. - North American hyperscalers reported a quarterly capital expenditure exceeding 680 billion, indicating strong growth in AI and cloud services [18]. Company Announcements - Key announcements from the telecommunications sector for the week included the completion of a share acquisition by Zhuhai Guangku Technology and the release of mid-year reports by several companies, including China Mobile, which reported a revenue of 543.769 billion, a slight decrease of 0.54% year-on-year [25][27].

金融界8月11日消息，有投资者在互动平台向海格通信提问：海格通信：基于在无线通信、北斗导航、 无人系统与平台、频谱管理与模拟仿真等方面的深厚技术基础，公司作为低空经济解决方案提供商，可 提供自主研发的天腾低空飞行管理服务平台、"天枢"无人机智能运营平台两类低空平台、空天地一体低 空通信网络、北斗综合时空基准网络、多源融合空域监管网络、多场景飞行器、无人平台飞行训练培训 等一系列低空经济产业前沿技术及解决方案。请问：1、贵公司的以上技术与系统是否接入AI技术？ 公司回答表示：在低空业务领域，公司以应用与产业互促推动低空制造与服务融合，基于"研发+制造 +服务"的能力积累，创新性构建"智能装备+数字平台+场景服务"解决方案。"天腾"低空飞行管理服务平 台通过融合大模型的通用泛化能力与小模型的垂直专精技术，构建数字化、智能化低空管服体系，助力 实现低空"密集飞、灵活飞、安全飞、开放飞"；"天枢"无人机智能运营平台深度融合多机型协同与全流 程智能管控能力，可接入多款主流品牌机型，集成AI任务分析及报告自动生成功能，打造全自动飞 行、AI赋能、无人值守的智能化作业体系。公司将持续自主创新，推动低空经济应用场景落地与空天 ...

"我国卫星互联网正迈入放量组网建设阶段。从近期运载火箭密集将低轨卫星成功送入太空轨道可 以看出，卫星互联网建设节奏明显加快。随着组网推进，万物互联将从概念走向现实。"陕西巨丰投资 资讯有限责任公司高级投资顾问于晓明在接受《证券日报》记者采访时表示。 "卫星可视为建在太空中的移动基站，卫星互联网可视为太空基站群。通过发射足够数量的卫星并 形成规模组网，可以构建覆盖全球的卫星互联网。"中国城市专家智库委员会常务副秘书长林先平在接 受《证券日报》记者采访时表示。 民生证券股份有限公司研报显示，卫星互联网产业发展路径正越来越清晰。在制造端，技术革新为 规模化生产奠定基础；在发射端，商业航天发射场的投用与可重复使用火箭技术的发展，将显著降低发 射成本、提升运力。此外，手机直连卫星技术的突破，更是为产业开辟了广阔而持久的需求空间。 转自：证券日报网 本报记者 丁蓉 8月9日，我国太原卫星发射中心在山东日照附近海域使用捷龙三号运载火箭，成功将吉利星座04组 卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。 近日，我国卫星密集发射。8月4日，我国在海南商业航天发射场使用长征十二号运载火箭，成功将 卫星互联网低轨07 ...

公司最新资产负债率为35.46%，较上季度资产负债率增加1.31个百分点，较去年同期资产负债率增加 4.32个百分点。 公司最新毛利率为27.36%，较上季度毛利率持平，较去年同期毛利率减少4.76个百分点。最新ROE为 0.02%，较去年同期ROE减少1.52个百分点。 2025年8月9日，海格通信(002465.SZ)发布2025年中报。 公司营业总收入为22.29亿元，较去年同报告期营业总收入减少3.62亿元，同比较去年同期下降 13.97%。归母净利润为251.38万元，较去年同报告期归母净利润减少1.93亿元，同比较去年同期下降 98.72%。经营活动现金净流入为-5.32亿元，较去年同报告期经营活动现金净流入增加2.07亿元。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 广州数字科技集团有限公司 | 25.31% | | 2 | 中移资本控股有限责任公司 | 1.97% | | 3 | 中国建设银行股份有限公司-富国中证军工龙头交易型开放式指数证券投资基金 | 1.54% | | 4 | 香港中央结算有限公司 | 1.40% | | રે | 杨海 ...