编号：2024-003 号 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 2. 公司与中国移动后续的合作主要在哪些方面？ | | | 答：中国移动自公司 2023 年度向特定对象发行股票项目入股 | | | 公司后，至三季度末已持有公司 49,009,359 股份，占总股本的 | | | 1.97% 。公司和中国移动已经在北斗高精度服务及终端应用领域展 | | | 开紧密合作，未来双方将持续深化在北斗+行业应用拓展、空天地 | | | 一体化协同发展、低空基础设施建设、车路云一体化建设、综合 | | | 运维业务拓展等领域的业务合作和战略协同，后续将重点推进芯 片、模组、终端乃至系统平台等方向的深入合作。 12 月，公司中选中国移动终端有限公司" 2024 ...

Company Overview - Haige Hengtong, established in March 2010 with a registered capital of 97.4 million yuan, specializes in the R&D and sales of private network communication equipment, with strong technological and market advantages in key national sectors such as public security and rail transit [4] - Haige Communications, the parent company, operates in wireless communication, Beidou navigation, aerospace, and digital ecology, providing tailored communication equipment for public security, emergency response, armed police, and firefighting industries [6] Financial Performance - As of March 31, 2024, Haige Hengtong's total assets were 236 million yuan, with net assets of 139 million yuan [2] - For the period from January to March 2024, Haige Hengtong reported revenue of 10.2792 million yuan and a net loss of 5.0982 million yuan (audited) [2] - The assessed value of Haige Hengtong's equity as of March 31, 2024, was 161 million yuan, representing a 15.94% increase over the book value [2] Strategic Development - Haige Hengtong is actively expanding into new private network communication sectors such as power and railways, leveraging the domestic and digital transformation of public security PDT walkie-talkies, auxiliary police communication devices, and analog communication equipment [1] - The company aims to strengthen strategic collaboration and resource integration with its parent company to ensure sustained growth and enhanced competitiveness [1] Transaction Details - Haige Communications and its wholly-owned subsidiary, Tianteng Investment, plan to jointly acquire the remaining 30% equity of Haige Hengtong for a total transaction amount of 48 million yuan [5] - Post-transaction, Haige Communications will directly hold 75% of Haige Hengtong's equity, while Tianteng Investment will hold 25%, achieving full control over Haige Hengtong [5] - This acquisition will facilitate deeper integration in governance, strategic development, and operational decision-making, enabling Haige Hengtong to respond more swiftly to market changes and enhance its competitive position in the private network communication industry [3]

证券时报e公司讯，海格通信(002465)12月26日晚间公告，公司及全资子公司天腾投资拟联合收购公司 控股子公司海格恒通剩余30%股权，合计交易金额为4800万元，本次交易完成后，公司将直接持有海格 恒通75%股权、全资子公司天腾投资将持有海格恒通25%股权，从而实现对海格恒通的全面控股。 ...

[Table_Page] 公告点评|军工电子Ⅱ 证券研究报告 [Table_Title] 海格通信（002465.SZ） 中标通导融合终端芯片研发服务，民用市场拓展可期 [Table_Summary] 核心观点： ⚫ 事件：近日，广州海格通信集团股份有限公司收到中国移动通信集团终 端有限公司"2024 年至 2025 年通导融合终端芯片研发服务采购项目" 的中选通知书，公司为该项目中选单位之一，预计中选合同金额为 3106 万元。 ⚫ 点评：公司北斗在大众消费领域的规模化应用及与中国移动合作有望 加快推进。公司在北斗领域率先实现了"芯片、模块、天线、终端、系 统、运营"全产业链布局，全面掌握北斗基带、射频芯片设计技术，打 造北斗三号应用全芯片解决方案，在短报文通信和定位导航领域具有 丰富的技术积累和项目经验，积极推动北斗行业应用服务。公司本次中 选也将加快推进公司与中国移动在北斗领域的深入合作和落地，实现 公司的芯片、终端能力在北斗高精度、短报文服务能力的互补，在大众 消费、物联网应用和行业应用的规模化推广打造竞争优势。 ⚫ 加大民用市场拓展，民用卫星通信及低空经济场景发展可期。在北斗 民用市场，公司着力推进 ...

[Table_Main] 证券研究报告 | 公司点评 海格通信(002465.SZ) 2024 年 12 月 13 日 | --- | --- | --- | --- | |---------------------------------------------------------|----------|-------------|------------------------------| | 买入（维持） | 海格通信 | (002465.SZ) | ：受益北 | | 所属行业：国防军工 / 军工电子Ⅱ 当前价格 ( 元 ) ： 12.83 | | | 斗规模化应用，中国移动终端芯 | | | | | | | 证券分析师 | | 片项目落地 | | | 李宏涛 | | | | 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 海格通信 沪深300 -34% | --- | --- | --- | --- | |--------------------------------|----------- ...

Investment Rating - The report maintains a "Buy" rating for Haige Communication (002465 SZ) [6] Core Views - Haige Communication won a bid for the China Mobile Terminal Company's integrated navigation and communication terminal chip R&D service procurement project, with an expected contract value of 31 06 million yuan [6] - The company has achieved a full industry chain layout in the Beidou field, covering "chip, module, antenna, terminal, system, and operation" [6] - The "Beidou Chip" series integrates multiple advanced domestic technologies, mastering Beidou baseband and RF chip design, and providing a complete chip solution for Beidou-3 applications [6] - The company has rich technical accumulation and project experience in short message communication and positioning navigation [6] - The bid win demonstrates the company's strong capabilities in the Beidou field and chip R&D, accelerating the promotion of Beidou applications in consumer and IoT markets [7] - The company is actively expanding into the civilian market, focusing on the integration of "Beidou+5G" technology, with applications in transportation, emergency response, power, energy, and marine industries [7] - In the satellite communication civilian market, the company is exploring an integrated space-air-ground system and has become a supplier for mainstream domestic mobile phone manufacturers for satellite-connected chips [8] - The company has launched the "Tianteng" low-altitude flight management platform, leveraging its expertise in aerospace, wireless communication, and Beidou navigation [8] Financial Projections - The company is expected to achieve net profits attributable to the parent company of 456 million yuan, 965 million yuan, and 1 501 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of -35%, 111%, and 56% [8] - The corresponding PE ratios are 69x, 33x, and 21x for 2024, 2025, and 2026, respectively [8] Market Performance - The current stock price is 12 73 yuan, with a total market capitalization of 248 183 million shares [11] - The stock's 12-month high and low prices are 13 88 yuan and 8 06 yuan, respectively [11] - The stock has underperformed the CSI 300 index over the past 12 months, with a decline of 32% compared to the index's 13% decline [13]

证 券 研 究 报 告 海格通信（002465）重大事项点评 推荐（维持） 中标中国移动通导融合终端芯片项目，民用 市场未来可期 事项： ❖ 12 月 10 日，公司发布《关于公司中选中国移动通信集团终端有限公司通导融 合终端芯片研发服务采购项目的公告》。 评论： ❖ 公司中标中国移动通导融合终端芯片研发服务采购项目，产品未来可广泛应 用于大众消费、物联网和行业应用。公司中选中国移动终端公司通导融合终端 芯片研发服务采购项目，该项目主要研制北斗通导融合终端芯片，预计合同金 额为 3106 万元，占公司最近一个经审计会计年度营业收入的 0.48%。本次中 选充分展现了公司在北斗领域及芯片研发能力深厚实力，有利于加快推进公司 在北斗大众消费和物联网应用领域的规模化推广，进一步扩大北斗规模化应用 场景和市场份额，夯实公司市场和技术领先优势。 ❖ 中国移动持股比例持续提升，战略协同有望进一步落地。中国移动子公司中移 资本自公司 2023 年度向特定对象发行股票项目入股公司后，截止 2024 年三 季度末已持有公司 49,009,359 股份，在公司总股本中的占比已由 Q2 末的 1.4% 提升至 1.97%。目前双方 ...

相关研究: 海格通信(002465.SZ):受行 2024-09-04 业影响阶段性下滑,北斗进展 顺利增量可期 海格通信(002465.SZ):北斗 2024-03-31 导航收入倍增,持续研发高投 入新增量可期 海格通信（002465.SZ）:无线 2024-01-16 通信/北斗龙头,信息化建设、 请务必阅读末页的免责声明 季报点评|国防军工 海格通信（002465.SZ） 研发投入加大,看好与中国移动"北斗+"等合作布局 核心观点: . ● 事件:公司披露 24 年三季报,前三季度累计实现营收 37.67 亿元 ( YoY-6.66% )，归母净利润 1.85 亿元 ( YoY-48.43% )，扣非归母净利 润 0.83 亿元 ( YoY-70.62% ), 毛利率 29.97% ( YoY-3.78pps ), 净利率 5.77% ( YoY-3.38pps )。 点评:研发投入加大,看好与中国移动"北斗+"等合作布局。单三季 度实现营收/归母/扣非归母净利润 11.75/-0.11/-0.25 亿元,分别同比变 动 +1.46%/-123.10%/-185.71% , 分别 环 比 变 动 -1 ...

e公司讯，海格通信11月18日在互动平台表示，公司控股子公司西安驰达飞机承制的"九天"重型无人 机，最大起飞重量达16吨，最大载重6吨，是下一代新型大型无人机，被誉为"无人航空母机"，有力填 补国内军民两用重型无人机市场空白。 通过换装不同模块化任务载荷，可满足空运空投、信息支援与对抗、火力打击与支援等任务需求，可用 于未来高技术、高强度、高对抗体系作战、运输支援以及应急救援等军民用任务和国民经济领域，市场 空间广阔。 ...