关于全资子公司参与竞拍武汉嘉瑞科技有限公司 49%股权的进展公告 证券代码：002465 证券简称：海格通信 公告编号：2024-055 号 广州海格通信集团股份有限公司 出让方：刘珩 受让方：北京海格神舟通信科技有限公司 标的公司：武汉嘉瑞科技有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、竞拍股权概况 广州海格通信集团股份有限公司（以下简称"公司"）于 2024 年 11 月 19 日 召开第六届董事会第二十三次会议，审议通过了《关于全资子公司拟参与竞拍武 汉嘉瑞科技有限公司 49%股权的议案》。董事会同意公司全资子公司北京海格神舟 通信科技有限公司（以下简称"海格神舟"）参与竞拍海格神舟控股子公司武汉嘉 瑞科技有限公司（以下简称"武汉嘉瑞"）自然人股东刘珩以公开挂牌方式转让其 持有的武汉嘉瑞 49%股权。详见公司于 2024 年 11 月 20 日披露在《中国证券报》 《证券时报》《证券日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的 《关于全资子公司拟参与竞拍武汉嘉瑞科技有限公司 49%股权的公告》。 二、竞拍股权 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.29 CNY per share, reflecting a 60x PE valuation for 2024 [5][3]. Core Insights - The company reported a revenue of 3.767 billion CNY for the first three quarters of 2024, a year-over-year decrease of 6.66%. The net profit attributable to shareholders was 185 million CNY, down 48.43% year-over-year, with a gross margin of 29.97% [2][3]. - The company is increasing its R&D investments and is optimistic about collaborations with China Mobile in the "Beidou+" initiative and other areas [3][2]. - The third quarter alone saw revenues of 1.175 billion CNY, but the net profit was negative at -11 million CNY, indicating a significant decline in profitability [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.767 billion CNY, with a net profit of 185 million CNY and a net profit margin of 5.77% [2]. - The gross margin for the third quarter was reported at 25.23%, down 7.97 percentage points year-over-year [3]. - The company’s total assets at the end of the reporting period were 19.201 billion CNY, with a total liability of 7.265 billion CNY [12]. Earnings Forecast - The earnings per share (EPS) for 2024 is projected to be 0.24 CNY, with expected growth to 0.34 CNY in 2025 and 0.48 CNY in 2026 [4][3]. - Revenue is expected to decline by 5% in 2024, followed by a recovery with growth rates of 24.7% in 2025 and 24% in 2026 [4][3]. Collaboration and Strategic Initiatives - The company is enhancing its business cooperation with China Mobile, focusing on applications in the "Beidou+" sector and low-altitude infrastructure [3][2]. - As of September 30, 2024, China Mobile Capital holds a 1.97% stake in the company, indicating a strategic partnership aimed at expanding business opportunities [3].

证券代码：002465 证券简称：海格通信 公告编号：2024-054 号 广州海格通信集团股份有限公司 关于全资子公司拟参与竞拍武汉嘉瑞科技有限公司 49%股权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、交易概述 广州海格通信集团股份有限公司（以下简称"公司"）于 2024 年 11 月 19 日 召开第六届董事会第二十三次会议，审议通过了《关于全资子公司拟参与竞拍武 汉嘉瑞科技有限公司 49%股权的议案》。董事会同意公司全资子公司北京海格神舟 通信科技有限公司（以下简称"海格神舟"）参与竞拍海格神舟控股子公司武汉嘉 瑞科技有限公司（以下简称"武汉嘉瑞"）自然人股东刘珩以公开挂牌方式转让其 持有的武汉嘉瑞 49%股权，最终交易金额以竞价结果确定，交易能否达成存在一 定的不确定性。如海格神舟被确认为最终受让方，交易完成后，武汉嘉瑞将成为 海格神舟的全资子公司。 根据《深圳证券交易所股票上市规则》及《公司章程》等规定，本次公司全 资子公司参与竞拍事项在公司董事会审批权限内，无需提交股东大会审议。本事 项不构成关联交易，也不构成《上市公司重大资产重 ...

证券代码：002465 证券简称：海格通信 公告编号：2024-053 号 详见公司于 2024 年 11 月 20 日披露在《中国证券报》《证券时报》《证券日 报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《关于全资子公司拟 参与竞拍武汉嘉瑞科技有限公司 49%股权的公告》。 广州海格通信集团股份有限公司（以下简称"公司"）第六届董事会第二十 三次会议于 2024 年 11 月 19 日以通讯方式召开。本次会议的召开事宜由公司董 事会于 2024 年 11 月 15 日以书面通知、电话、电子邮件等方式通知公司全体董 事及其他列席人员。公司 9 名董事全部参与表决。本次会议的召集、召开和表决 程序符合《公司法》及《公司章程》的有关规定。 与会董事经认真审议，对以下事项进行了表决，形成董事会决议如下： 一、 审议通过《关于全资子公司拟参与竞拍武汉嘉瑞科技有限公司 49%股权 的议案》 董事会同意公司全资子公司北京海格神舟通信科技有限公司（以下简称"海 格神舟"）参与竞拍海格神舟控股子公司武汉嘉瑞科技有限公司（以下简称"武 汉嘉瑞"）自然人股东刘珩以公开挂牌方式转让其持有的武汉嘉瑞 49% ...

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。 ...

2024 年 11 月 13 日 海格通信 (002465) —— 持续加大卫星及低空新质领域投入，看好长期成长 空间 证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 13 日 | | 收盘价（元） | 13.03 | | 一年内最高/最低（元） | 14.01/8.06 | | 市净率 | 2.5 | | 息率（分红/股价） | 1.15 | | 流通 A 股市值（百万元） | 31,685 | | 上证指数/深证成指 | 3,439.28/11,359.29 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 5.11 | | 资产负债率 % | 36.29 | | 总股本/流 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][5] Core Views - The company reported a loss in Q3 2024 primarily due to adjustments from industry clients and cyclical fluctuations, alongside increased R&D expenses in emerging fields such as Beidou, unmanned systems, satellite internet, low-altitude economy, and 6G [3][5] - The company's revenue for the first three quarters of 2024 was 3.767 billion yuan, a year-on-year decrease of 6.66%, with a net profit attributable to shareholders of 185 million yuan, down 48.43% year-on-year [3] - In Q3 2024, the company achieved revenue of 1.175 billion yuan, a year-on-year increase of 1.46%, but reported a net loss of 11 million yuan, a year-on-year decline of 123.10% [3] - The gross margin decreased by 7.06 percentage points quarter-on-quarter and 7.97 percentage points year-on-year, mainly due to the increased proportion of consumer products [3] - The company has significant contract assets amounting to 1.299 billion yuan, representing 34% of revenue for the first three quarters, indicating a peak in recent years due to project execution not reaching acceptance milestones [3] Summary by Sections Financial Performance - The company’s total revenue for 2024 is projected to be 4.949 billion yuan, with a net profit forecast of 456 million yuan, reflecting a year-on-year decrease of 35% [5][9] - The expected net profits for 2025 and 2026 are 965 million yuan and 1.501 billion yuan, respectively, indicating a recovery with growth rates of 111% and 56% [5][9] Strategic Developments - The company is enhancing collaboration with China Mobile, focusing on areas such as Beidou applications and low-altitude integrated development [3][5] - The company is actively pursuing projects in satellite internet, including core products and terminals for satellite communication, and has established a strong presence in the automotive sector [4][5] Market Outlook - Despite short-term challenges due to client demand adjustments, the company is expected to strengthen its market position due to its advantages in technology and product diversity [5] - The collaboration with China Mobile is anticipated to create synergies that will support the company's growth in both military and civilian sectors [5]

Investment Rating - The report initiates coverage on Haige Communication (002465 SZ) with a "Buy" rating, citing its leadership in autonomous and controllable communication and its strategic positioning in the BeiDou and satellite communication sectors [1] Core Views - Haige Communication is a leading player in China's military communication sector, with a comprehensive layout across the entire industrial chain of BeiDou communication terminals, from chips to systems and operations [1] - The company is well-positioned to benefit from the increasing penetration of BeiDou and satellite communication in both military and civilian markets, which opens up new growth opportunities [1] - The importance of communication security is rising globally, and China's robust communication infrastructure, including its autonomous BeiDou navigation system, provides a solid foundation for the development of domestic communication equipment [2] - Haige Communication has achieved significant growth in its BeiDou navigation business, with a 275% year-on-year increase in revenue in the first half of 2024, driven by accelerated domestic BeiDou adoption and breakthroughs in sectors like IoT, power, and energy [2] - The company is actively participating in China's satellite internet projects, with key products and terminals being selected for in-orbit testing, and is expanding its presence in the satellite communication market, including mobile phone and automotive applications [3] Financial Performance and Projections - The company's revenue is projected to grow from 5 616 million yuan in 2022 to 9 883 million yuan in 2026, with a compound annual growth rate (CAGR) of 15 2% [4] - Net profit attributable to the parent company is expected to increase from 668 million yuan in 2022 to 1 285 million yuan in 2026, with a CAGR of 17 9% [4] - The company's EPS is forecasted to grow from 0 27 yuan in 2022 to 0 52 yuan in 2026, with a corresponding P/E ratio decreasing from 41 6x to 21 6x over the same period [4] Industry and Market Analysis - The global communication security landscape is evolving, with a shift from purely military applications to both military and civilian uses, driven by incidents like the Lebanon communication device attack, which has heightened the importance of communication security [16] - The BeiDou navigation system has completed its third phase of deployment, enhancing its global coverage and performance, and is now entering a replacement cycle, which is expected to drive demand for BeiDou-compatible devices [30] - The satellite communication industry is rapidly developing, with low-earth orbit (LEO) satellites becoming a key focus, and China's satellite internet projects, such as the "StarNet" and "G60" constellations, are expected to create significant market opportunities [36] Company Strategy and Competitive Advantages - Haige Communication has a comprehensive layout in the BeiDou navigation industry, with a strong presence in both upstream chip development and downstream terminal products, giving it a competitive edge in the market [42] - The company is actively expanding its satellite communication capabilities, with a focus on ground equipment and upstream components, and has secured key positions in major national satellite internet projects [45] - Haige Communication's wireless communication business covers a wide range of frequencies and applications, making it a key player in the military communication sector, with significant potential for growth as defense informatization progresses [46] Valuation and Investment Recommendation - The report values Haige Communication at a 2024 P/E ratio of 36x, based on projected net profits of 768 million yuan, 1 059 million yuan, and 1 285 million yuan for 2024, 2025, and 2026, respectively [51] - Compared to industry peers, Haige Communication's valuation is considered conservative, with an average industry P/E of 89 71x, suggesting potential upside for the stock [51]

证券代码：002465 证券简称：海格通信 公告编号：2024-052 号 广州海格通信集团股份有限公司 关于股东股份减持计划的预披露公告 股东杨海洲先生保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示：持有广州海格通信集团股份有限公司（以下简称"公司"或"本 公司"）股份 32,925,075 股（约占本公司总股本比例 1.33%）的股东杨海洲先生计 划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价交易方式减持本公司 股份不超过 1,500,000 股（约占本公司总股本比例 0.06%）。 （二）截至本公告披露之日，杨海洲先生持有公司股份 32,925,075 股，约占 公司总股本比例 1.33%。 二、本次减持计划的主要内容 （一）减持计划的具体安排 1. 拟减持原因：个人资金规划； 2. 减持股份来源：公司首次公开发行股票并上市前持有的股份、因资本公积 转增股本方式取得的股份以及二级市场买入的股份； 3. 减持股份数量以及减持比例：计划减持股份数量不超过 1,500,000 股（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.767 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.66%, and a net profit attributable to the parent company of 185 million yuan, down 48.43% year-on-year [2] - The decline in performance is attributed to adjustments from industry clients and cyclical fluctuations, while the company has increased its R&D investment in emerging fields such as Beidou, unmanned systems, satellite internet, low-altitude economy, and 6G [2] - The company maintains a high R&D investment ratio, approximately 15% of revenue, focusing on key areas to enhance core competitiveness and innovation capabilities [2] Financial Performance and Forecast - The adjusted profit forecast for the company indicates net profits of 599 million yuan, 868 million yuan, and 1.136 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -14.8%, 44.9%, and 30.8% [3] - The corresponding price-to-earnings (P/E) ratios are projected to be 46.38, 32.01, and 24.48 for the same years [3] - Key financial indicators for 2023A, 2024E, 2025E, and 2026E include revenue of 6.449 billion yuan, 6.297 billion yuan, 7.678 billion yuan, and 9.168 billion yuan, with respective year-on-year growth rates of 14.8%, -2.4%, 21.9%, and 19.4% [4]