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]

Core Viewpoint - The company, Haige Communication, announced a plan to acquire the remaining 30% equity of its subsidiary, Haige Hengtong, for a total transaction amount of 48 million yuan, aiming for full control of the subsidiary [1] Group 1 - The total transaction amount for the acquisition is 48 million yuan [1] - After the transaction, the company will hold 75% of Haige Hengtong, while its wholly-owned subsidiary, Tianteng Investment, will hold 25% [1] - This acquisition will enable the company to achieve complete control over Haige Hengtong [1]

证券代码：002465 证券简称：海格通信 公告编号：2024-058 号 广州海格通信集团股份有限公司 关于收购四川海格恒通专网科技有限公司 30%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 1、广州海格通信集团股份有限公司（以下简称"公司"）于 2024 年 12 月 26 日召开第六届董事会第二十四次会议，审议通过了《关于收购四川海格恒通专网 科技有限公司 30%股权的议案》。董事会同意公司及全资子公司广州海格天腾投资 有限公司（以下简称"天腾投资"）联合收购公司控股子公司四川海格恒通专网科 技有限公司（以下简称"海格恒通"或"标的公司"）剩余 30%股权，合计交易金 额为 4,800 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。 2、公司将收购海格恒通股东四川维德通信技术有限公司（以下简称"四川维 德"）持有海格恒通的 3.04%股权，交易价格为 486.4 万元，收购自然人股东陈焕 明持有海格恒通的 1.96%股权，交易价格为 3 ...

广州海格通信集团股份有限公司 第六届董事会第二十四次会议决议公告 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。 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 四次会议于 2024 年 12 月 26 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 12 月 23 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 7 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《关于收购四川海格恒通专网科技有限公司 30%股权的议案》 证券代码：002465 证券简称：海格通信 公告编号：2024-057 号 公司董事会同意提名李君先生和黄刚先生为公司第六届董事会非独立董事 候选人，任期自股东大会审议通过之日起至本届董事会届满之日止。本事项已经 公司第六届董事会提名委员会第五次会议审议通过。 本议案尚需公司股东大会审议。 表决结果：赞成票 7 票，弃权票 0 票，反对票 0 票。 详见 ...

证券代码：002465 证券简称：海格通信 公告编号：2024-060 号 广州海格通信集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 广州海格通信集团股份有限公司（以下简称"公司"）第六届董事会第二十四次会 议决定于 2025 年 1 月 14 日（星期二）召开公司 2025 年第一次临时股东大会，本次股 东大会的召集、召开符合有关法律法规和《公司章程》的规定。现将本次股东大会的 有关事项通知如下： 一、 召开会议的基本情况 1．股东大会届次：2025 年第一次临时股东大会 2．股东大会的召集人：公司董事会 3．会议召开的合法、合规性：公司第六届董事会第二十四次会议决定召开本次股 东大会。本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的有关规定。 4．会议召开的日期、时间： （1）现场会议时间：2025 年 1 月 14 日（星期二）下午 14:30 （2）网络投票时间：2025 年 1 月 14 日 通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票 ...

证券代码：002465 证券简称：海格通信 公告编号：2024-059 号 广州海格通信集团股份有限公司 关于董事变动及补选非独立董事的公告 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、关于董事变动的情况 广州海格通信集团股份有限公司（以下简称"公司"）董事会近日分别收到董 事杨文峰先生、李铁钢先生书面申请辞去公司第六届董事会董事职务的报告。公 司董事杨文峰先生因工作安排，申请辞去公司第六届董事会董事职务，杨文峰先 生不再担任公司任何职务；公司董事李铁钢先生因工作安排，申请辞去公司第六 届董事会董事及提名委员会委员职务，李铁钢先生仍继续在公司担任副总经理及 子公司相关职务等。 根据《公司法》《公司章程》等相关规定，杨文峰先生和李铁钢先生辞去公司 第六届董事会董事职务未导致公司董事会人数低于法定最低人数，其申请报告自 送达董事会时生效。截至本公告披露日，杨文峰先生和李铁钢先生未持有公司股 份。 特此公告。 广州海格通信集团股份有限公司 董 事 会 2024 年 12 月 27 日 2 公司董事会对杨文峰先生和李铁钢先生在公司董事会任职期间所做出的贡献 表 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.82 CNY per share, indicating an upside potential from the current price of 12.83 CNY per share [4]. Core Views - The company has been selected for a project with China Mobile for the development of integrated terminal chips, with a contract value of 31.06 million CNY, which is expected to enhance its collaboration in the Beidou field [2][3]. - The company is expanding its presence in the civilian market, particularly in satellite communication and low-altitude economy scenarios, leveraging its comprehensive industry chain layout [3]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected to be 0.19 CNY, 0.37 CNY, and 0.52 CNY respectively, reflecting a positive outlook driven by advancements in aerospace information technology and the Beidou system [3]. Summary by Sections Investment Rating - Current Price: 12.83 CNY - Target Price: 14.82 CNY - Previous Rating: Buy - Report Date: December 13, 2024 [4]. Project and Collaboration - The company has been awarded a contract for the development of integrated terminal chips, which is expected to accelerate its collaboration with China Mobile in the Beidou sector [2][3]. Market Expansion - The company is focusing on the civilian market, particularly in satellite communication and low-altitude economy, with a full industry chain layout that includes chips, modules, antennas, and terminals [3]. Financial Forecast - Projected EPS for 2024, 2025, and 2026 are 0.19 CNY, 0.37 CNY, and 0.52 CNY respectively, indicating growth potential [3].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2][6] Core Views - The company benefits from the large-scale application of Beidou and satellite technology, with significant support from local governments for the development of the Beidou industry [4][6] - The company has established a comprehensive partnership with China Mobile, which includes a contract worth 31.06 million yuan for chip development services [4][6] - The company has a strong position in the satellite navigation industry, with a complete product line and significant revenue growth in the Beidou navigation sector [4][6] Financial Performance - The company reported a revenue of 6,449 million yuan in 2023, with projected revenues of 6,175 million yuan, 7,902 million yuan, and 9,681 million yuan for 2024, 2025, and 2026 respectively [6][11] - The net profit for 2023 was 703 million yuan, with forecasts of 562 million yuan, 853 million yuan, and 1,114 million yuan for the following three years [6][11] - The earnings per share (EPS) are projected to be 0.23 yuan, 0.34 yuan, and 0.45 yuan for 2024, 2025, and 2026 respectively [6][11] Market Position - The company is recognized as one of the most competitive electronic information enterprises in the industry, with the widest user coverage and the most comprehensive product series [6][11] - The company has achieved a gross margin of 60.73% in the Beidou navigation sector, reflecting a year-on-year increase of 15.52 percentage points [4][6] Strategic Initiatives - The company is actively participating in major national satellite internet projects and has established a subsidiary in Chongqing to expand its business in the southwest region [4][6] - The company is focusing on the integration of satellite internet and Beidou navigation, aiming to cover the entire industry chain from chips to terminals [4][6]

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]

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company has won a contract for the development of a Beidou navigation and communication integrated terminal chip project with China Mobile, which is expected to enhance its capabilities in consumer, IoT, and industry applications [1]. - The contract value is approximately 31.06 million yuan, representing 0.48% of the company's most recent audited annual revenue, showcasing the company's strong position in the Beidou field and chip development [1]. - China Mobile's shareholding in the company has increased from 1.4% to 1.97%, indicating a strategic collaboration that is likely to enhance joint business opportunities in various sectors [1]. - The company is actively expanding its civilian market presence, particularly in the integration of Beidou and 5G technologies across multiple industries [1]. - The company is expected to benefit significantly from the military informationization wave and the third generation of Beidou navigation system upgrades, with projected net profits for 2024-2026 being 491 million, 952 million, and 1.11 billion yuan, respectively [1]. Financial Summary - Total revenue for 2023 is projected at 6.449 billion yuan, with a year-on-year growth of 14.8%. However, a decline of 5.6% is expected in 2024, followed by a recovery with growth rates of 26.1% and 16.5% in 2025 and 2026, respectively [4]. - The net profit attributable to the parent company for 2023 is estimated at 703 million yuan, with a significant drop of 30.2% expected in 2024, followed by a rebound of 94.0% in 2025 [4]. - The company’s price-to-earnings ratio is projected to be 64 in 2024, decreasing to 33 in 2025 and 28 in 2026, indicating an improving valuation outlook [4].