证券代码：002465 证券简称：海格通信 公告编号：2024-017 号 广州海格通信集团股份有限公司 第六届监事会第十次会议决议公告 本公司及监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。 经审核，监事会认为：董事会编制和审核公司《2024 年第一季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 详见公司于 2024 年 4 月 24 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《2024 年第一季度报告》。 特此公告。 1 广州海格通信集团股份有限公司 监 事 会 广州海格通信集团股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日以 书面通知、电话、电子邮件等方式向公司全体监事发出召开第六届监事会第十次 会议的通知，会议于 2024 年 4 月 23 日在广州市高新技术产业开发区科学城海云 路 88 号海格通信产业园模拟器三楼会议中心以现场与通讯结合方式召开。公司 3 名监事均 ...

证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃d海yCo格mpa通ny＃信 （ 002465 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 北斗业务翻倍增长，布局卫星和低空等新增长点 ange＃ ＃createTime1＃ 2024 年4月12 日 投资要点 ＃市场ma数rk据etData＃ ＃sum公ma司ry发＃布2023年年报：营收64.49亿元，同比增长14.84%；归母净利润7.03亿元，同比 增长5.21%；扣非归母净利润5.41亿元，同比增长2.77%。 日期 2024-04-10  北斗导航业务翻倍增长：2023年，公司无线通信实现营收26.67亿元，同比增长3.36%； 收盘价（元） 10.58 毛利率41.16%，同比减少3.12pct。北斗导航实现营收9.37亿元，同比增长113.27%；毛 总股本（百万股） 2,481.83 利率45.97%，同比减少11.59pct。航空航天实现营收4.19亿元，同比增长25.98%；毛利 率31.39%，同比减少14.91pct。数智生态实现营收23.4 ...

证券代码：002465 证券简称：海格通信 公告编号：2024-014 号 广州海格通信集团股份有限公司 广州海格通信集团股份有限公司（以下简称"公司"）定于 2024 年 4 月 19 日 （星期五）15:00-17:00 在全景网召开 2023 年度网上业绩说明会。本次年度业绩说 明会将采用网络远程方式举行，投资者可登录全景网"投资者关系互动平台" （https://ir.p5w.net/）参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事长、总经理余青松先生，独立董事 胡鹏翔先生，副总经理邓珂先生，财务负责人袁万福先生，董事会秘书舒剑刚先 生，保荐代表人王国威先生。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度网上业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 4 月 18 日（星期四）15:00 前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入 问题征集专题页面。公司将在 2023 年度业绩说明会上，对投资者普遍关注的问题 进行回答。 欢迎广大投资者积极参与公司本次网上业绩说明会。 特此公告。 关于召开 2 ...

证券研究报告 | 公司动态点评 2024 年 04月 09日 海格通信（002465.SZ） 北斗导航领域广泛应用，各项主营持续发展 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 5,616 6,449 7,507 8,940 10,845 股票信息 增长率yoy（%） 2.6 14.8 16.4 19.1 21.3 归母净利润（百万元） 668 703 841 1,030 1,219 行业 国防军工 增长率yoy（%） 2.2 5.2 19.6 22.5 18.3 2024年4月8日收盘价（元） 10.86 ROE（%） 6.2 5.4 6.3 7.3 8.2 总市值（百万元） 26,952.72 EPS最新摊薄（元） 0.27 0.28 0.34 0.42 0.49 流通市值（百万元） 24,983.74 P/E（倍） 40.3 38.3 32.0 26.2 22.1 总股本（百万股） 2,481.83 P/B（倍） 2.5 2.1 2.0 1.9 1.8 流通股本（百万股） 2,300.53 资料来源：公司财报，长城证券产业金融研究院 近3月 ...

公司报告 | 年报点评报告 海格通信（002465） 证券研究报告 2024年04月 10日 投资评级 北三军民市场需求释放，卫星通信布局全面前景广阔 行业 国防军工/军工电子Ⅱ 6个月评级 增持（维持评级） 事件：公司发布 2023 年年度报告，收入64.49 亿元，同增 14.84%；归母 当前价格 10.93元 净利润 7.03 亿元，同增 5.21%；扣非归母净利润为 5.41 亿元，同增 目标价格 元 2.77%。 公司经营业绩保持稳健增长：在部分下游军工央企人事变动、中期调整 基本数据 等因素影响的背景下，公司仍实现稳健增长。1）无线通信收入 26.67 亿 A股总股本(百万股) 2,481.83 元，同增 3.36%，在军工行业调整的情况之下公司仍实现平稳增长，无线 流通A股股本(百万 通信专业优势进一步巩固；2）北斗导航收入 9.37 亿元，同增 113.27%， 2,300.53 股) 北斗三号产品需求全面快速放量；3）航空航天业务 4.19 亿元，同增 A股总市值(百万元) 27,126.45 25.98%，经营业绩同比增幅稳健；4）数智生态收入 23.40 亿元，同增 流通A股市值(百万 ...

Investment Rating - The report assigns a "Buy-B" rating to Haige Communications (002465 SZ) for the first time [1] Core Views - Haige Communications achieved robust growth in 2023, with revenue reaching 6 449 billion yuan, a year-on-year increase of 14 84%, and net profit attributable to the parent company of 703 million yuan, up 5 21% year-on-year [1] - The company's four major business segments (wireless communication, Beidou navigation, aerospace, and digital ecology) all experienced revenue growth, with Beidou navigation revenue surging 113 27% year-on-year [1] - Haige Communications is benefiting from multiple growth drivers, including the Beidou-3 system upgrade, satellite internet acceleration, and low-altitude economy development [1][2] - The company maintains high R&D investment, with 934 million yuan spent in 2023, accounting for 15% of revenue, focusing on next-generation satellite communication, AI, and 6G technologies [1] Financial Performance - In 2023, Haige Communications achieved a gross margin of 32 59%, with Beidou navigation business reaching a high gross margin of 45 97% [1] - The company's EPS in 2023 was 0 28 yuan, with ROE at 5 4% [3] - For 2024-2026, the report forecasts revenue growth of 20 9%/21 4%/20 3%, with net profit growth of 26 1%/30 4%/25 6% [2] Business Segments - Wireless communication: Revenue reached 2 667 billion yuan in 2023, expected to grow to 3 974 billion yuan by 2026 [6] - Beidou navigation: Revenue surged to 937 million yuan in 2023, projected to reach 3 660 billion yuan by 2026 [6] - Aerospace: Revenue grew to 419 million yuan in 2023, forecasted to reach 715 million yuan by 2026 [6] - Digital ecology: Revenue increased to 2 340 billion yuan in 2023, expected to grow to 2 866 billion yuan by 2026 [6] Industry Prospects - The satellite internet and private network construction are accelerating, with Haige Communications securing key projects in these areas [1] - The low-altitude economy is emerging as a strategic new industry, with Haige Communications well-positioned through its "Beidou+5G+satellite internet" integrated network [2] - The company is actively participating in national satellite internet major projects and has made breakthroughs in 5G and next-generation satellite communication products [1] Valuation - The report forecasts PE ratios of 31 4/24 1/19 2 for 2024-2026, with PB ratios of 2 0/1 9/1 7 [3] - Compared to peers, Haige Communications shows relatively lower valuation multiples, with 2024E PE of 31 45 compared to industry average of 39 43 [8]

[Table_StockInfo] 持有 2024年 04月 01日 （首次） 证券研究报告•2023年年报点评 当前价： 11.60元 海格通信（002465） 国防军工 目标价： ——元（6个月） 2023 年稳健增长，北三加速起量 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，实现营业收入64.5亿元，同比+14.8%；实现归 [分Ta析bl师e_：Au刘th倩or倩] 母净利润7.0亿元，同比+5.2%。 执业证号：S1250522070003  四大板块共同驱动，北斗导航业务进入快车道： 电话：15001276860 换装周期+应用拓展，北斗三号产品加速起量。2023 年公司北斗导航板块实现 邮箱：lqqyf@swsc.com.cn 营业收入9.4亿元，同比+113.3%，报告期内公司北斗三号相关产品在各应用平 台相继获得批量订货。军用领域进入换装周期，需求全面爆发；民用方面北斗 [相Tab对le指_Q数u表ot现eP ic] 在能源、自然资源等行业逐步覆盖。预计未来将维持高增长。 海格通信 沪深300 无线通信继续做强，卫星通信前景可期。202 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong performance and growth potential in various sectors [6][19]. Core Insights - Haige Communication achieved a revenue of 6.449 billion yuan in 2023, representing a year-on-year growth of 14.84%, with a net profit of 703 million yuan, up 5.21% year-on-year [3][10]. - The company’s four main business segments—wireless communication, Beidou navigation, aerospace, and digital ecology—showed growth, with Beidou navigation revenue soaring by 113.27% [4][10]. - The company is focusing on high investment in satellite, unmanned systems, and next-generation communication technologies, with R&D expenditure reaching approximately 934 million yuan, an increase of 18.49% year-on-year [5][6]. Summary by Sections Financial Performance - In 2023, Haige Communication's revenue was 6.449 billion yuan, with a net profit of 703 million yuan. The fourth quarter alone saw a revenue of 2.414 billion yuan, up 26.62% year-on-year, and a net profit of 344 million yuan, up 26.24% year-on-year [3][10]. - The company’s revenue from wireless communication was 2.667 billion yuan (up 5.06%), Beidou navigation was 937 million yuan (up 113.27%), aerospace was 419 million yuan (up 25.98%), and digital ecology was 234 million yuan (up 4.19%) [4][10]. Business Segments - Wireless Communication: Achieved significant milestones in product development and market penetration, including breakthroughs in 5G technology [4][10]. - Beidou Navigation: The Beidou III products are becoming a new pillar for the company, with successful project bids and production line establishment for atomic clock chips [4][10]. - Aerospace: The company has received substantial orders and is expanding into large unmanned aircraft development [4][10]. - Digital Ecology: The company is successfully collaborating with major telecom operators and expanding into non-telecom sectors [4][10]. Investment and Future Outlook - The company plans to invest in the "Beidou + 5G" integration project, satellite internet, and unmanned systems, with a total fundraising of 1.855 billion yuan [13][14]. - Future profit forecasts for 2024-2026 are 896 million yuan, 1.163 billion yuan, and 1.314 billion yuan, respectively, with corresponding PE ratios of 31x, 24x, and 21x [6][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][15]. Core Insights - The company achieved a revenue of 6.449 billion yuan in 2023, representing a year-on-year growth of 14.8%, and a net profit of 703 million yuan, up 5.2% year-on-year [5][6]. - The company's Beidou navigation products experienced a significant growth of 113.3% year-on-year, driven by the demand for Beidou III products and the company's self-developed chip capabilities [2][5]. - The overall gross margin slightly decreased by 2.38 percentage points, with effective cost control measures in place despite rising R&D, management, and sales expenses [9][10]. Revenue Breakdown - In 2023, the revenue contributions from the main business segments were as follows: Wireless Communication (41%), Beidou Navigation (14%), Aerospace (6%), and Digital Ecology (36%), with respective year-on-year growth rates of 3.4%, 113.3%, 26.0%, and 6.2% [2][5][6]. - The Beidou navigation segment's revenue growth was attributed to the large-scale replacement period for Beidou III in special institutions and the acceleration of Beidou's application in various civilian sectors [11][12]. Financial Forecasts - The company forecasts revenues of 8.052 billion yuan, 10.278 billion yuan, and 13.164 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 889 million yuan, 1.12 billion yuan, and 1.417 billion yuan [3][15]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 31 for 2024, 25 for 2025, and 20 for 2026 [15][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.449 billion yuan in 2023, representing a year-on-year growth of 14.84%, and a net profit attributable to shareholders of 703 million yuan, up 5.21% year-on-year [4] - The company is expected to benefit from the growth in digital economy, low-altitude economy, and commercial aerospace sectors, leveraging its multi-disciplinary layout and strategic investments [4] - The company has four core industries: wireless communication, Beidou navigation, aerospace, and intelligent ecology, with a forward-looking layout in AI military applications and satellite internet [4] Financial Performance and Forecast - The projected net profits for 2024, 2025, and 2026 are 974 million yuan, 1.194 billion yuan, and 1.448 billion yuan, with year-on-year growth rates of 38.6%, 22.6%, and 21.2% respectively [5] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 28.40, 23.17, and 19.12 [5] - The company’s revenue is forecasted to reach 7.489 billion yuan in 2024, 8.520 billion yuan in 2025, and 9.671 billion yuan in 2026, with year-on-year growth rates of 16.1%, 13.8%, and 13.5% respectively [6]