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 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨海格通信（002465.SZ） [Table_Title] 短期承压，反转在即 报告要点 [Table_Summary] 公司 2024Q3 亏损主要原因为行业客户调整及周期性波动影响，以及公司在北斗、无人、卫星 互联网、低空经济、6G 等新兴领域研发费用同比增加，同时公司大幅加大了民品业务拓展投 入。截至 2024Q3，中移资本持有海格通信 1.97%股份。为加大海格通信与中国移动 双方业务 合作拓展力度，中移资本向公司控股股东广州数科集团协商推荐一名中国移动管理人员为海格 通信董事候选人。双方未来将在"北斗"行业应用、低空、空天地一体协同发展等领域的业务 协同，目前正重点推进在模组、芯片等项目的深入合作。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 海格通信（002465.SZ） cjzqdt11111 2024-10-31 [Table_Title2] 短期承压，反转在即公司研究丨点评报告 [Table_Ran ...

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]

海格通信（ [Table_StockNameRptType] 002465） 公司点评 短期业绩波动，坚持投入研发静待花开 | --- | --- | |---------------------------------------|------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-10-30 | | [Table_BaseData] 收盘价（元） | 11.20 | | 近 12 个月最高 / 最低（元） | 14.01/8.06 | | 总股本（百万股） | 2,482 | | 流通股本（百万股） | 2,432 | | 流通股比例（ % ） | 97.98 | | 总市值（亿元） | 278 | | 流通市值（亿元） | 272 | [公司价格与沪深 Table_Chart] 300 走势比较 -42% -24% -7% 11% 29% 10/23 1/24 4/24 7/24 海格通信 沪深300 [Table_Author] 分析师：邓承佯 执业证书号：S0010523030002 邮箱：dengcy@hazq.com ...

证券研究报告·公司点评报告·军工电子Ⅱ 海格通信（002465） 2024年三季报点评：行业需求波动符合预期， 海格怡创新签合同值得期待 2024 年 10 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5616 | 6449 | 6807 | 8340 | 10274 | | 同比 | 2.58 | 14.84 | 5.55 | 22.53 | 23.18 | | 归母净利润（百万元） | 668.20 | 703.01 | 741.34 | 1,028.32 | 1,308.88 | | 同比 | 2.23 | 5.21 | 5.45 | 38.71 | 27.28 | | EPS- 最新摊薄（元 / 股） | 0.27 | 0.2 ...

海格通信（002465.SZ）2024 年三季报点评 业绩短暂承压，重视战略协同布局创新领域 2024 年 10 月 29 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：北京时间 10 月 28 日晚，海格通信发布 2024 年三季报，24 年 Q1- Q3 实现营业收入 37.67 亿元，同比-6.66%，实现归母净利 1.85 亿元，同比48.43%。 ➢ 受形势影响公司业绩短暂承压，积极寻找业务增长点。单季度来看，公司 24 年 Q3 实现营业收入 11.75 亿元，同比增长 1.46%，实现归母净利润-0.11 亿元， 同比转亏。公司归母净利下滑主要受行业客户调整及周期性波动影响，以及公司 在北斗、无人、卫星互联网、低空经济、6G 等新兴领域研发费用同比增加，同 时公司大幅加大了民品业务拓展投入。分业务来看，北斗三代产品持续获得新增 订单和实现产出交付，拉开了平台系统二代北斗大规模换装三代的序幕。航空航 天领域，摩诘创新飞行模拟器实现在直升机新机型突破，驰达飞机无人机制造新 业务进展顺利。 ➢ 北斗民品加速突破，战略协同有效推进。公司以第一名成绩入围河北省 "道 路运输车辆主动安全 ...

广州海格通信集团股份有限公司 2024 年第三季度报告 1 证券代码：002465 证券简称：海格通信 公告编号：2024-050 号 广州海格通信集团股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 广州海格通信集团股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------- ...

公 司 研 究 ＃assAuthor＃ 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃分析师： emailAuthor＃ | --- | --- | |----------------------------|--------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-10-09 | | 收盘价（元） | 11.39 | | 总股本（百万股） | 2,481.83 | | 流通股本（百万股） | 2,431.73 | | 净资产（百万元） | 12,695.37 | | 总资产（百万元） | 19,378.03 | | 每股净资产（元） | 5.12 | | 来源： iFinD | ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-------|----- ...

[Table_MainInfo] 公司研究/机械工业/航空航天与国防 证券研究报告 海格通信（002465）公司研究报告 2024 年 09 月 23 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 23 日收盘价（元） ] | 8.68 | | 52 周股价波动（元） | 8.06-14.01 | | 总股本 / 流通 A 股（百万股） | 2482/2432 | | 总市值 / 流通市值（百万元） 市场表现 | 21542/21107 | | [Table_QuoteInfo] | | -21.64% -11.64% -1.64% 8.36% 18.36% 28.36% 海格通信 海通综指 | --- | --- | --- | --- | |--------------------------|--------|--------|-------| ...

证券研究报告·公司深度研究·军工电子Ⅱ 海格通信（002465） 国防信息化领军企业，无线通信与北斗导航 并驱发展 2024 年 09 月 18 日 买入（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5616 | 6449 | 6807 | 8340 | 10274 | | 同比（ % ） | 2.58 | 14.84 | 5.55 | 22.53 | 23.18 | | 归母净利润（百万元） | 668.20 | 703.01 | 741.34 | 1,028.32 | 1,308.88 | | 同比（ % ） | 2.23 | 5.21 | 5.45 | 38.71 | 27.28 | | EPS- 最新摊薄（元 / 股） | 0.27 | 0.28 ...