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]

运营商财经网 敖琪/文 近日，海格通信取得卫星信号捕获专利引发关注，运营商财经网由此注意到海格通信，并试图梳理公司 副总曲焦的过往经历。 曲焦，1976年出生，今年48岁，资料显示，他是本科学历，工程硕士学位，但并未透露他是哪所大学毕 业的，什么时候毕业的。 曲焦不仅任职过多家公司的技术岗位，还有多年的企业管理经验。 他曾任广州无线电集团有限公司基建管理部部长，广州广电物业管理有限公司总工程师。 据悉，广电物业是广州数科旗下子公司，而广州数科又是广州无线电改组而来的。 离开广电物业后，他先后担任平潭综合试验区国有资产投资集团有限公司总工程师，海南水电工程项目 管理咨询有限公司常务副总经理等职务。 如今，他担任海格通信副总经理，北京海格资产管理有限公司董事、总经理，广州海格天腾产业发展有 限公司董事、总经理。 而海格通信控股股东正是广州无线电集团有限公司，于2024年2月6日，正式改组为广州数字科技集团有 限公司，并举办揭牌仪式。 可以说，曲焦在兜兜转转后，还是回到了广州数科的怀抱里。 据东方财富网显示，曲焦2022年的薪酬是120万，公司的另一位副总毛赵建，同是1976年生人，本科学 历，薪酬却比曲焦高，是1 ...

Financial Performance - The company's operating revenue for 2023 was CNY 6,449,041,637.15, representing a 14.84% increase compared to CNY 5,615,611,398.30 in 2022[13]. - The net profit attributable to shareholders for 2023 was CNY 703,007,272.64, a 5.21% increase from CNY 668,197,698.51 in 2022[13]. - The net profit excluding non-recurring gains and losses for 2023 was CNY 541,019,364.42, up 2.77% from CNY 526,418,905.65 in 2022[13]. - The total assets at the end of 2023 were CNY 19,433,862,336.70, reflecting a 27.73% increase from CNY 15,214,401,100.55 at the end of 2022[13]. - The net assets attributable to shareholders at the end of 2023 were CNY 12,866,655,447.80, a 20.68% increase from CNY 10,661,451,902.31 at the end of 2022[13]. - The gross profit margin for the industrial sector was 40.06%, down by 5.92% compared to the previous year[42]. - The gross profit margin for the smart ecology sector was 15.50%, with a slight decrease of 0.90% year-on-year[42]. - The company reported a significant increase in revenue, achieving a total of 42 billion yuan for the year, marking a year-on-year growth of 15%[119]. Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders, based on a total of 2,481,833,948 shares[3]. - The cash dividend per 10 shares is set at 1.5 yuan (tax included), with a total cash dividend amounting to 372,275,092.20 yuan[136]. - The total distributable profit for the parent company was 2,894,490,755.91 yuan, with the cash dividend representing 100% of the profit distribution[136]. - The company has implemented a stable and active profit distribution policy, with cumulative cash dividends exceeding 3 billion yuan since its listing in 2010, achieving an average dividend payout ratio of 53%[37]. Risk Management and Compliance - The company emphasizes the importance of accurate financial reporting, with all board members present for the meeting to review the annual report[3]. - The report includes a detailed description of potential risks in the company's future development and corresponding countermeasures[3]. - The company has been recognized as a leading provider of simulation systems in the aerospace sector, being the first domestic supplier to offer "D-level" simulators for institutional users[30]. - The company is committed to improving its governance structure and ensuring compliance with legal regulations to protect shareholder interests[89]. - The company has established independent financial and internal audit departments, ensuring a separate accounting system and compliance with tax obligations[99]. - The company maintains complete independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring autonomous business capabilities[96]. Research and Development - The company's R&D investment reached approximately 934 million yuan in 2023, representing a year-on-year increase of 18.49%, with R&D expenses accounting for about 15% of total revenue[32]. - The company is focusing on expanding its presence in satellite communication and low-orbit satellite internet sectors, which are expected to grow rapidly[20]. - The company is actively involved in the development of emergency communication equipment and multi-network integration communication devices as part of national initiatives[21]. - The company is also focusing on 6G wireless communication technology, which is in the technical breakthrough phase, to establish future revenue growth[53]. - The company aims to transition from a device supplier to a capability supplier, focusing on integrated services in digital and intelligent applications across various sectors[31]. Market Expansion and Strategic Goals - The company is expanding its market presence in the civilian sector, particularly in automotive and international markets, through the development of new navigation and communication products[53]. - The company aims to enhance its position in the digital economy, focusing on the integration of satellite communication and navigation systems with 5G technology[81]. - The strategic goal is to build Haige Communication into a leading modern enterprise in the wireless communication and navigation fields, emphasizing high-tech manufacturing and services[82]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[119]. Corporate Governance - The company has maintained a stable shareholding structure with no new share purchases or sales reported by executives during the period[106]. - The company’s governance structure is being adjusted to ensure compliance with legal requirements following recent resignations[107]. - The company is committed to maintaining high standards in corporate governance with the appointment of independent directors and experienced professionals in key positions[113]. - The board of directors held 12 meetings during the reporting period, with all resolutions passed unanimously without opposition or abstention[123]. Financial Management - The company has a performance assessment and remuneration management method for senior management approved by the board[121]. - The total pre-tax remuneration for directors, supervisors, and senior management was 1,092.45 million CNY[122]. - The company has no stock incentive plans or employee stock ownership plans in place during the reporting period[137]. - The company has a total of 4,946 production personnel, 2,591 technical personnel, and 228 sales personnel among its employees[130]. Social Responsibility - The company made seven donations during the reporting period to support rural infrastructure and education, demonstrating corporate social responsibility[146]. - The company is actively contributing to rural revitalization efforts, aligning with national strategic goals[146]. Audit and Internal Control - The audit opinion for the financial statements was a standard unqualified opinion, issued on March 27, 2024[192]. - The internal control audit report was issued with a standard unqualified opinion, confirming the effectiveness of internal controls[143]. - The company maintained effective internal control over financial reporting in all material respects as of December 31, 2023[143].

Q4 业绩大幅改善，北斗导航业务放量 海格通信（002465.SZ）/通 证券研究报告/公司点评 2024年3月29日 信 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：10.5元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,616 6,449 8,027 10,192 12,742 分析师：陈宁玉 增长率yoy% 3% 15% 24% 27% 25% 执业证书编号：S0740517020004 净利润（百万元） 668 703 892 1,145 1,453 电话：021-20315728 增长率yoy% 2% 5% 27% 28% 27% 每股收益（元） 0.27 0.28 0.36 0.46 0.59 Email：chenny@zts.com.cn 每股现金流量 -0.02 -0.11 -0.94 -0.20 -0.05 研究助理：杨雷 净资产收益率 6% 5% 7% 8% 10% Email：yanglei01@zts.com.cn P/E 39.0 37. ...

证券代码：002465 证券简称：海格通信 公告编号：2024-004 号 广州海格通信集团股份有限公司 第六届监事会第九次会议决议公告 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。 广州海格通信集团股份有限公司（以下简称"公司"）于 2024 年 3 月 17 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九次 会议的通知，会议于 2024 年 3 月 27 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 名监事均出席会议并参与表决，会议由监事会主席张晓莉女士主持。本次会议的 召开符合《公司法》、《公司章程》以及有关法律、法规的规定。 本议案尚需提交股东大会审议。 详见公司于 2024 年 3 月 29 日披露在巨潮资讯网（www.cninfo.com.cn）的 《2023 年度监事会工作报告》。 二、审议通过《2023 年度财务决算报告》 表决结果：赞成票 3 票，弃权票 0 票，反对票 0 票。 本议案尚需提交股东大会审议。 三、审议通过《2023 年度内 ...