证券代码：002465 证券简称：海格通信 公告编号：2025-020 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 关于举行 2024 年年度报告网上说明会的公告 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。 董 事 会 2025 年 4 月 3 日 为充分尊重投资者、提升交流的针对性，现就公司 2024 年年度报告网上说明 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 2025 年 4 月 10 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 2024 年年度报告网上说明会上，对投资者普遍关 注的问题进行回答。 （问题征集专题页面二维码） 欢迎广大投资者积极参与公司本次网上说明会。 特此公告。 广州海格通信集团股份有限公司（以下简称"公司"）定于 2025 年 4 月 11 日 （星期五）15:00-17:00 在全景网举行 2024 年年度报告网上说明会。本次说明会将 采用网络远程的方式举行，投资者可登录全景网"投资者关系互动平台" ...

证券代码：002465 证券简称：海格通信 公告编号：2025-019 号 广州海格通信集团股份有限公司 1 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | --- | --- | | 8 | 中国建设银行股份有限公司－国泰中证军工交易 | 19,208,182 | 0.77% | | | 型开放式指数证券投资基金 | | | | 9 | 新华人寿保险股份有限公司－传统－普通保险产 | 17,767,043 | 0.72% | | | 品-018L-CT001 深 | | | | 10 | 广州数字科技产业投资集团有限公司 | 17,738,527 | 0.71% | 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数量。 二、 董事会公告回购股份决议的前一个交易日（即 2025 年 3 月 28 日）登 关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告 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。 广州海格通信集团股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [4] Core Views - The company reported a revenue of 4.92 billion yuan for the year, a year-over-year decrease of 23.71%, and a net profit attributable to shareholders of 53.14 million yuan, down 92.44% year-over-year [1] - The decline in performance is attributed to cyclical industry impacts, with wireless communication revenue dropping by 40.68% to 1.58 billion yuan, and Beidou navigation revenue decreasing by 51.67% to 453 million yuan [1][2] - The company maintains high R&D investment, totaling 947 million yuan, which is 19.25% of its revenue, focusing on emerging fields such as AI, satellite internet, and unmanned systems [2][3] Summary by Sections Financial Performance - The company experienced a significant decline in revenue and profit due to industry cyclicality, with a projected recovery in the coming years [1][9] - Revenue is expected to rebound to 6.54 billion yuan in 2025, with a growth rate of 32.99% [9] - The gross margin decreased by 3.80 percentage points to 28.79% [2] Business Segments - Wireless communication revenue decreased significantly, but the company is making strides in next-generation models and new fields like 5G [1] - Beidou navigation is expected to see growth in military applications post-adjustment, while civilian applications are integrating into various industries [1] - The aviation segment showed a slight increase in revenue, indicating stable performance [2] Strategic Initiatives - The company is focusing on building an AI technology foundation and strategic layout in unmanned systems and humanoid robots [3] - The development of intelligent unmanned systems is seen as a critical component of national defense, enhancing operational efficiency [3] - The company aims to transition from an equipment supplier to an integrated solution provider in the digital network space [2]

公司报告 | 年报点评报告 海格通信（002465） 证券研究报告 行业波动下维持高研发投入，前瞻布局 AI+无人系统 事件：公司发布 24 年年报，全年营收 49.20 亿元（YoY -23.71%），归母净 利润 5313.58 万元（YoY -92.44%）。 行业周期性影响下，公司经营业绩阶段性下滑：受行业客户调整及周期 性波动影响，公司实现营业收入 49.20 亿元（YoY -23.71%）。 1）无线通信收入 15.82 亿元，同减 40.68%，但公司仍在传统优势领域保 持着下一代型号研制资格，5G、有无人协同通信等多个新拓领域实现首 次突破，有望形成新增量。 2）北斗导航收入 4.53 亿元，同减 51.67%，目前仍处于北斗三号的规模换 装期，我们预计短期调整后武器平台、终端和无人平台三大应用领域有望 带动军用北三放量；在民用市场，北斗深度融入交通运输、电力电网、石 油石化等行业领域，助力传统行业转型升级；中国移动北斗短信业务正式 发布，相较于传统高轨通信不能传递位置信息，以及 GPS 在民用领域定 位精度较弱的痛点，具备高精度+短报文功能的北斗正在成为智能手机、 可穿戴设备等大众消费产品的 ...

事件： 公司公布2024 年业绩报告。根据公司公告，公司2024 年实现营收49.20 亿元，同比降低23.71%，实现 归母净利润0.53 亿元，同比降低92.44%；2024 单Q4 实现营收11.53亿元，同比降低52.23%，实现归母 净利润-1.32 亿元，同比降低138.27%。公司业绩低于市场预期。 点评： 无线通信及北斗导航受需求波动影响短期收入，有望随需求释放恢复增长。根据公司公告，公司2024 年收入有所下滑，分产品看，1）无线通信实现收入 15.82 亿元，同比减少40.68%；2）北斗导航产品实 现收入 4.53 亿元，同比减少51.67%；3）航空航天产品实现收入4.28 亿元，同比增加2.16%；4）数智生 态产品实现收入23.69 亿元，同比增加1.23%。我们分析认为，无线通信及北斗导航产品受行业客户调 整及周期性波动影响，2024年出现较大幅度下滑，预计随着下游需求好转，公司2025 年收入有望恢复 增长。 持续加大研发投入叠加大力拓展新兴领域，短期业绩承压。根据公司公告，2024 年毛利率为28.79%， 较去年同期降低3.80pcts，净利率为2.17%，较去年同期降低9 ...

上 市 公 司 2025 年 04 月 01 日 海格通信 (002465) ——持续加大信息化新质领域投入，看好未来成长空间 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 31 日 | | --- | --- | | 收盘价（元） | 11.17 | | 一年内最高/最低（元） | 13.88/8.06 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 1.34 | | 流通 A 股市值（百万元） | 27,162 | | 上证指数/深证成指 | 3,335.75/10,504.33 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 5.08 | | 资产负债率% | | 36.02 | | 总股本/流通 A 股（百万） | | 2,482/2,432 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 04-01 05-01 06-01 07-01 08-01 09-01 10-0 ...

Core Viewpoint - The company experienced significant declines in revenue and net profit due to cyclical fluctuations and industry client adjustments, while also increasing investments in key areas such as chips, low-altitude, and satellite internet [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 4.919 billion yuan, a year-on-year decrease of 23.7%, and a net profit attributable to shareholders of 53 million yuan, down 92.4% year-on-year [1] - In Q4 2024, the company reported revenue of 1.153 billion yuan, a year-on-year decline of 52%, and a net loss of 13.18 million yuan, marking a shift from profit to loss [1] - The annual gross margin was 28.79%, down 3.8 percentage points year-on-year, while the net profit margin was 2.17%, a decrease of 9.2 percentage points year-on-year [1] Group 2: Business Segments - The wireless communication segment generated revenue of 1.582 billion yuan, down 41% year-on-year, and the Beidou navigation segment reported revenue of 453 million yuan, down 52% year-on-year [1] - The aerospace segment saw a slight increase in revenue to 428 million yuan, up 2% year-on-year, while the digital ecology segment achieved revenue of 2.369 billion yuan, a 1% increase year-on-year [1] - The company is focusing on the development of its chip business, with significant applications in mobile satellite terminal components and successful bids for key projects [1] Group 3: Growth Initiatives - The company has seen rapid growth in its civil products business, with significant orders in transportation, energy, and consumer markets, leading to a more than threefold increase in research contracts in civil fields [2] - The company has successfully developed heavy-duty unmanned aerial vehicles, with the first "Jiutian" model showcased at the Zhuhai Airshow [2] - New growth points are being established in AI unmanned systems, satellite internet, and low-altitude industries, with products designed for various applications and significant advancements in satellite internet projects [2] Group 4: Profit Forecast and Valuation - Due to a slowdown in specific customer order rhythms affecting short-term performance, the company anticipates a release of customer order demand in the final year of the 14th Five-Year Plan, projecting net profits of 635 million yuan, 1.076 billion yuan, and 1.514 billion yuan for 2025-2027, with a PE ratio of 44X for 2025 [3]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's performance is under short-term pressure due to cyclical fluctuations, leading to a share repurchase plan with a total amount not less than 200 million and not exceeding 400 million yuan [1][4] - The company achieved a revenue of 4.919 billion yuan in 2024, a year-on-year decrease of 23.7%, and a net profit attributable to shareholders of 53 million yuan, down 92.4% year-on-year [1][4] - The company is focusing on new growth points in AI unmanned systems, satellite internet, and low-altitude industries [3] Business Performance Summary - Wireless communication revenue was 1.582 billion yuan, down 41% year-on-year, while Beidou navigation revenue was 453 million yuan, down 52% year-on-year [2] - Aerospace revenue was 428 million yuan, up 2% year-on-year, and smart ecological revenue was 2.369 billion yuan, up 1% year-on-year [2] - The company has made significant progress in the civil product market, with a threefold increase in research contracts in low-altitude, electricity, and satellite internet sectors [2] Future Outlook and Valuation - The company expects a rebound in customer order demand in the 14th Five-Year Plan period, forecasting net profits of 635 million yuan, 1.076 billion yuan, and 1.514 billion yuan for 2025, 2026, and 2027 respectively [4] - The projected P/E ratio for 2025 is 44X, indicating a potential recovery in profitability [4]

Summary of Key Points Core Viewpoint The company, Guangzhou Haige Communication Group Co., Ltd., has announced a share repurchase plan aimed at enhancing investor confidence and implementing an employee stock ownership plan or equity incentive program. The total amount allocated for the repurchase will range from RMB 200 million to RMB 400 million, with a maximum repurchase price of RMB 17.60 per share. Group 1: Share Repurchase Plan Details - The types of shares to be repurchased are the company's issued RMB ordinary shares (A shares) [1] - The purpose of the repurchase is for employee stock ownership plans or equity incentives, with unutilized shares to be canceled if not used within 36 months [1][6] - The total funds allocated for the repurchase will be no less than RMB 200 million and no more than RMB 400 million [2][8] - The maximum repurchase price is set at RMB 17.60 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1][7] Group 2: Financial and Operational Aspects - The estimated total number of shares to be repurchased is approximately 11,363,636 shares, accounting for about 0.46% of the company's total share capital, based on the lower limit of the repurchase amount [2][8] - The funding sources for the repurchase will include the company's own funds and a special loan for the repurchase, with a loan commitment of RMB 360 million from the Industrial and Commercial Bank of China [2][9] - The implementation period for the repurchase is set to be within 12 months from the date of the shareholders' meeting approval [2][10] Group 3: Management and Governance - The repurchase plan requires approval from the shareholders' meeting, and there is a risk of not obtaining this approval [3][15] - The management has expressed confidence in the company's long-term intrinsic value and believes that the repurchase will not adversely affect the company's operational, financial, or debt servicing capabilities [12][14] - The board of directors has committed to acting in good faith and diligently to protect the interests of the company and its shareholders during the repurchase process [12][14]

证券代码：002465 证券简称：海格通信 公告编号：2025-018 号 广州海格通信集团股份有限公司 关于召开 2024 年年度股东大会的通知 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"）第六届董事会第二十六次 会议决定于 2025 年 4 月 25 日（星期五）召开公司 2024 年年度股东大会，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：2024 年年度股东大会 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二十六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 4 月 25 日（星期五）下午 14:30 （2）网络投票时间：2025 年 4 月 25 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的具体时间 为：2 ...