Investment Rating - The report assigns a "Hold" rating for the company [1]. Core Views - The company achieved a revenue of 6.45 billion yuan in 2023, representing a year-on-year growth of 14.8%, and a net profit of 700 million yuan, up 5.2% year-on-year [2]. - The four main business segments are driving growth, with the Beidou navigation business experiencing rapid expansion due to a replacement cycle and application development [2][6]. - The company is well-positioned in the defense informationization, satellite navigation, and satellite internet sectors, with a positive outlook for growth [34]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 6.45 billion yuan and a net profit of 700 million yuan, with respective growth rates of 14.8% and 5.2% [2]. - The Beidou navigation segment generated 940 million yuan in revenue, a significant increase of 113.3% year-on-year [2]. - The wireless communication segment achieved 2.67 billion yuan in revenue, growing by 3.4% [2]. - The aerospace segment's revenue reached 420 million yuan, up 26.0% [2]. - The smart ecosystem segment generated 2.34 billion yuan, with a growth of 6.2% [2]. Business Segments - The Beidou navigation segment is expected to maintain high growth due to military and civilian demand, with a projected revenue growth of 60% in 2024 [31]. - The wireless communication segment remains a cornerstone of the business, with a stable growth forecast of 10% in 2024 [31]. - The aerospace segment is anticipated to grow steadily at 25% annually through 2026 [32]. - The smart ecosystem segment is expected to grow at a rate of 8% annually [32]. Profitability and Valuation - The company's gross margin decreased by 2.4 percentage points to 32.6% in 2023, while the net margin fell by 1.0 percentage point to 11.4% [2]. - The earnings per share (EPS) for 2024-2026 are projected to be 0.33 yuan, 0.42 yuan, and 0.53 yuan, respectively, with corresponding dynamic PE ratios of 35, 28, and 22 [31][34]. - The report highlights the company's strong position in the Beidou navigation and satellite communication markets, which are expected to drive future growth [34]. Future Outlook - The company plans to invest in projects related to "Beidou + 5G" integration, unmanned systems, and satellite internet, with a total planned investment of 18.6 billion yuan [25][26]. - The Beidou navigation system is expected to see increased demand in both military and civilian applications, particularly as the new Beidou III system is fully deployed [11][15]. - The report emphasizes the potential for significant growth in the low-altitude economy, benefiting various business segments [2].

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]

Group 1 - The article discusses the career background of Qu Jiao, who has extensive experience in technology and management roles within various companies, including his current positions at Haige Communication and its subsidiaries [2] - Qu Jiao's salary in 2022 was reported to be 1.2 million, while another vice president, Mao Zhaojian, earned 1.25 million, indicating a competitive compensation structure within the company [2] - Haige Communication's major shareholder is Guangzhou Radio Group, which was restructured into Guangzhou Digital Technology Group in February 2024, highlighting the ongoing changes within the corporate structure [2] Group 2 - Haige Communication reported a revenue of 1.158 billion for the first three quarters, a decrease of 5.43% compared to the same period last year, indicating a decline in financial performance [3] - The net profit attributable to the parent company for the same period was 47.216 million, reflecting a significant decrease of 54.53% year-on-year, raising concerns about profitability [3] - Haige's subsidiary, Haige Yichuang, faced legal enforcement due to failure to fulfill legal obligations, which is a common issue in corporate operations [2][3]

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 10.5 CNY [1]. Core Insights - The company reported a significant improvement in Q4 performance, with a revenue of 2.414 billion CNY, representing a year-on-year growth of 26.62% and a quarter-on-quarter growth of 108.41% [3]. - The company is positioned as a leader in military information technology, benefiting from the rollout of Beidou III products and the new generation of satellite communication networks [5]. - The company has maintained a high dividend policy, distributing 372 million CNY in cash dividends in 2023, marking 14 consecutive years of cash dividends with an average payout ratio of approximately 53% [3]. Financial Performance Summary - **Revenue Forecast**: - 2022A: 5,616 million CNY - 2023A: 6,449 million CNY (14.84% YoY growth) - 2024E: 8,027 million CNY (24.5% YoY growth) - 2025E: 10,192 million CNY (27% YoY growth) - 2026E: 12,742 million CNY (25% YoY growth) [1][7] - **Net Profit Forecast**: - 2022A: 668 million CNY - 2023A: 703 million CNY (5.21% YoY growth) - 2024E: 892 million CNY (26.9% YoY growth) - 2025E: 1,145 million CNY (28.3% YoY growth) - 2026E: 1,453 million CNY (26.9% YoY growth) [1][7] - **Earnings Per Share (EPS)**: - 2022A: 0.27 CNY - 2023A: 0.28 CNY - 2024E: 0.36 CNY - 2025E: 0.46 CNY - 2026E: 0.59 CNY [1][7] - **Valuation Ratios**: - P/E: - 2022A: 39.0 - 2023A: 37.1 - 2024E: 29.2 - 2025E: 22.8 - 2026E: 17.9 [1] - PEG: - 2022A: 17.5 - 2023A: 7.1 - 2024E: 1.1 - 2025E: 0.8 - 2026E: 0.7 [1] - P/B: - 2022A: 2.4 - 2023A: 2.0 - 2024E: 2.1 - 2025E: 2.0 - 2026E: 1.9 [1] Business Segment Performance - The company has seen growth across its four main business segments: wireless communication, Beidou navigation, aerospace, and digital ecology, with respective revenue growth rates of 3.36%, 113.27%, 25.98%, and 6.15% [3][4]. - The Beidou navigation business has doubled its revenue, driven by the demand for Beidou III products [4]. Research and Development - The company invested 934 million CNY in R&D in 2023, representing an 18.49% increase year-on-year, with R&D expenses accounting for approximately 15% of revenue [4].

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 ...

证券代码：002465 证券简称：海格通信 公告编号：2024-011 号 广州海格通信集团股份有限公司 关于拟续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露内容的真实、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 27 日召 开第六届董事会第十四次会议，审议通过了《关于续聘会计师事务所的议案》，拟 续聘天健会计师事务所（特殊普通合伙）（以下简称"天健会计师事务所"）为公 司 2024 年度财务审计机构和内部控制审计机构，聘期一年。本议案尚需提交公司 2023 年年度股东大会审议。现将有关情况公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1 1．基本信息 事务所名称 天健会计师事务所（特殊普通合伙） 成立日期 2011 年 7 月 18 日 组织形式 特殊普通合伙 注册地址 浙江省杭州市西湖区灵隐街道西溪路 128 号 首席合伙人 王国海 上年末合伙人数量 238 人 上年末执业人 员数量 注册会计师 2,272 人 签署过证券服务业务审计报告的注册会计师 836 人 2023 年（经审 计）业务收入 ...

广州海格通信集团股份有限公司 独立董事 2023 年度述职报告 作为广州海格通信集团股份有限公司（以下简称"公司"）的独立董事，本 人在 2023 年任职期间严格按照《公司法》、《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等有关法律法规的规定，以及《广州海 格通信集团股份有限公司章程》（以下简称"《公司章程》"）及《独立董事工作制 度》的要求，充分发挥独立董事的作用，尽职尽责、谨慎、认真、勤勉地行使了 所赋予的权利，维护公司整体利益和全体股东尤其是中小股东的合法权益。现将 本人 2023 年度任职期间的工作情况汇报如下： 一、基本情况 本人刘运国，中国国籍，研究生学历，博士学位，中山大学管理学院会计学 教授、博士生导师。入选财政部会计名家培养工程，财政部特支计划，财政部会 计领军人才；全国宝钢优秀教师，广东省教学名师；兼任广州新华学院会计学院 院长，中国企业改革与发展研究会高级研究员，中国成本研究会常务理事，中国 会计学会管理会计专业委员会委员，财政部管理会计咨询专家，中国总会计师协 会咨询分会副会长，广东省管理会计师协会副会长，北亚管理会计领袖智库 CGMA100 成员，IMA ...