（编辑 姚尧） 证券日报网讯 2月1日，海格通信在互动平台回答投资者提问时表示，公司最早在天通一号卫星时期就 投入研发用于高轨卫星通信的相控阵天线。随着卫星互联网星座的建设和发展，公司进一步拓展了低轨 卫星通信用的相控阵天线，目前已经很好地应用于多型应用终端产品，提供良好卫星互联网接入服务。 后续也将进一步降本增效和派生出系列化产品，提升用户体验，扩大应用范围。 ...

Core Insights - The integration of communication and navigation (通导融合) is identified as a key pathway to enhance national spatiotemporal information service capabilities in the context of the accelerating global aerospace information industry [1] - The Beidou Navigation System is highlighted as a crucial space infrastructure providing high-precision PNT (Positioning, Navigation, and Timing) services, while low Earth orbit satellite systems offer advantages such as low latency, high bandwidth, and global coverage [1] - The deep integration of Beidou and low Earth orbit satellite systems is becoming the core direction for the development of the aerospace information industry [1] Company Strategy - The company has achieved a comprehensive layout across the entire industry chain in the Beidou navigation field, including "chips, modules, antennas, terminals, systems, and operations" [1] - It is positioned as a leader in the "Beidou + 5G" application, focusing on the integration of "Beidou + 5G" technology and the transformation of key results [1] - The company is actively expanding into various industry markets such as transportation, electricity, petrochemicals, forestry, emergency services, and fisheries, as well as consumer and IoT application fields [1] Market Expansion - The company has successfully broken into multiple industry applications and national major engineering projects, paving the way for the application of Beidou spatiotemporal big data in smart city initiatives [1] - There is a proactive approach to international market expansion, with efforts to broaden customer resources and fully explore the potential of various business segments [1]

（编辑 姚尧） 证券日报网讯 2月1日，海格通信在互动平台回答投资者提问时表示，在地面终端的小型化、低功耗方 面公司核心能力是打造核心通信芯片，以及终端天线的小型化设计。目前已经完成了窄带芯片设计定 型，启动量产工作。今年将进一步拓展宽带芯片，年内将开展流片。后续还将投入更多的研发力量，研 制出更多符合产业发展的芯片，赋能卫星和地面产品。 ...

证券日报网讯 2月1日，海格通信在互动平台回答投资者提问时表示，在国家着力实现集成电路全产业 链突破的背景下，公司的自主可控工作覆盖了设计、封装测试到应用验证的关键环节，能够自主完成从 芯片设计、材料制备到封装测试的全流程，已系统性地建立了从电路设计到最终应用验证的完整内控能 力。通过持续的材料、工艺与设计优化，不断提升芯片在极端条件下的可靠性表现，确保产品能够满足 严苛场景应用需求。 （编辑 姚尧） ...

Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for February 2026 [6]. Core Insights - The report identifies several companies across different segments of the technology industry, including electronics, communications, computing, and media, suggesting a diversified investment approach [6]. - Key companies recommended include: - Electronics: Dongshan Precision, Lanke Technology - Communications: Wolong Materials, Haige Communications - Computing: Zhongkong Technology, Haiguang Information - Media: Kaiying Network, Giant Network [6]. Summary by Category Electronics - **Dongshan Precision**: Positioned for growth due to AI technology advancements, with a focus on optical communication and PCB sectors. The acquisition of Solstice Optoelectronics enhances its market position [9]. - **Lanke Technology**: Expected to benefit from the growth in AI servers and memory interface chips, with a projected increase in DDR5 penetration rates [10]. Communications - **Wolong Materials**: Strong in traditional materials and expanding into new energy products, with significant profit growth expected from 2025 to 2027 [10]. - **Haige Communications**: Focused on commercial aerospace and satellite communication, with anticipated profit recovery post-2025 [10]. Computing - **Zhongkong Technology**: Emphasizes industrial AI transformation, leveraging its self-developed industrial model TPT to enhance customer ROI and operational efficiency [11]. - **Haiguang Information**: A leader in high-end CPUs and DCUs, expected to see significant growth driven by domestic demand for AI computing [12]. Media - **Kaiying Network**: Anticipates new game launches in 2026, with a strong pipeline of products expected to drive revenue growth [13]. - **Giant Network**: Positive performance from existing games and new releases, with ongoing AI integration in gaming expected to enhance user engagement [13]. Financial Projections - The report includes earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended companies, indicating expected growth in profitability from 2024 to 2027 [14].

Core Viewpoint - The company anticipates a net loss for the fiscal year 2025 due to various factors including industry adjustments, increased R&D investments, and expected impairment losses [1][2]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an expected net profit being negative [1]. - The company has communicated with its accounting firm regarding the performance forecast, and there are no discrepancies between the two parties [1]. Group 2: Reasons for Performance Changes - The primary reasons for the anticipated loss include delays in contract signing due to industry client adjustments and cyclical fluctuations, leading to reduced revenue [2]. - The company has invested approximately 930 million yuan in R&D to enhance its competitiveness in emerging fields such as chips, satellite internet, and 6G technology, which has increased expenditures [2]. - Expected sales and collections for 2025 did not meet projections, prompting the company to propose impairment losses of approximately 220 million yuan for goodwill and 250 million yuan for receivables [2]. Group 3: Strategic Initiatives - The company is actively pursuing market share and expanding into international markets while focusing on both military and civilian products [3]. - In the satellite internet sector, the company has achieved a full industry chain layout, including chips, terminals, and system operations [3]. - The company aims to enhance operational efficiency and economic benefits by targeting new production capabilities and military combat capabilities, while also expanding into civilian and international markets [3]. Group 4: Contract Overview - The company has signed a contract worth approximately 335 million yuan with a special institutional client, which is expected to positively impact revenue and profit [7][14]. - The contract involves wireless communication and Beidou navigation products, and it is expected to account for 6.81% of the company's audited revenue for the most recent fiscal year [11][14]. - The execution of the contract will not affect the company's business independence, as it will not create dependency on the counterparty [16].

（编辑 王雪儿） 证券日报网讯 1月30日，海格通信在互动平台回答投资者提问时表示，二级市场股价受多重因素综合影 响。公司管理层始终关注公司股价表现，并对未来发展充满信心。公司将持续聚焦主业，努力提高经营 水平，改善经营质效，提升公司内在价值回报投资者信任。未来公司将以多种方式持续维护投资者权 益，增强市场信心、促进资本市场积极健康发展。 ...

智通财经APP讯，海格通信(002465.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净亏损 7亿元至7.9亿元;扣除非经常性损益后的净亏损7.8亿元至8.7亿元。 ...

Group 1 - Yuehongyuan A announced the transfer of 45% equity in Hongxi Mining for 22.37 million yuan, aiming to optimize its business and promote transformation, expecting a positive impact on financial results with an estimated gain of over 22 million yuan [2] - Wanhua Chemical plans to increase capital by 19.086 billion yuan to its wholly-owned subsidiary Wanhua Olefins, consolidating its carbon two industry operations to enhance competitiveness [3] - Huayou Cobalt signed a cooperation framework agreement to build an integrated battery industry chain project in Indonesia, aiming to establish the country as a production base for electric vehicle batteries [4] Group 2 - Gansu Energy reported that the first batch of wind turbines for its 1 million kW green electricity aggregation pilot project has been connected to the grid, contributing to over 10% of the company's expected installed capacity by the end of 2025 [5] - Lingyi Zhizao completed the acquisition of 35% equity in Liminda for 875 million yuan, gaining control over 52.78% of voting rights, making Liminda a subsidiary [6] - Tianqi Lithium's third-phase expansion project for chemical-grade lithium concentrate produced its first batch of qualified products, enhancing raw material supply for its lithium chemical production bases [7] Group 3 - Ecovacs expects a net profit of 1.7 billion to 1.8 billion yuan for 2025, a year-on-year increase of 110.90% to 123.30% due to product upgrades and cost optimization [9] - Cambrian anticipates a turnaround with a net profit of 1.85 billion to 2.15 billion yuan for 2025, a significant increase in revenue driven by operational improvements [10] - China Southern Airlines expects a net profit of 800 million to 1 billion yuan for 2025, recovering from a loss of 1.696 billion yuan in the previous year [11] Group 4 - Shandong Gold forecasts a net profit of 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% due to improved production efficiency and rising gold prices [16] - Perfect World expects a net profit of 720 million to 760 million yuan for 2025, recovering from a loss of 1.288 billion yuan, driven by successful game launches and cost reductions [17] - CICC anticipates a net profit of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% due to strong performance in investment banking and wealth management [18] Group 5 - *ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, recovering from a loss of 76.64 million yuan, attributed to a major asset restructuring [19] - New Hope predicts a net loss of 1.5 billion to 1.8 billion yuan for 2025, down from a profit of 473.6 million yuan, impacted by fluctuations in the pig market [20] - 360 expects a net profit of 213 million to 318 million yuan for 2025, turning around from a loss, driven by increased investment income from equity method accounting [21]

Core Viewpoint - The company, Haige Communication, anticipates a significant net loss for the fiscal year 2025, projecting a loss between 700 million to 790 million yuan, with a loss of 780 million to 870 million yuan when excluding non-recurring gains and losses [1] Group 1: Financial Performance - The expected net loss for 2025 is attributed to delays in contract signing due to industry client adjustments and cyclical fluctuations, leading to a decrease in revenue scale [1] - The company plans to recognize impairment losses totaling approximately 220 million yuan for goodwill and about 250 million yuan for receivables, which will further impact the net profit for the period [1] Group 2: Investment and Development - To enhance its competitive edge, the company is increasing its investment in future business development, focusing on emerging fields such as chips, satellite internet, Beidou, intelligent unmanned systems, low-altitude economy, robotics, embodied intelligence, brain-computer interfaces, smart wearables, and 6G technology [1] - The total research and development expenditure for the year is projected to be around 930 million yuan, alongside efforts to expand into international markets and significantly develop the civilian market [1]