Financial Performance - The company's operating revenue for Q3 2024 was ¥1,175,176,522.62, an increase of 1.46% year-over-year, while the revenue for the year-to-date period decreased by 6.66% to ¥3,766,585,820.78[2] - The net profit attributable to shareholders for Q3 2024 was a loss of ¥10,906,854.79, representing a decline of 123.10% compared to the same period last year, with a year-to-date net profit of ¥184,920,621.26, down 48.43%[2] - The basic and diluted earnings per share for Q3 2024 were both ¥0.0044, a decrease of 121.46% year-over-year, while the year-to-date figure was ¥0.0745, down 52.12%[2] - The net profit for Q3 2024 was CNY 217.31 million, a decrease from CNY 369.06 million in the same period last year, representing a decline of approximately 41.0%[24] - Operating income for Q3 2024 was CNY 164.85 million, down from CNY 375.30 million year-over-year, indicating a decrease of about 56.1%[24] - The total comprehensive income for Q3 2024 was CNY 217.31 million, compared to CNY 369.06 million in the same quarter last year, indicating a decline of about 41.0%[24] Assets and Liabilities - Total assets as of the end of Q3 2024 were ¥20,933,360,849.15, reflecting a 7.72% increase from the end of the previous year[2] - The company's total liabilities increased significantly, with short-term borrowings rising by 55.05% to ¥1,938,782,463.50, driven by liquidity needs[5] - Total liabilities rose to CNY 7,596,617,864.54, up from CNY 5,944,354,859.82, indicating increased leverage[22] - The equity attributable to shareholders decreased to CNY 12,684,259,185.54 from CNY 12,866,655,447.80, showing a decline in shareholder value[22] Cash Flow - The company’s cash flow from operating activities for the year-to-date period was negative at -¥1,045,845,162.36, a decrease of 9.67% compared to the previous year[2] - Cash flow from operating activities showed a net outflow of CNY 1.05 billion, compared to a net outflow of CNY 953.61 million in the previous year, reflecting a worsening cash flow situation[25] - Cash flow from investing activities resulted in a net outflow of CNY 1.12 billion, compared to a net outflow of CNY 2.65 billion in the previous year, indicating improved investment cash flow management[26] - Cash flow from financing activities generated a net inflow of CNY 1.98 billion, significantly higher than the CNY 355.95 million recorded in the same period last year, showing a strong increase in financing activities[26] Investments and Projects - The company plans to invest a total of 1.2 billion RMB in the construction of the Xi'an industrial base, with its own investment amounting to 120 million RMB[14] - The company approved a capital increase of 150 million RMB to its wholly-owned subsidiary Guangzhou Haige Jingwei Information Industry Co., Ltd., using 120 million RMB from raised funds and 30 million RMB from its own funds[13] - The company is collaborating with China Mobile to enhance business cooperation, with plans to recommend a management candidate for the board[10] - The company agreed to increase its role in the "Beidou + 5G" integrated R&D industrialization project[16] - The company established a new subsidiary, Chongqing Haige Aerospace Information Technology Co., Ltd., with a registered capital of RMB 80 million, holding 90% equity[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 107,347[8] - Guangzhou Digital Technology Group Co., Ltd. is the largest shareholder, holding 25.31% of the shares, equivalent to 628,149,283 shares[8] - The top ten shareholders hold a significant portion of the company's shares, with the top three shareholders collectively owning 29.45%[10] Government Support and Financial Management - The company received government subsidies amounting to ¥108,183,766.21 year-to-date, contributing positively to its financial performance[3] - The company approved a receivables factoring business with a total limit not exceeding RMB 200 million[15] - The company and its subsidiaries are authorized to use up to RMB 1.2 billion of temporarily idle raised funds for cash management[15] - The company approved the use of up to RMB 2.5 billion of idle self-owned funds for cash management[18] - The company plans to apply for a credit financing limit of up to RMB 5.5 billion from relevant banks[18] Operational Efficiency - Total operating costs amounted to CNY 3,700,349,042.97, slightly down from CNY 3,711,080,486.16, indicating a cost reduction strategy[23] - Research and development expenses increased to CNY 702,157,883.85, up from CNY 651,077,005.28, reflecting a focus on innovation[23] - The company reported a net profit margin improvement with a decrease in sales expenses to CNY 122,445,755.98 from CNY 142,256,883.81[23] - The company achieved a net investment income of CNY 4,522,184.01, compared to CNY 4,041,939.83 in the previous period, indicating better investment performance[23] - Deferred tax assets increased to CNY 273,012,782.51 from CNY 195,347,955.39, suggesting improved tax planning strategies[22] Market Strategy - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[23] - The company has increased its business scope to include new areas, following the approval of the board and shareholders[14]

与会董事经认真审议，对以下事项进行了表决，形成董事会决议如下： 一、 审议通过《公司 2024 年第三季度报告》 表决结果：赞成票 9 票，弃权票 0 票，反对票 0 票。 证券代码：002465 证券简称：海格通信 公告编号：2024-048 号 广州海格通信集团股份有限公司 第六届董事会第二十二次会议决议公告 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"）第六届董事会第二十 二次会议于 2024 年 10 月 28 日以通讯方式召开。本次会议的召开事宜由公司董 事会于 2024 年 10 月 24 日以书面通知、电话、电子邮件等方式通知公司全体董 事及其他列席人员。公司 9 名董事全部参与表决。本次会议的召集、召开和表决 程序符合《公司法》及《公司章程》的有关规定。 董 事 会 2024 年 10 月 29 日 2 详见公司于 2024 年 10 月 29 日披露在《中国证券报》《证券时报》《证券日 报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《公司 2024 年第三 季度报告》。 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company, Haige Communication, is a leading enterprise in wireless communication and Beidou navigation, with a focus on four main areas: wireless communication, Beidou navigation, aerospace, and intelligent ecology [3][4]. - Revenue and profit have shown steady growth, with a compound annual growth rate (CAGR) of 8.77% in revenue from 2019 to 2023, increasing from 4.607 billion to 6.449 billion yuan, and a CAGR of 7.88% in net profit, rising from 519 million to 703 million yuan [3][4]. - The company emphasizes research and development (R&D), with R&D expenses accounting for approximately 15% of revenue, and a significant increase in R&D expense ratio to 18.41% in the first half of 2024 [3][4]. Summary by Sections 1. Company Overview - Haige Communication, founded in 2000, is a key member of the Guangzhou Digital Technology Group and specializes in wireless communication and Beidou navigation systems [10][14]. - The company has a broad geographical presence across major cities in China and operates multiple subsidiaries focusing on various technological services [10][16]. 2. Financial Performance - The company reported a revenue of 25.91 billion yuan in the first half of 2024, a decrease of 9.93% year-on-year, with a net profit of 1.96 billion yuan, down 37.11% [3][17]. - Wireless communication revenue fell by 44.60% to 7.31 billion yuan, while Beidou navigation revenue increased by 3.04 billion yuan, representing a significant growth in this segment [3][18]. 3. Market Opportunities - The company is well-positioned to benefit from the increasing penetration of Beidou applications and the growth of the defense informationization sector, with a projected 7.20% increase in national defense spending for 2024 [23][24]. - The Beidou navigation system is undergoing a significant upgrade cycle, which is expected to enhance its market prospects in both military and civilian applications [28]. 4. Strategic Collaborations - The company has established a comprehensive partnership with China Mobile, focusing on the integration of Beidou technology with 5G applications and low-altitude infrastructure development [3][4]. 5. Profit Forecast and Valuation - The report adjusts profit forecasts for 2024-2026, estimating net profits of 755 million, 1.045 billion, and 1.297 billion yuan respectively, with corresponding earnings per share (EPS) of 0.30, 0.42, and 0.52 yuan [3][4].

[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 | --- | --- | --- | --- | |--------------------------|--------|--------|-------| ...

证券代码：002465 证券简称：海格通信 公告编号：2024-047 号 广州海格通信集团股份有限公司 关于全资子公司签订项目合同暨关联交易的公告 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。 一、关联交易概述 1．广州海格通信集团股份有限公司（以下简称"公司"）全资子公司广东海 格怡创科技有限公司（以下简称"海格怡创"）与广州信息投资有限公司（以下简 称"广州信投"）签订项目合同，海格怡创与广州市市政工程设计研究总院有限公 司（以下简称"广州市政设计院"）组成的联合体为广州市市政道路合杆整治试点 项目（设计、施工、设备采购及安装）总承包的中标单位，项目内容为完成项目 的设计、设备采购及安装、施工，合同总金额为 16,864.0224 万元，其中海格怡创 合同金额为 16,097.9424 万元，广州市政设计院合同金额为 766.08 万元。 2．广州信投为公司控股股东广州数字科技集团有限公司（以下简称"广州数 科集团"）全资子公司，根据《深圳证券交易所股票上市规则》6.3.3 条规定，广州 信投为公司关联法人，本次交易构成关联交易。 3．公司第六届董事会 ...

证券代码：002465 证券简称：海格通信 公告编号：2024-046 号 广州海格通信集团股份有限公司 第六届董事会第二十一次会议决议公告 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"）第六届董事会第二十 一次会议于 2024 年 9 月 23 日以通讯方式召开。本次会议的召开事宜由公司董事 会于 2024 年 9 月 19 日以书面通知、电话、电子邮件等方式通知公司全体董事及 其他列席人员。公司 9 名董事全部参与表决。本次会议的召集、召开和表决程序 符合《公司法》及《公司章程》的有关规定。 与会董事经认真审议，对以下事项进行了表决，形成董事会决议如下： 一、 审议通过《关于全资子公司签订项目合同暨关联交易的议案》 董事会同意公司全资子公司广东海格怡创科技有限公司（以下简称"海格怡 创"）和广州市市政工程设计研究总院有限公司（以下简称"广州市政设计院"） 组成的联合体，与关联方广州信息投资有限公司签订广州市市政道路合杆整治试 点项目（设计、施工、设备采购及安装）总承包项目合同，合同总金额为 16,864.0 ...

中信证券股份有限公司 关于广州海格通信集团股份有限公司 全资子公司签订项目合同暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为广州海 格通信集团股份有限公司（以下简称"海格通信"或"公司"）2023 年度向特 定对象发行 A 股股票的保荐人，根据《深圳证券交易所股票上市规则》《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》等有关规 定，对海格通信全资子公司签订项目合同暨关联交易事项进行了核查，核查情况 如下： 一、关联交易概述 公司全资子公司广东海格怡创科技有限公司（以下简称"海格怡创"）与广 州信息投资有限公司（以下简称"广州信投"）签订项目合同，海格怡创与广州 市市政工程设计研究总院有限公司（以下简称"广州市政设计院"）组成的联合 体为广州市市政道路合杆整治试点项目（设计、施工、设备采购及安装）总承包 的中标单位，项目内容为完成项目的设计、设备采购及安装、施工，合同总金额 为 16,864.0224 万元，其中海格怡创合同金额为 16,097.9424 万元，广州市政设计 院合同金额为 766.08 万元。 广州信投为公司控股股东广州数字科技集团 ...

Investment Rating - The report assigns a "Buy" rating for the company, Haige Communication [1]. Core Viewpoints - Haige Communication is a leading enterprise in defense informationization, with a strong focus on wireless communication and BeiDou navigation, benefiting from the ongoing demand for military wireless communication in China [3][4]. - The company has established a comprehensive layout in the BeiDou navigation sector, achieving a full industry chain from chips to systems, and is positioned to benefit significantly from the upcoming replacement cycle of BeiDou equipment [3][4]. - The strategic placement of directed share placements aims to enhance capabilities in "BeiDou + 5G" integration, unmanned information industries, and satellite internet, indicating a proactive approach to emerging business opportunities [3][4]. Summary by Sections 1. Military Communication and Navigation Leader - Haige Communication has evolved from a single-purpose manufacturer to a comprehensive provider in military communication, covering a wide range of products and frequencies [11][13]. - The company is well-positioned to capitalize on the accelerating pace of national defense informationization, which is crucial for modern warfare [28][31]. 2. Wireless Communication - The military communication market in China is expected to grow significantly, with a compound annual growth rate exceeding 12% over the past decade, driven by increased defense spending on information technology [38][40]. - Haige Communication's products cover all frequency bands and are widely used across various military branches, showcasing its strong market position [41][43]. 3. BeiDou Navigation - The completion of the BeiDou-3 satellite system marks the beginning of a significant replacement cycle for ground navigation equipment, which is expected to drive demand from special institutions [49]. - The BeiDou navigation market is expanding rapidly, with applications in various sectors, including transportation and public safety, contributing to the overall growth of the satellite navigation and positioning services industry [45][47]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 741 million, 1,028 million, and 1,309 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 28, 20, and 16 [2][4]. - The revenue growth trajectory indicates a stable increase, with total revenue expected to rise from 6,449 million yuan in 2023 to 10,274 million yuan by 2026 [2][4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 11.50 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [1][28]. Core Views - The report highlights significant growth in the Beidou navigation business, driven by the replacement of the Beidou II system with Beidou III, which is expected to enhance the company's market position [7][8]. - The company is actively expanding into emerging fields such as satellite internet, low-altitude economy, and unmanned systems, which are anticipated to provide new business opportunities [12][14]. - Despite a decline in revenue and net profit in the first half of 2024, the company is expected to recover as demand in the wireless communication sector stabilizes and the Beidou navigation business continues to grow [3][17]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 2.591 billion CNY, a decrease of 9.93%, and a net profit of 196 million CNY, down 37.11% [1][5]. - The gross margin was 32.12%, down 1.85 percentage points, while the net margin was 8.63%, down 2.44 percentage points [1][5]. - The company experienced a significant increase in R&D expenses, which rose by 13.20% to 477 million CNY, reflecting a focus on new technologies [4][5]. Business Segments - **Beidou Navigation**: Revenue increased by 275.45% to 414 million CNY, accounting for 15.96% of total revenue, with a gross margin of 60.73% [1][3]. - **Wireless Communication**: Revenue fell by 44.60% to 731 million CNY, representing 28.23% of total revenue, with a gross margin of 40.42% [1][3]. - **Aerospace**: Revenue grew by 16.57% to 157 million CNY, with a gross margin of 35.58% [3][9]. - **Digital Ecosystem**: Revenue remained stable at 1.246 billion CNY, accounting for 48.07% of total revenue, but with a slight decline in gross margin to 15.22% [3][10]. R&D and Emerging Fields - The company is increasing its investment in R&D, with a focus on areas such as vehicle networking, satellite internet, low-altitude economy, and 6G technology [4][12]. - The establishment of a new subsidiary in Chongqing aims to enhance the company's presence in the southwest region and support its strategic initiatives in satellite internet and Beidou navigation [14][16]. Market Outlook - The company is well-positioned to benefit from the ongoing demand for defense information technology and the transition to Beidou III systems, which are expected to drive growth in the medium to long term [17][19]. - The report forecasts revenue growth for the company, projecting revenues of 6.875 billion CNY in 2024, 8.063 billion CNY in 2025, and 9.402 billion CNY in 2026, with corresponding net profits of 720 million CNY, 918 million CNY, and 1.158 billion CNY respectively [19][27].

Investment Rating - The report initiates coverage on Haige Communication (002465.SZ) with a "Buy" rating [2][6]. Core Views - The investment highlights include a significant partnership with China Mobile, which is expected to enhance collaboration in the "Beidou+" industry applications, low-altitude infrastructure, and integrated development of air and space [4][13]. - The company has shown robust growth in the Beidou navigation sector, achieving a revenue of 414 million yuan in 2024H1, representing a year-on-year increase of 275% [4][29]. - Haige Communication is actively participating in major satellite internet projects, establishing a satellite company to expand its business in the southwestern region of China [4][42]. Summary by Sections 1. Business Overview - Haige Communication is a member of the Guangzhou Digital Technology Group, focusing on four main business areas: wireless communication, Beidou navigation, aerospace, and digital ecology [13]. - The company has seen continuous revenue and profit growth from 2018 to 2023, with a focus on emerging sectors such as Beidou, satellite, and low-altitude industries [13][20]. 2. Business Growth Drivers - The company has a comprehensive product range in wireless communication, covering various technologies and achieving significant breakthroughs in the market [22][24]. - The Beidou navigation segment has established a full industry chain layout, leading to rapid growth driven by the transition from Beidou II to Beidou III systems [26][29]. - In the aerospace sector, Haige Communication is a leader in simulation systems and is expanding into unmanned platforms and civil aviation navigation [31][33]. 3. Financial Performance and Dividends - The company has maintained a high dividend payout ratio, averaging 53% since its listing, reflecting its commitment to returning value to shareholders [40]. - The financial forecast for 2024-2026 anticipates revenues of 6.65 billion, 8.42 billion, and 10.11 billion yuan, with corresponding net profits of 734 million, 998 million, and 1.22 billion yuan [4][7]. 4. Strategic Initiatives - Haige Communication is deepening its involvement in national satellite internet projects, aiming to complete a full industry chain from chip development to terminal manufacturing [42][44]. - The company is also focusing on low-altitude economic development, supported by favorable national and local policies [50].