Industry Overview - The Beidou receiver is a crucial component of the Beidou satellite navigation system, serving as a bridge between satellites and users, directly impacting service quality and user experience [1][17] - The global service capability of the Beidou system has been continuously enhanced, providing broader application space and higher performance requirements for Beidou receivers [1][17] - The Chinese Beidou receiver industry is experiencing rapid development opportunities, with market potential gradually being released, projected to reach approximately 30.06 billion yuan in 2024 [1][17] Market Size and Segmentation - The market size for Beidou receivers in China is estimated to be around 30.06 billion yuan in 2024, with high-precision receivers accounting for about 10 billion yuan and low-precision receivers for approximately 20.06 billion yuan [1][17] - The industry is driven by both policy support and market demand, focusing on high performance, low power consumption, and multi-scenario integration [1][17] Industry Development History - The development of the Beidou receiver industry is closely linked to the construction of the Beidou satellite navigation system, which began in the 1990s [5] - The industry has evolved from initial military applications to a broader range of civil applications, including transportation, surveying, and public safety [5] - Recent years have seen significant achievements in technological innovation, market expansion, and the improvement of the industrial chain, enhancing international competitiveness [5] Key Companies in the Industry - Major companies in the Beidou receiver industry include: - **Haige Communication**: Holds over 30% market share in military high-precision receivers [18][20] - **Zhenxin Technology**: Maintains a leading position in the satellite-based augmentation system (SBAS) receiver market [18][20] - **Beidou Xingtong**: Focuses on a comprehensive product range and is accelerating the development of integrated cloud-core business models [18][20] - **HuaCe Navigation**: Specializes in high-precision surveying and geographic information solutions [18][20] Technological Advancements - The Beidou receiver industry is moving towards higher positioning accuracy, with potential breakthroughs expected through the integration of satellite and ground-based augmentation systems [26] - Future receivers will evolve from single-function devices to integrated smart terminals, incorporating 5G communication and environmental sensing capabilities [27] - The application of third-generation semiconductor materials is anticipated to significantly reduce the size and power consumption of receivers, facilitating their use in consumer-grade wearable devices and IoT terminals [28]

广州海格通信集团股份有限公司关于回购股份事项股东大会股权登记日 登记在册的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日召开第六届董事会第二十六次会 议，审议通过《关于回购公司股份方案的议案》，详见公司于2025年3月29日披露在《中国证券报》 《证券时报》《证券日报》《上海证券报》和巨潮资讯网站的（www.cninfo.com.cn）的《第六届董事 会第二十六次会议决议公告》（公告编号：2025-016号）和《关于回购公司股份方案暨取得股票回购专 项贷款承诺函的公告》（公告编号：2025-017号）。 根据《深圳证券交易所上市公司自律监管指引第9号一一回购股份》等相关规定，现将公司2024年年度 股东大会的股权登记日（即2025年4月18日）登记在册的前十大股东和前十大无限售条件股东持股情况 公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002465 证券简称：海格通信 公告编号：2025-021号 ■ 注：以上股 ...

证券代码：002465 证券简称：海格通信 公告编号：2025-021 号 广州海格通信集团股份有限公司 关于回购股份事项股东大会股权登记日登记在册的前十大 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | --- | --- | | 1 | 广州数字科技集团有限公司 | 628,149,283 | 25.31% | | 2 | 中移资本控股有限责任公司 | 49,009,359 | 1.97% | | 3 | 香港中央结算有限公司 | 35,163,090 | 1.42% | | 4 | 杨海洲 | 31,425,075 | 1.27% | | 5 | 中国农业银行股份有限公司－中证 500 交易型开 放式指数证券投资基金 | 30,968,598 | 1.25% | | 6 | 杜水萍 | 29,795,000 | 1.20% | | 7 | 中国建设银行股份有限公司－富国中证军工龙头 交易型开放式指数证券投资基金 | 28,086,566 | 1.13% | 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 日召开第六届董事会第二 ...

广州海格通信集团股份有限公司 投资者关系活动记录表 编号：2025-001 号 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 活动参与 | 于全景网公开举办的业绩说明会 | | 人员 | | | 时间 | 年 月 日 2025 4 11 15:00-17:00 | | 地点 | 广州 | | 形式 | 线上交流 | | 上市公司 | 董事长余青松先生，总经理喻斌先生，独立董事胡鹏翔先生， | | 接待人员 | 财务负责人袁万福先生，董事会秘书舒剑刚先生。 | | | 1. 请问公司在自主可控芯片方面有哪些相关产品吗？ | | | 答：公司芯片业务呈现集群化发展良好态势。在卫星通信领域， | | | 公司是国内拥有全系列天通卫星终端及芯片的主流厂家。2024 年， | | | 基于射频芯片在卫星应用领域的技术先发优势，从专用市场拓展至 | | 投资者关系 | 行业和大众消费市场，从国内客户拓展至国际客户，支持"手机直 | | 活动主要内 | 连卫星"功能的 ...

1.是否建立了防止控股股东、实际控制人及其关联人直接 或者间接占用上市公司资金或者其他资源的制度 是 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 2024 年度持续督导定期现场检查报告 | 保荐人名称：中信证券股份有限公司 被保荐公司简称：海格通信 | | --- | | （以下简称"中信证券"或"保荐人"） | | 保荐代表人姓名：王国威 联系电话：020-32258106 | | 保荐代表人姓名：耿世哲 联系电话：020-32258106 | | 现场检查人员姓名：王国威、曾文 | | 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 | | 年 月 日至 年 月 年 月 日 现场检查时间：2025 3 17 2025 3 21 日、2025 3 28 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段： | | 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 | | 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 | | 1.公司章程和公司治理制度是否完备、合规 ...

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 2023 年度向特定对象发行 A 股 股票持续督导 保荐总结报告书 | 申报时间：2025 年 4 月 | | --- | | 保荐人编号：Z20374000 | | 中文名称 | 广州海格通信集团股份有限公司 | | --- | --- | | 英文名称 | Guangzhou Haige Communications Group Incorporated Company | | 证券代码 | 002465.SZ | | 上市地点 | 深圳证券交易所 | | 成立日期 | 2000 年 7 月 20 日 | | 注册资本 | 元 2,481,833,948 | | 注册地址 | 广州市高新技术产业开发区科学城海云路 号 88 | | 法定代表人 | 余青松 通信设备制造；通信设备销售；技术服务、技术开发、技术咨询、技 | | | 术交流、技术转让、技术推广；工程和技术研究和试验发展；软件开 发；软件销售；电子元器件制造；电子元器件零售；电子产品销售； 安全技术防范系统设计施工服务；信息安全设备制造；信息系统集成 | | | 服务；卫星技术综合应用系统集 ...

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 2024年度保荐工作报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：海格通信 | | --- | --- | | 保荐代表人姓名：王国威 | 联系电话：020-32258106 | | 保荐代表人姓名：耿世哲 | 联系电话：020-32258106 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | | 根据2024年度海格通信内部控制自我评价报 | | （2）公司是否有效执行相关规章制度 | 告、内部控制审计报告，发行人有效执行了相 | | | 关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次 ...

Investment Rating - The report maintains a rating of "Buy" for the industry, specifically recommending the computing power sector and military communication [4][9]. Core Viewpoints - The release of tariff exemptions is expected to alleviate concerns in the optical communication sector, leading to a potential valuation recovery for companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which have international production capabilities [2][21]. - Domestic demand for computing power continues to grow, driven by significant investments from major internet companies and telecom operators, indicating a sustained narrative for AI growth [3][22]. - Military communication companies are anticipated to benefit from geopolitical tensions and increased defense budgets, with firms like Jiexun Feihong and China Satcom positioned to gain [23]. Summary by Sections Investment Strategy - Focus on the computing power and military communication sectors, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military firms like Jiexun Feihong and China Satcom [4][12]. Market Review - The communication sector experienced a decline, with the operator index performing relatively better compared to other segments [16][19]. Tariff Impact - The U.S. Customs and Border Protection announced tariff exemptions for specific communication electronic products, which is expected to positively impact the optical communication industry [20][21]. Computing Power Demand - Major companies like Alibaba and ByteDance are significantly increasing their investments in AI infrastructure, indicating a robust growth trajectory for domestic computing power demand [3][22]. Key Companies - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military communication firms such as Jiexun Feihong and China Satcom, among others [4][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.92 billion yuan for 2024, a year-on-year decrease of 23.71%, and a net profit attributable to shareholders of 0.53 billion yuan, down 92.44% year-on-year [5] - Despite the decline in revenue and profit due to industry client adjustments and cyclical fluctuations, the company has increased its R&D investment in emerging fields such as chips, low-altitude, satellite internet, unmanned systems, 6G, artificial intelligence, robotics, brain-computer interfaces, and smart wearables [6] - The company has made significant breakthroughs in the militarization of AI technology and is deeply involved in national satellite internet projects, leveraging its strong technical foundation to accelerate industry implementation in the low-altitude sector [6] Financial Summary - The company’s revenue is projected to recover, with estimates of 6.25 billion yuan in 2025, 7.51 billion yuan in 2026, and 9.02 billion yuan in 2027, reflecting year-on-year growth rates of 27.0%, 20.2%, and 20.0% respectively [7] - The net profit attributable to shareholders is expected to rise significantly, with forecasts of 0.495 billion yuan in 2025, 0.685 billion yuan in 2026, and 0.904 billion yuan in 2027, indicating year-on-year growth rates of 830.7%, 38.5%, and 32.0% respectively [7] - The projected P/E ratios for 2025, 2026, and 2027 are 56.56, 40.84, and 30.94 respectively [7] - The gross margin is expected to improve slightly from 28.8% in 2024 to 29.7% in 2027 [9] - Return on equity (ROE) is projected to increase from 0.4% in 2024 to 6.2% in 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.92 billion yuan for 2024, a year-on-year decrease of 23.71%, and a net profit attributable to shareholders of 0.53 billion yuan, down 92.44% year-on-year [5] - Despite the decline in revenue and profit due to industry client adjustments and cyclical fluctuations, the company has increased its R&D investment in emerging fields such as chips, low-altitude, satellite internet, unmanned systems, 6G, artificial intelligence, robotics, brain-computer interfaces, and smart wearables [6] - The company has made significant breakthroughs in the military application of AI technology and is deeply involved in national satellite internet projects, leveraging its strong technical foundation to accelerate industry implementation in the low-altitude sector [6] Financial Summary - The company’s revenue is projected to recover, with estimates of 6.25 billion yuan in 2025, 7.51 billion yuan in 2026, and 9.02 billion yuan in 2027, reflecting year-on-year growth rates of 27.0%, 20.2%, and 20.0% respectively [9] - The net profit attributable to shareholders is expected to rise significantly, with forecasts of 0.495 billion yuan in 2025, 0.685 billion yuan in 2026, and 0.904 billion yuan in 2027, indicating year-on-year growth rates of 830.7%, 38.5%, and 32.0% respectively [7] - The projected P/E ratios for 2025, 2026, and 2027 are 56.56, 40.84, and 30.94 respectively [7]