Investment Rating - The investment rating for the company is "Buy (Maintain)" [2][6] Core Views - The company benefits from the large-scale application of Beidou and satellite technology, with significant support from local governments for the development of the Beidou industry [4][6] - The company has established a comprehensive partnership with China Mobile, which includes a contract worth 31.06 million yuan for chip development services [4][6] - The company has a strong position in the satellite navigation industry, with a complete product line and significant revenue growth in the Beidou navigation sector [4][6] Financial Performance - The company reported a revenue of 6,449 million yuan in 2023, with projected revenues of 6,175 million yuan, 7,902 million yuan, and 9,681 million yuan for 2024, 2025, and 2026 respectively [6][11] - The net profit for 2023 was 703 million yuan, with forecasts of 562 million yuan, 853 million yuan, and 1,114 million yuan for the following three years [6][11] - The earnings per share (EPS) are projected to be 0.23 yuan, 0.34 yuan, and 0.45 yuan for 2024, 2025, and 2026 respectively [6][11] Market Position - The company is recognized as one of the most competitive electronic information enterprises in the industry, with the widest user coverage and the most comprehensive product series [6][11] - The company has achieved a gross margin of 60.73% in the Beidou navigation sector, reflecting a year-on-year increase of 15.52 percentage points [4][6] Strategic Initiatives - The company is actively participating in major national satellite internet projects and has established a subsidiary in Chongqing to expand its business in the southwest region [4][6] - The company is focusing on the integration of satellite internet and Beidou navigation, aiming to cover the entire industry chain from chips to terminals [4][6]

Investment Rating - The report maintains a "Buy" rating for Haige Communication (002465 SZ) [6] Core Views - Haige Communication won a bid for the China Mobile Terminal Company's integrated navigation and communication terminal chip R&D service procurement project, with an expected contract value of 31 06 million yuan [6] - The company has achieved a full industry chain layout in the Beidou field, covering "chip, module, antenna, terminal, system, and operation" [6] - The "Beidou Chip" series integrates multiple advanced domestic technologies, mastering Beidou baseband and RF chip design, and providing a complete chip solution for Beidou-3 applications [6] - The company has rich technical accumulation and project experience in short message communication and positioning navigation [6] - The bid win demonstrates the company's strong capabilities in the Beidou field and chip R&D, accelerating the promotion of Beidou applications in consumer and IoT markets [7] - The company is actively expanding into the civilian market, focusing on the integration of "Beidou+5G" technology, with applications in transportation, emergency response, power, energy, and marine industries [7] - In the satellite communication civilian market, the company is exploring an integrated space-air-ground system and has become a supplier for mainstream domestic mobile phone manufacturers for satellite-connected chips [8] - The company has launched the "Tianteng" low-altitude flight management platform, leveraging its expertise in aerospace, wireless communication, and Beidou navigation [8] Financial Projections - The company is expected to achieve net profits attributable to the parent company of 456 million yuan, 965 million yuan, and 1 501 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of -35%, 111%, and 56% [8] - The corresponding PE ratios are 69x, 33x, and 21x for 2024, 2025, and 2026, respectively [8] Market Performance - The current stock price is 12 73 yuan, with a total market capitalization of 248 183 million shares [11] - The stock's 12-month high and low prices are 13 88 yuan and 8 06 yuan, respectively [11] - The stock has underperformed the CSI 300 index over the past 12 months, with a decline of 32% compared to the index's 13% decline [13]

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company has won a contract for the development of a Beidou navigation and communication integrated terminal chip project with China Mobile, which is expected to enhance its capabilities in consumer, IoT, and industry applications [1]. - The contract value is approximately 31.06 million yuan, representing 0.48% of the company's most recent audited annual revenue, showcasing the company's strong position in the Beidou field and chip development [1]. - China Mobile's shareholding in the company has increased from 1.4% to 1.97%, indicating a strategic collaboration that is likely to enhance joint business opportunities in various sectors [1]. - The company is actively expanding its civilian market presence, particularly in the integration of Beidou and 5G technologies across multiple industries [1]. - The company is expected to benefit significantly from the military informationization wave and the third generation of Beidou navigation system upgrades, with projected net profits for 2024-2026 being 491 million, 952 million, and 1.11 billion yuan, respectively [1]. Financial Summary - Total revenue for 2023 is projected at 6.449 billion yuan, with a year-on-year growth of 14.8%. However, a decline of 5.6% is expected in 2024, followed by a recovery with growth rates of 26.1% and 16.5% in 2025 and 2026, respectively [4]. - The net profit attributable to the parent company for 2023 is estimated at 703 million yuan, with a significant drop of 30.2% expected in 2024, followed by a rebound of 94.0% in 2025 [4]. - The company’s price-to-earnings ratio is projected to be 64 in 2024, decreasing to 33 in 2025 and 28 in 2026, indicating an improving valuation outlook [4].

证券代码：002465 证券简称：海格通信 公告编号：2024-056 号 公司在北斗领域率先实现了"芯片、模块、天线、终端、系统、运营"全产 业链布局。公司"北斗芯"系列汇聚了国内多项先进技术，全面掌握北斗基带、 射频芯片设计技术，打造北斗三号应用全芯片解决方案，在短报文通信和定位导 航领域具有丰富的技术积累和项目经验，同时积极推动北斗行业应用服务的商业 模式从位置服务向数据资产服务延伸。 关于公司中选中国移动通信集团终端有限公司 通导融合终端芯片研发服务采购项目的公告 广州海格通信集团股份有限公司 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。 近日，广州海格通信集团股份有限公司（以下简称"公司"）收到中国移动 通信集团终端有限公司"2024 年至 2025 年通导融合终端芯片研发服务采购项目" 的中选通知书，公司为该项目中选单位之一，预计中选合同金额为 3,106 万元。 一、中选项目基本情况 中国移动通信集团终端有限公司（以下简称"中国移动终端公司"）本次开 展的通导融合终端芯片研发服务采购项目是研制北斗通导融合终端芯片，产品未 来可广泛应用于大众消费 ...

关于全资子公司参与竞拍武汉嘉瑞科技有限公司 49%股权的进展公告 证券代码：002465 证券简称：海格通信 公告编号：2024-055 号 广州海格通信集团股份有限公司 出让方：刘珩 受让方：北京海格神舟通信科技有限公司 标的公司：武汉嘉瑞科技有限公司 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、竞拍股权概况 广州海格通信集团股份有限公司（以下简称"公司"）于 2024 年 11 月 19 日 召开第六届董事会第二十三次会议，审议通过了《关于全资子公司拟参与竞拍武 汉嘉瑞科技有限公司 49%股权的议案》。董事会同意公司全资子公司北京海格神舟 通信科技有限公司（以下简称"海格神舟"）参与竞拍海格神舟控股子公司武汉嘉 瑞科技有限公司（以下简称"武汉嘉瑞"）自然人股东刘珩以公开挂牌方式转让其 持有的武汉嘉瑞 49%股权。详见公司于 2024 年 11 月 20 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 《关于全资子公司拟参与竞拍武汉嘉瑞科技有限公司 49%股权的公告》。 二、竞拍股权 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.29 CNY per share, reflecting a 60x PE valuation for 2024 [5][3]. Core Insights - The company reported a revenue of 3.767 billion CNY for the first three quarters of 2024, a year-over-year decrease of 6.66%. The net profit attributable to shareholders was 185 million CNY, down 48.43% year-over-year, with a gross margin of 29.97% [2][3]. - The company is increasing its R&D investments and is optimistic about collaborations with China Mobile in the "Beidou+" initiative and other areas [3][2]. - The third quarter alone saw revenues of 1.175 billion CNY, but the net profit was negative at -11 million CNY, indicating a significant decline in profitability [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.767 billion CNY, with a net profit of 185 million CNY and a net profit margin of 5.77% [2]. - The gross margin for the third quarter was reported at 25.23%, down 7.97 percentage points year-over-year [3]. - The company’s total assets at the end of the reporting period were 19.201 billion CNY, with a total liability of 7.265 billion CNY [12]. Earnings Forecast - The earnings per share (EPS) for 2024 is projected to be 0.24 CNY, with expected growth to 0.34 CNY in 2025 and 0.48 CNY in 2026 [4][3]. - Revenue is expected to decline by 5% in 2024, followed by a recovery with growth rates of 24.7% in 2025 and 24% in 2026 [4][3]. Collaboration and Strategic Initiatives - The company is enhancing its business cooperation with China Mobile, focusing on applications in the "Beidou+" sector and low-altitude infrastructure [3][2]. - As of September 30, 2024, China Mobile Capital holds a 1.97% stake in the company, indicating a strategic partnership aimed at expanding business opportunities [3].

证券代码：002465 证券简称：海格通信 公告编号：2024-053 号 详见公司于 2024 年 11 月 20 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《关于全资子公司拟 参与竞拍武汉嘉瑞科技有限公司 49%股权的公告》。 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 三次会议于 2024 年 11 月 19 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 11 月 15 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《关于全资子公司拟参与竞拍武汉嘉瑞科技有限公司 49%股权 的议案》 董事会同意公司全资子公司北京海格神舟通信科技有限公司（以下简称"海 格神舟"）参与竞拍海格神舟控股子公司武汉嘉瑞科技有限公司（以下简称"武 汉嘉瑞"）自然人股东刘珩以公开挂牌方式转让其持有的武汉嘉瑞 49% ...

证券代码：002465 证券简称：海格通信 公告编号：2024-054 号 广州海格通信集团股份有限公司 关于全资子公司拟参与竞拍武汉嘉瑞科技有限公司 49%股权的公告 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、交易概述 广州海格通信集团股份有限公司（以下简称"公司"）于 2024 年 11 月 19 日 召开第六届董事会第二十三次会议，审议通过了《关于全资子公司拟参与竞拍武 汉嘉瑞科技有限公司 49%股权的议案》。董事会同意公司全资子公司北京海格神舟 通信科技有限公司（以下简称"海格神舟"）参与竞拍海格神舟控股子公司武汉嘉 瑞科技有限公司（以下简称"武汉嘉瑞"）自然人股东刘珩以公开挂牌方式转让其 持有的武汉嘉瑞 49%股权，最终交易金额以竞价结果确定，交易能否达成存在一 定的不确定性。如海格神舟被确认为最终受让方，交易完成后，武汉嘉瑞将成为 海格神舟的全资子公司。 根据《深圳证券交易所股票上市规则》及《公司章程》等规定，本次公司全 资子公司参与竞拍事项在公司董事会审批权限内，无需提交股东大会审议。本事 项不构成关联交易，也不构成《上市公司重大资产重 ...

e公司讯，海格通信11月18日在互动平台表示，公司控股子公司西安驰达飞机承制的"九天"重型无人 机，最大起飞重量达16吨，最大载重6吨，是下一代新型大型无人机，被誉为"无人航空母机"，有力填 补国内军民两用重型无人机市场空白。 通过换装不同模块化任务载荷，可满足空运空投、信息支援与对抗、火力打击与支援等任务需求，可用 于未来高技术、高强度、高对抗体系作战、运输支援以及应急救援等军民用任务和国民经济领域，市场 空间广阔。 ...

2024 年 11 月 13 日 海格通信 (002465) —— 持续加大卫星及低空新质领域投入，看好长期成长 空间 证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 13 日 | | 收盘价（元） | 13.03 | | 一年内最高/最低（元） | 14.01/8.06 | | 市净率 | 2.5 | | 息率（分红/股价） | 1.15 | | 流通 A 股市值（百万元） | 31,685 | | 上证指数/深证成指 | 3,439.28/11,359.29 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 5.11 | | 资产负债率 % | 36.29 | | 总股本/流 ...