Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][5] Core Views - The company reported a loss in Q3 2024 primarily due to adjustments from industry clients and cyclical fluctuations, alongside increased R&D expenses in emerging fields such as Beidou, unmanned systems, satellite internet, low-altitude economy, and 6G [3][5] - The company's revenue for the first three quarters of 2024 was 3.767 billion yuan, a year-on-year decrease of 6.66%, with a net profit attributable to shareholders of 185 million yuan, down 48.43% year-on-year [3] - In Q3 2024, the company achieved revenue of 1.175 billion yuan, a year-on-year increase of 1.46%, but reported a net loss of 11 million yuan, a year-on-year decline of 123.10% [3] - The gross margin decreased by 7.06 percentage points quarter-on-quarter and 7.97 percentage points year-on-year, mainly due to the increased proportion of consumer products [3] - The company has significant contract assets amounting to 1.299 billion yuan, representing 34% of revenue for the first three quarters, indicating a peak in recent years due to project execution not reaching acceptance milestones [3] Summary by Sections Financial Performance - The company’s total revenue for 2024 is projected to be 4.949 billion yuan, with a net profit forecast of 456 million yuan, reflecting a year-on-year decrease of 35% [5][9] - The expected net profits for 2025 and 2026 are 965 million yuan and 1.501 billion yuan, respectively, indicating a recovery with growth rates of 111% and 56% [5][9] Strategic Developments - The company is enhancing collaboration with China Mobile, focusing on areas such as Beidou applications and low-altitude integrated development [3][5] - The company is actively pursuing projects in satellite internet, including core products and terminals for satellite communication, and has established a strong presence in the automotive sector [4][5] Market Outlook - Despite short-term challenges due to client demand adjustments, the company is expected to strengthen its market position due to its advantages in technology and product diversity [5] - The collaboration with China Mobile is anticipated to create synergies that will support the company's growth in both military and civilian sectors [5]

Investment Rating - The report initiates coverage on Haige Communication (002465 SZ) with a "Buy" rating, citing its leadership in autonomous and controllable communication and its strategic positioning in the BeiDou and satellite communication sectors [1] Core Views - Haige Communication is a leading player in China's military communication sector, with a comprehensive layout across the entire industrial chain of BeiDou communication terminals, from chips to systems and operations [1] - The company is well-positioned to benefit from the increasing penetration of BeiDou and satellite communication in both military and civilian markets, which opens up new growth opportunities [1] - The importance of communication security is rising globally, and China's robust communication infrastructure, including its autonomous BeiDou navigation system, provides a solid foundation for the development of domestic communication equipment [2] - Haige Communication has achieved significant growth in its BeiDou navigation business, with a 275% year-on-year increase in revenue in the first half of 2024, driven by accelerated domestic BeiDou adoption and breakthroughs in sectors like IoT, power, and energy [2] - The company is actively participating in China's satellite internet projects, with key products and terminals being selected for in-orbit testing, and is expanding its presence in the satellite communication market, including mobile phone and automotive applications [3] Financial Performance and Projections - The company's revenue is projected to grow from 5 616 million yuan in 2022 to 9 883 million yuan in 2026, with a compound annual growth rate (CAGR) of 15 2% [4] - Net profit attributable to the parent company is expected to increase from 668 million yuan in 2022 to 1 285 million yuan in 2026, with a CAGR of 17 9% [4] - The company's EPS is forecasted to grow from 0 27 yuan in 2022 to 0 52 yuan in 2026, with a corresponding P/E ratio decreasing from 41 6x to 21 6x over the same period [4] Industry and Market Analysis - The global communication security landscape is evolving, with a shift from purely military applications to both military and civilian uses, driven by incidents like the Lebanon communication device attack, which has heightened the importance of communication security [16] - The BeiDou navigation system has completed its third phase of deployment, enhancing its global coverage and performance, and is now entering a replacement cycle, which is expected to drive demand for BeiDou-compatible devices [30] - The satellite communication industry is rapidly developing, with low-earth orbit (LEO) satellites becoming a key focus, and China's satellite internet projects, such as the "StarNet" and "G60" constellations, are expected to create significant market opportunities [36] Company Strategy and Competitive Advantages - Haige Communication has a comprehensive layout in the BeiDou navigation industry, with a strong presence in both upstream chip development and downstream terminal products, giving it a competitive edge in the market [42] - The company is actively expanding its satellite communication capabilities, with a focus on ground equipment and upstream components, and has secured key positions in major national satellite internet projects [45] - Haige Communication's wireless communication business covers a wide range of frequencies and applications, making it a key player in the military communication sector, with significant potential for growth as defense informatization progresses [46] Valuation and Investment Recommendation - The report values Haige Communication at a 2024 P/E ratio of 36x, based on projected net profits of 768 million yuan, 1 059 million yuan, and 1 285 million yuan for 2024, 2025, and 2026, respectively [51] - Compared to industry peers, Haige Communication's valuation is considered conservative, with an average industry P/E of 89 71x, suggesting potential upside for the stock [51]

证券代码：002465 证券简称：海格通信 公告编号：2024-052 号 广州海格通信集团股份有限公司 关于股东股份减持计划的预披露公告 股东杨海洲先生保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示：持有广州海格通信集团股份有限公司（以下简称"公司"或"本 公司"）股份 32,925,075 股（约占本公司总股本比例 1.33%）的股东杨海洲先生计 划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价交易方式减持本公司 股份不超过 1,500,000 股（约占本公司总股本比例 0.06%）。 （二）截至本公告披露之日，杨海洲先生持有公司股份 32,925,075 股，约占 公司总股本比例 1.33%。 二、本次减持计划的主要内容 （一）减持计划的具体安排 1. 拟减持原因：个人资金规划； 2. 减持股份来源：公司首次公开发行股票并上市前持有的股份、因资本公积 转增股本方式取得的股份以及二级市场买入的股份； 3. 减持股份数量以及减持比例：计划减持股份数量不超过 1,500,000 股（ ...

海格通信（ [Table_StockNameRptType] 002465） 公司点评 短期业绩波动，坚持投入研发静待花开 | --- | --- | |---------------------------------------|------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-10-30 | | [Table_BaseData] 收盘价（元） | 11.20 | | 近 12 个月最高 / 最低（元） | 14.01/8.06 | | 总股本（百万股） | 2,482 | | 流通股本（百万股） | 2,432 | | 流通股比例（ % ） | 97.98 | | 总市值（亿元） | 278 | | 流通市值（亿元） | 272 | [公司价格与沪深 Table_Chart] 300 走势比较 -42% -24% -7% 11% 29% 10/23 1/24 4/24 7/24 海格通信 沪深300 [Table_Author] 分析师：邓承佯 执业证书号：S0010523030002 邮箱：dengcy@hazq.com ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first three quarters of 2024 showed a revenue of 3.767 billion yuan, a year-on-year decrease of 6.66%, and a net profit attributable to shareholders of 185 million yuan, down 48.43% year-on-year. The third quarter continued the previous trend with a revenue of 1.175 billion yuan, a year-on-year increase of 1.46%, but a net profit of -11 million yuan, down 123.10% year-on-year [1][2] - The company is actively participating in emerging fields such as satellite internet, low-altitude economy, and unmanned systems, which are expected to drive business growth. Notably, the company won a contract worth approximately 168.64 million yuan for a municipal road project in Guangzhou [3] - Despite the slight pressure on performance, the company is a leader in the wireless communication and Beidou navigation sectors. The forecast for net profit attributable to shareholders for 2024-2026 is 741 million, 1.028 billion, and 1.309 billion yuan, corresponding to P/E ratios of 38, 27, and 21 times respectively [3] Financial Summary - Total revenue for 2024 is projected to be 6.807 billion yuan, with a year-on-year growth rate of 5.55%. The net profit for 2024 is expected to be 741 million yuan, with a growth rate of 5.45% [1][9] - The company's total assets reached 20.933 billion yuan, a year-on-year increase of 7.72%. The cash flow from operating activities showed a net outflow of 1.046 billion yuan, a decrease of 9.67% year-on-year [2][10] - The company has increased its R&D expenses to 702 million yuan, a year-on-year increase of 7.85%, while sales and management expenses have decreased [1][2]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company experienced a temporary performance pressure due to market conditions, but is actively seeking new business growth points. In Q3 2024, the company achieved revenue of 1.175 billion yuan, a year-on-year increase of 1.46%, but reported a net loss of 11 million yuan, a year-on-year decline [2]. - The company is making significant strides in the Beidou and civil product sectors, with new orders and product deliveries contributing to growth. The Beidou third-generation products are gaining traction, and advancements in aerospace and drone manufacturing are progressing well [2]. - Strategic collaboration with China Mobile is deepening, with increased shareholding and joint efforts in various sectors, including "Beidou+" applications and low-altitude infrastructure [2]. - The company is focused on enhancing its technological moat and is investing in innovative fields such as low-altitude economy and satellite internet, with R&D expenditures reaching 702 million yuan in the first three quarters of 2024, a year-on-year increase of 7.85% [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 3.767 billion yuan, a year-on-year decrease of 6.66%, and a net profit attributable to shareholders of 185 million yuan, a year-on-year increase of 48.43% [1]. - The projected net profits for 2024, 2025, and 2026 are 744 million yuan, 948 million yuan, and 1.126 billion yuan, respectively, with corresponding PE ratios of 37, 29, and 24 [2][6]. - The company’s revenue growth rates are forecasted at 14.84%, 13.74%, and 17.91% for 2024, 2025, and 2026, respectively [7]. Business Developments - The company has successfully entered key user supply systems and government procurement lists in the power and energy sectors, marking significant breakthroughs in the civil Beidou market [2]. - The company is actively participating in the development of national standards for Beidou, which will support the promotion of Beidou's applications [2]. - The company is also advancing in the satellite internet sector, with core products and multiple projects entering the bidding phase [2].

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》。 ...

关于广州海格通信集团股份有限公司 调增 2024 年度日常关联交易预计的核查意见 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"、"公司"）2023 年度向特定 对象发行股票的保荐人，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》《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务》等相关规定，对海格通信调增 2024 年度日常关联交易预计事项进行了认真、审慎的核查，核查情况具体如下： 一、日常关联交易基本情况 （一）日常关联交易概述 中信证券股份有限公司 海格通信于 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 2024 年度日常关联交易预计的议案》，预计 2024 年度公司与关联方发生 的日常关联交易总金额约为人民币 2 亿元。 公司于 2024 年 10 月 28 日召开第六届董事会第二十二次会议，审议通过了 《关于调增 2024 年度日常关联交易预计的议案》，根据公司日常经营的实际需 要，调增公司与关联人广电运通集团股份有限公司（以 ...

证券代码：002465 证券简称：海格通信 公告编号：2024-049 号 经审核，监事会认为：董事会编制和审核《公司 2024 年第三季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 广州海格通信集团股份有限公司 第六届监事会第十四次会议决议公告 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"）第六届监事会第十四次 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监事会于 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监事。公司 3 名监事全部参与表决。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。 与会监事经认真审议，对以下事项进行了表决，形成监事会决议如下： 一、 审议通过《公司 2024 年第三季度报告》 2024 年 10 月 29 日 1 表决结果：赞成票 3 票，弃权票 0 票，反对票 0 票。 详见公司于 ...

证券代码：002465 证券简称：海格通信 公告编号： 2024-051 号 广州海格通信集团股份有限公司 关于调增 2024 年度日常关联交易预计的公告 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 2024 年度日常关联交易预 计的议案》，预计 2024 年度公司与关联方发生的日常关联交易总金额约为人民 币 2 亿元。详见公司于 2024 年 3 月 29 日刊登在《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）上的《关于 2024 年度日常关联交易预计的公告》。 公司于 2024 年 10 月 28 日召开第六届董事会第二十二次会议，审议通过了 《关于调增 2024 年度日常关联交易预计的议案》，根据公司日常经营的实际需 要，调增公司与关联人广电运通集团股份有限公司（以下简称"广电运通"）、 广电计量检测集团股份有限公司（以下简称"广电计量"）、广州信息投资有限 公司（以下简称"广州信投"）、广东暨通信息发展有限公司（以下简称"暨通 信息"）2024 年度日常关联 ...