Core Insights - Satellite baseband chips are crucial for integrated air-ground communication, with market growth accelerated by the explosion of low-orbit constellations and the maturation of direct satellite connection technology [1][15] - Chinese companies, represented by Huawei HiSilicon and Unisoc, are making significant technological breakthroughs, laying the foundation for a self-controlled industrial chain [1][15] - By 2028, the Chinese satellite baseband chip market is expected to exceed 28 billion yuan, forming a tripartite structure among the vehicle networking, consumer electronics, and low-altitude economy sectors [1][15] Industry Overview - Satellite baseband chips are the core components of satellite communication systems, responsible for digital signal conversion, modulation, demodulation, protocol control, and data processing [2][4] - The industry has evolved from reliance on imports to achieving significant domestic innovation, with key milestones including the launch of the first fully autonomous "Navigation No. 1" chip in 2008 [6][8] Current Market Analysis - The penetration rate of smartphones supporting satellite communication is projected to rise from less than 10% in 2023 to over 30% by 2025 [1][15] - The demand for vehicle-mounted satellite communication chips is expected to maintain an annual growth rate of over 50% due to the rapid development of smart connected vehicles [1][15] - The market for satellite communication chips in the low-altitude economy is anticipated to surpass 10 billion yuan in the next three years [1][15] Competitive Landscape - The industry exhibits a "pyramid" competition structure, with leading companies like Huawei HiSilicon and Huali Chuantong at the top, followed by firms like Unisoc and Hezhong Star [17][19] - The overall landscape is characterized by military-driven innovation, civilian market expansion, and breakthroughs in technology, with a focus on high-reliability military chips and consumer applications [19] Future Trends - The industry is expected to undergo a transformation driven by technological autonomy, expanding application scenarios, and collaborative development across the supply chain [22][25] - Key advancements include the development of multi-mode compatible chips and quantum-safe encryption technologies, which will help break foreign technology monopolies [24][26] - The satellite baseband chip sector is becoming a core infrastructure of national digital economy strategy, with projections indicating a potential market impact exceeding 3 trillion yuan [27]

证券代码：002465 证券简称：海格通信 公告编号：2025-029 号 未进行回购。 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。 广州海格通信集团股份有限公司（以下简称"公司"或"本公司"）2024 年 年度权益分派方案已获公司于 2025 年 4 月 25 日召开的 2024 年年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过的权益分派方案等情况 行资本公积转增股本。自权益分派方案公告后至实施前，若公司出现因股份回购 等原因总股本发生变动的情形，公司将依照未来实施分配方案时股权登记日享有 利润分配权的股本总额为基数，按每股分配比例不变的原则，相应调整现金分红 总额。 原则一致。 二、本次实施的权益分派方案 为基数，向全体股东每 10 股派 0.60 元人民币现金（含税；扣税后，通过深股通 持有股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和证券 投资基金每 10 股派 0.54 元；持有首发后限售股、股权激励限售股及无限售流通 股的个人股息红利税实行差别化税率征收，本公司暂 ...

证券代码：002465 证券简称：海格通信 公告编号：2025-029 号 广州海格通信集团股份有限公司 2024 年年度权益分派实施公告 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"或"本公司"）2024 年 年度权益分派方案已获公司于 2025 年 4 月 25 日召开的 2024 年年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过的权益分派方案等情况 1．公司 2024 年年度权益分派方案为：以截至本公告披露日的公司总股本 2,481,833,948 股为基数，每 10 股派发现金股利 0.6 元（含税），不送红股，不进 行资本公积转增股本。自权益分派方案公告后至实施前，若公司出现因股份回购 等原因总股本发生变动的情形，公司将依照未来实施分配方案时股权登记日享有 利润分配权的股本总额为基数，按每股分配比例不变的原则，相应调整现金分红 总额。 2．自本次权益分派方案披露至实施期间，公司股本总额未发生变化，公司 未进行回购。 3．本次实施的权益分派方案与公司股东大会审议通过的分配方案及 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8]. Core Views - The company is expected to benefit significantly from the "Jiutian" drone's broad application prospects, as it is involved in the development and production of this drone through its subsidiary, Chida Aircraft [5][8]. - The low-altitude economy is continuously developing, with policies and commercial applications evolving, indicating a promising future for the drone's civil market [5][8]. - Geopolitical events have validated the tactical advantages of drones, establishing a trend for special applications in emergency and military contexts [6][8]. Financial Summary - The company’s projected revenues for 2025-2027 are estimated at 62.14 billion, 76.24 billion, and 90.71 billion yuan, respectively, with corresponding net profits of 4.26 billion, 6.30 billion, and 8.52 billion yuan [8][9]. - The earnings per share (EPS) for the same period are expected to be 0.17, 0.25, and 0.34 yuan, with price-to-earnings (PE) ratios of 66.87, 45.22, and 33.45 times [8][9]. - The company’s total assets are reported at 20,017.26 million yuan, with a total market capitalization of 28,789.27 million yuan [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8]. Core Views - The company is expected to benefit significantly from the "Jiutian" drone's broad application prospects, as it is involved in both military and civilian sectors [5][8]. - The low-altitude economy is continuously developing, with promising prospects for the civilian drone market, supported by favorable policies and commercial applications [5][8]. - The report highlights the strategic importance of drones in special applications, validated by recent geopolitical events [6][8]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 62.14 billion, 76.24 billion, and 90.71 billion yuan respectively, with corresponding net profits of 4.26 billion, 6.30 billion, and 8.52 billion yuan [7][8]. - The earnings per share (EPS) estimates for the same years are 0.17, 0.25, and 0.34 yuan, with price-to-earnings (PE) ratios of 66.87, 45.22, and 33.45 respectively [7][8]. - The company’s total assets are reported at 20,017.26 million yuan, with a total market capitalization of 28,789.27 million yuan [7].

Group 1 - The A-share market opened high on May 21, with coal and power equipment sectors leading the gains, while the defense and military industry experienced a slight pullback [1] - The high-end equipment ETF (159638) saw a net inflow of nearly 7 million yuan on May 20, with a current premium rate of 0.08% [1] - Key stocks in the high-end equipment ETF include major military companies such as AVIC Optoelectronics and AVIC Shenyang Aircraft, indicating a strong focus on the defense sector [1] Group 2 - According to Zhongyou Securities, the military industry is expected to see a turning point in orders by 2025, driven by new technologies and products aimed at enhancing equipment performance or reducing costs [2] - Investment recommendations include focusing on the aerospace sector and new technologies/products that offer greater market flexibility [2] - The military industry is viewed as a crucial area for development, with significant potential for growth in global competitiveness, particularly in shipbuilding, aerospace, and satellite navigation [1][2]

资金面上看，今日成飞概念板块获主力资金净流出21.31亿元，其中，30股获主力资金净流出，5股主力 资金净流出超亿元，净流出资金居首的是成飞集成，今日主力资金净流出5.45亿元，净流出资金居前的 还有中航成飞、利君股份、海格通信等，主力资金分别净流出5.22亿元、4.47亿元、2.84亿元。今日主 力资金净流入居前的概念股有博云新材、厚普股份、多浦乐等，主力资金分别净流入1.67亿元、3527.99 万元、1544.16万元。（数据宝） 成飞概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002190 | 成飞集成 | 7.65 | 29.10 | -54548.60 | | 302132 | 中航成飞 | -7.92 | 10.54 | -52185.99 | | 002651 | 利君股份 | -10.01 | 22.02 | -44675.57 | | 002465 | 海格通信 | 1.05 | 11.89 | -28444.50 | | 002560 | 通达股份 | - ...

Group 1 - The core viewpoint of the news highlights the positive performance of the National Defense ETF (512670.SH) and its constituent stocks, driven by new regulations on major asset restructuring in the military industry and the initiation of significant fusion energy projects in China [1] - The National Defense ETF increased by 1.13%, with notable gains in constituent stocks such as Haige Communication (up 9.96%) and Aerospace Rainbow (up 9.99%) [1] - The military sector is experiencing a divergence in funding, with passive funds like the National Defense ETF seeing increased net inflows, indicating a growing market expectation for a recovery in the industry's fundamentals [1] Group 2 - The recent asset restructuring regulations are expected to attract market attention towards four types of companies involved in military asset integration, correlating with the stock price movements of military enterprises like Aerospace Rainbow and Haige Communication [1] - The aerospace and aviation sectors are under pressure, while emerging areas such as low-altitude economy are performing well, suggesting a shift in investor focus within the military sector [1] - Companies with technological advantages or event-driven catalysts are more likely to attract funding, aligning with the strong performance of certain National Defense ETF constituents [1]

Investment Rating - The report indicates a positive outlook for the military industry, suggesting that the industry is nearing a bottom and is expected to recover in 2025 [1][2]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, reflecting a year-on-year increase of 1.16%. Key segments such as shipbuilding, aerospace engines, and aviation maintained positive revenue growth [1][2][11]. - The net profit attributable to shareholders in the military sector decreased to 26.655 billion yuan in 2024, a decline of 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [11][12]. - In Q1 2025, the military sector's revenue reached 153.894 billion yuan, up 2.35% year-on-year, with segments like ground equipment and aerospace showing signs of recovery [28][31]. Summary by Sections 1. 2024 Annual Report and 2025 Q1 Review - The military sector's revenue structure shows significant characteristics, with a focus on the recovery of order fundamentals. The shipbuilding sector saw a revenue increase of 10.87%, while ground equipment and aerospace segments are expected to stabilize [11][28]. - The military sector's net profit for 2024 was 26.655 billion yuan, down 38.01% year-on-year, with only the shipbuilding sector showing positive growth [11][12]. 2. Key Target Profit Forecasts and Valuations - Investment strategies suggest focusing on traditional military sectors with expected order recovery, including aerospace engines, shipbuilding, and aviation [3]. - New domains and new qualities are recommended, emphasizing low-cost, intelligent, and systematic characteristics in industries like precision-guided munitions and unmanned systems [3]. 3. Investment Strategy - The report recommends three main investment lines: traditional military sectors, new domains with significant growth potential, and companies with expected asset integration and competitive military trade markets [3]. - Specific recommended stocks include aerospace engine manufacturers, shipbuilding companies, and firms involved in commercial aerospace and low-altitude economies [3]. 4. Market Performance - The military sector's performance is closely monitored, with various companies announcing contracts and showing signs of recovery in the fundamentals of the military sector [46][47].

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].