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]

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：2024-046 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 ...

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 ...

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 ...

证券研究报告·公司深度研究·军工电子Ⅱ 海格通信（002465） 国防信息化领军企业，无线通信与北斗导航 并驱发展 2024 年 09 月 18 日 买入（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5616 | 6449 | 6807 | 8340 | 10274 | | 同比（ % ） | 2.58 | 14.84 | 5.55 | 22.53 | 23.18 | | 归母净利润（百万元） | 668.20 | 703.01 | 741.34 | 1,028.32 | 1,308.88 | | 同比（ % ） | 2.23 | 5.21 | 5.45 | 38.71 | 27.28 | | EPS- 最新摊薄（元 / 股） | 0.27 | 0.28 ...

2024年09月07日 证券研究报告|公司研究|军工公司点评 | --- | --- | --- | |---------------------------------------------------------------------|--------------------------------------------------------------|------------| | | | | | 海格通信（002465） | 投资评级 | 买入 | | 2024 年中报点评:北三换装助力导航业务显著增长, | | 首次评级 | | | 2024年 09 月 06 日 | | | 布局"卫星互联网+低空经济+无人系统"新兴领域 | 收盘价(元): | 8.64 | | | 目标价(元): | 11.50 | | ◆ 事件：８月 24 日，公司发布 2024年半年度报告。2024 年上半年公司 | 司基本数据 | | | 营收 25.91 亿元 (-9.93%)，归母净利润 1.96 亿元（-37.11%），扣非归母 | 总股本(百万股) | 2,481.83 | | 浄利润 1.08 亿元 ( ...

[Table_Main] 证券研究报告 | 公司首次覆盖 海格通信(002465.SZ) 2024 年 09 月 06 日 | --- | --- | |--------------------------------------------------------|------------------------------| | 海格通信（ 买入（首次） | 002465.SZ ）：中国 | | 所属行业：国防军工 / 军工电子Ⅱ 当前价格 ( 元 ) ： 8.64 | 移动注资开启全面合作，北斗、 | | 证券分析师 | 卫星、低空三线齐进 | | | | 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 王金森 邮箱：wangjs＠tebon.com.cn 市场表现 -11% 0% 11% 23% 34% 海格通信 沪深300 | --- | --- | --- | --- | |---------------------|---------|---------|---------| | -23% \n-34% 2023-09 | 2024-01 | ...

公 司 点 评 报 告 ＃assAuthor＃ | --- | --- | |---------------------------------|-------------------------------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-08-26 | | 收盘价（元） | 8.90 | | 总股本（百万股） | 2,481.83 | | 流通股本（百万股） | 2,431.73 | | 净资产（百万元） | 12,695.37 | | 总资产（百万元） | 19,378.03 | | 每股净资产（元） 来源： iFinD | 5.12 ，兴业证券经济与金融研究院整理 | 《海格通信 2023 年年报点评： 北斗业务翻倍增长，布局卫星和 低空等新增长点》2024-04-12 《海格通信 2023 年三季报点 评：研发投入持续增长，定增赋 能未来发展》2023-11-08 《海格通信 2023 年中报点评： 持续深耕四大主业，卫星通信领 域成为系统研制厂家》2023-09- 04 shikang@xyzq.com.cn S1220517040001 李 ...