海格通信(002465)：业绩短期承压 打造多个新增长点

Core Viewpoint - The company experienced significant declines in revenue and net profit due to cyclical fluctuations and industry client adjustments, while also increasing investments in key areas such as chips, low-altitude, and satellite internet [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 4.919 billion yuan, a year-on-year decrease of 23.7%, and a net profit attributable to shareholders of 53 million yuan, down 92.4% year-on-year [1] - In Q4 2024, the company reported revenue of 1.153 billion yuan, a year-on-year decline of 52%, and a net loss of 13.18 million yuan, marking a shift from profit to loss [1] - The annual gross margin was 28.79%, down 3.8 percentage points year-on-year, while the net profit margin was 2.17%, a decrease of 9.2 percentage points year-on-year [1] Group 2: Business Segments - The wireless communication segment generated revenue of 1.582 billion yuan, down 41% year-on-year, and the Beidou navigation segment reported revenue of 453 million yuan, down 52% year-on-year [1] - The aerospace segment saw a slight increase in revenue to 428 million yuan, up 2% year-on-year, while the digital ecology segment achieved revenue of 2.369 billion yuan, a 1% increase year-on-year [1] - The company is focusing on the development of its chip business, with significant applications in mobile satellite terminal components and successful bids for key projects [1] Group 3: Growth Initiatives - The company has seen rapid growth in its civil products business, with significant orders in transportation, energy, and consumer markets, leading to a more than threefold increase in research contracts in civil fields [2] - The company has successfully developed heavy-duty unmanned aerial vehicles, with the first "Jiutian" model showcased at the Zhuhai Airshow [2] - New growth points are being established in AI unmanned systems, satellite internet, and low-altitude industries, with products designed for various applications and significant advancements in satellite internet projects [2] Group 4: Profit Forecast and Valuation - Due to a slowdown in specific customer order rhythms affecting short-term performance, the company anticipates a release of customer order demand in the final year of the 14th Five-Year Plan, projecting net profits of 635 million yuan, 1.076 billion yuan, and 1.514 billion yuan for 2025-2027, with a PE ratio of 44X for 2025 [3]