东吴证券给予海格通信买入评级，2025年中报点评：行业阶段性影响短期业绩 新产品拓展可期

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Haige Communication (002465.SZ) based on several factors [2] - The delay in contract signing is attributed to adjustments from industry clients and cyclical fluctuations, which, combined with the company's strategic increase in R&D investment in emerging fields, has pressured short-term profits [2] - The R&D expense ratio reached a historical high of 20.05%, highlighting the company's commitment to transformation [2] - Haige Communication's core competitive advantages continue to strengthen [2]