Haige Communications(SZ:002465) Xin Lang Cai Jing·2025-10-30 13:39Core Viewpoint - Haige Communication is a leading enterprise in military wireless communication and Beidou navigation in China, with a complete industry chain from chips to terminals [1] Group 1: Business Performance - In Q3 2025, Haige Communication achieved operating revenue of 3.158 billion yuan, ranking 6th in the industry out of 64 companies, significantly above the industry average of 1.898 billion yuan and median of 575 million yuan, but far below the top company AVIC Chengfei's 48.286 billion yuan and second-ranked AVIC Optoelectronics' 15.838 billion yuan [2] - The main business composition includes: Smart Ecology 1.082 billion yuan (48.53%), Wireless Communication 690 million yuan (30.93%), Beidou Navigation 280 million yuan (12.57%), Aerospace 140 million yuan (6.28%), and Others 37.6 million yuan (1.69%) [2] - The net profit for the same period was -166 million yuan, ranking 59th in the industry, significantly lower than the top company's 2.175 billion yuan and the second company's 1.884 billion yuan, as well as below the industry average of 945.076 million yuan and median of 37.432 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Haige Communication's asset-liability ratio was 40.46%, up from 36.29% in the previous year and above the industry average of 32.84%, indicating increased debt pressure [3] - The gross profit margin for Q3 2025 was 23.99%, down from 29.97% in the previous year and below the industry average of 34.84%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 25.29% to 137,800, while the average number of circulating A-shares held per household increased by 33.86% to 18,000 [5] - Among the top ten circulating shareholders, the Fortune CSI Military Industry Leader ETF (512710) ranked third with 44.836 million shares, an increase of 6.6806 million shares from the previous period [5] Group 4: Business Highlights and Future Outlook - The company is under pressure but continues to invest heavily in emerging directions, with highlights including the development of a "Beidou Short Message + Beidou Positioning" chip in collaboration with China Mobile, and progress in the civil product market [6] - The company is expected to achieve net profits of 484 million yuan, 749 million yuan, and 1.023 billion yuan for the years 2025 to 2027, with a corresponding PE ratio of 74X for 2025, maintaining a "buy" rating [6] - The company is focusing on traditional core businesses and increasing innovation in areas such as drone technology and satellite internet, with projected net profits of 536 million yuan, 739 million yuan, and 1.047 billion yuan for 2025 to 2027, also maintaining a "buy" investment rating [7]