Haige Communications(SZ:002465) Xin Lang Cai Jing·2025-11-01 00:36Core Viewpoint - The company experienced a significant decline in revenue and profit due to delayed procurement cycles and slower contract signings from industry clients, alongside high R&D expenses [2][4]. Financial Performance - In Q1-Q3 2025, the company achieved revenue of 3.158 billion yuan, a year-on-year decrease of 16.17%, and a net profit attributable to shareholders of -175 million yuan, a year-on-year decline of 194.73% [1]. - In Q3 2025, the company reported revenue of 928 million yuan, down 21.02% year-on-year, with a net profit of -178 million yuan, reflecting a staggering year-on-year decline of 1529.15% [1]. R&D and Investment - R&D expenses for the first three quarters were 690 million yuan, a slight decrease of 1.7% year-on-year, indicating sustained investment despite negative net profits [2]. - The company has ongoing construction projects valued at 1.276 billion yuan, a year-on-year increase of 54.7%, reflecting continued investment in cutting-edge fields such as Beidou, 6G, and low-altitude economy [2]. Strategic Initiatives - The company is actively involved in satellite internet initiatives, with core products and terminals entering multiple in-orbit testing projects, and has begun formal development of RF and baseband chips [2]. - In the low-altitude economy sector, the company is leveraging its expertise in civil aviation communication and navigation to develop integrated communication networks and management platforms for low-altitude unmanned systems [3]. - The company has expanded its unmanned communication systems to various platforms, achieving breakthroughs in unmanned cluster communication [3]. Future Outlook - Despite the current downturn in revenue and profit, the company anticipates a recovery in downstream customer demand in 2026 and beyond, with new investments in emerging fields expected to gradually reflect in performance [4]. - The collaboration between China Mobile and the company is expected to strengthen, particularly in the "Beidou + 5G" sectors, potentially enhancing technical capabilities and market resources [4]. Profit Forecast - The company forecasts net profits attributable to shareholders of 9 million yuan, 380 million yuan, and 614 million yuan for 2025-2027, with year-on-year growth rates of -83%, 3988%, and 62% respectively [4].