研报掘金丨华西证券：维持海能达“增持”评级，持续看好公司在专网龙头地位

Core Viewpoint - The report from Huaxi Securities indicates that Haineda's cash flow is under temporary pressure, but Q3 performance has improved sequentially. There are uncertainties related to overseas litigation, licensing fee decisions, penalties from the Ministry of Justice, and cross-border compliance requirements, which may continue to impact future product cost structures, cash flow rhythms, and non-operating expenses [1] Group 1 - Haineda has established a comprehensive layout in the AI private network sector, integrating "pipeline-terminal-application" to cover multiple scenarios in urban public safety, emergency management, and industry protection [1] - The company leverages AI technology for network self-optimization and dynamic decision-making, promoting deep integration between private and public networks [1] - Haineda relies on self-developed underlying chips and domestically produced communication core components to create a trustworthy communication system across the entire chain [1] Group 2 - The company is focusing on optimizing expenses and investing in overseas markets and AI private networks, maintaining a positive outlook on its leading position in the private network sector [1] - Due to the impact of litigation and overseas trade disputes, the profit forecast for 2025 has been revised downwards, with a corresponding PE ratio of 71.85/51.22/40.68 times based on the closing price of 11.55 yuan per share on December 26, 2025 [1] - The rating for Haineda is maintained at "Accumulate" [1]