Hytera(SZ:002583) Xin Lang Cai Jing·2025-12-29 06:59Core 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 - The company 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] - AI technology is being utilized to achieve network self-optimization and dynamic decision-making, promoting the deep integration of private networks and public networks [1] - The company 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 continuously optimizing expenses and focusing on overseas markets and AI private network investments, 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. The corresponding PE ratios for the closing price of 11.55 yuan per share on December 26, 2025, are projected to be 71.85/51.22/40.68 times [1] - The rating remains "Accumulate" despite the adjustments [1]