海格通信：横向覆盖军用通信+北斗+卫星，国防信息化领军者多点开花

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 12.24 CNY based on a projected EPS of 0.34, 0.43, and 0.54 CNY for 2024-2026 respectively [5]. Core Insights - The company is a leader in the specialized industry of wireless communication and Beidou navigation, covering four major fields: wireless communication, Beidou navigation, aerospace, and digital ecology. It has a strong comprehensive strength in wireless communication and a complete industrial chain layout in Beidou navigation equipment [2][21]. - Military communication spending is expected to continue increasing, and the company, as a comprehensive leader in wireless communication, Beidou, and satellite communication, will benefit significantly from this trend. The military communication revolution is seen as a second phase of deepening military information revolution [2]. - In the short term, the company is expected to achieve rapid growth due to procurement cycles and new growth opportunities in Beidou, wireless communication, and satellite communication [2]. - The Beidou business is at a turning point, with military demand expected to see significant growth as the transition from Beidou II to Beidou III occurs. The company is well-positioned to capitalize on this shift [2][39]. - The wireless communication segment is expected to benefit from terminal upgrades, as the company is a core supplier for shortwave and ultra-shortwave radios [2]. - In satellite communication, the company is a key supplier for high-orbit consumer-grade terminals and is well-prepared for the upcoming low-orbit satellite internet market, which has a potential market space exceeding 50 billion CNY [2][4]. Financial Summary - The company's revenue for 2022 was 5,616 million CNY, with a projected increase to 6,449 million CNY in 2023, and further growth to 7,813 million CNY in 2024, reflecting a year-on-year growth rate of 14.8% [4]. - The net profit attributable to the parent company is expected to grow from 668 million CNY in 2022 to 703 million CNY in 2023, and to 847 million CNY in 2024, indicating a growth rate of 5.2% [4]. - The company's R&D expense ratio was 14.48% in 2023, indicating a strong commitment to innovation and development [37].