Haige Communications(002465) 申万宏源·2024-07-12 06:01Investment Rating - Buy rating (首次覆盖) [7] Core Views - The company is a leading domestic military electronics enterprise with stable development in four major business segments: wireless communication, Beidou navigation, aerospace, and digital ecosystem [7] - The company is exploring new growth points in satellite internet and unmanned industries, leveraging its technological advantages to expand its industrial layout [7] - The company's revenue has been steadily growing since 2018, with net profit following a similar trend, and it continues to increase R&D investment [7] - The company is well-positioned in the wireless communication sector, with shortwave communication and 5G base station businesses forming the cornerstone of its performance [7] - The completion of the Beidou-3 global network has driven high growth in the Beidou navigation business, with the company focusing on "5G + Beidou" to open up new growth space [7] - The company is actively participating in the satellite internet sector, with its subsidiary involved in the development of satellite communication modules for Huawei's Mate60 series [7] Business Segments Wireless Communication - The company is a traditional leader in the wireless communication sector, with products covering shortwave, ultra-shortwave, satellite communication, and digital clusters [7] - The company has achieved full-frequency coverage in wireless communication, with its business accounting for over 40% of total revenue [7] - The company is actively investing in R&D, with multiple shortwave communication products entering the promotion and application stage [7] Beidou Navigation - The company's Beidou navigation business has seen accelerated growth due to the completion of the Beidou-3 global network [7] - The company's "baseband + RF" chips are core components for downstream applications of Beidou navigation, and it is focusing on "5G + Beidou" to open up new growth space [7] Aerospace - The company's aerospace business includes simulation, aircraft components, and civil aviation communication and navigation [7] - The company has been expanding its business scale and product types in this sector [7] Digital Ecosystem - The company's digital ecosystem business is deeply integrated with China Mobile and China Tower, securing long-term maintenance service contracts [7] - The business is expected to maintain stable revenue growth [7] Financial Projections - The company's revenue is projected to grow from 7.479 billion yuan in 2024E to 11.410 billion yuan in 2026E, with a CAGR of 22.4% [8] - Net profit is expected to increase from 828 million yuan in 2024E to 1.306 billion yuan in 2026E, with a CAGR of 24.3% [8] - The company's PE ratio is expected to decrease from 29x in 2024E to 19x in 2026E, lower than the industry average [7] Industry Trends - The global satellite industry is growing rapidly, with the number of in-orbit satellites increasing significantly [16] - The satellite communication market is expected to reach 136.7 billion yuan by 2027E in China [16] - The company is actively participating in the satellite internet sector, with its subsidiary involved in the development of satellite communication modules for Huawei's Mate60 series [7]