海能达：经营稳健步步为盈，迎应急专网市场机遇未来可期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.85 CNY [7] Core Views - The company achieved robust revenue growth in H1 2024, with total revenue reaching 2.738 billion CNY, a YoY increase of 21.28% [1] - Net profit attributable to the parent company surged by 109.79% YoY to 162 million CNY, while non-GAAP net profit rose by 135.27% YoY to 149 million CNY [1] - The company's professional wireless communication business grew by 16.77% YoY, demonstrating strong resilience despite external challenges [2] - The company is well-positioned to benefit from the growing emergency communication market, supported by China's trillion-yuan national bond plan targeting emergency infrastructure [4] Business Strategy and Market Position - The company continues to strengthen its position as a leader in the domestic private network market, with its H-series products gaining traction globally [5] - It has expanded its public-private network integration platforms, collaborating with over 20 global operators and establishing more than 300 platforms [5] - The company is actively exploring opportunities in the new energy vehicle electronics sector, partnering with leading battery manufacturers and automakers such as Geely, GAC, Jinkang, and XPeng [5] Financial Performance and Outlook - The company improved its cost control, reducing its expense ratio by 4.11 percentage points YoY [3] - Interest expenses decreased by 13.32 million CNY YoY, and credit impairment losses dropped by 65.03 million CNY [3] - The company is expected to achieve net profits of 400 million CNY, 570 million CNY, and 750 million CNY in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18x, 13x, and 9x [5] Industry and Market Opportunities - The emergency communication sector is poised for growth, with the company likely to benefit from increased investments in emergency infrastructure [4] - The company's focus on AI applications in command and dispatch systems, along with its expansion of NLP models and data labeling, positions it well for future growth [2]