海格通信：2024H1业绩短期承压，看好公司长期成长空间

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.86 CNY, based on a 34x PE ratio for comparable companies in 2024 [3][5]. Core Views - The company reported a revenue of 2.591 billion CNY for H1 2024, a decrease of 9.93% year-on-year, and a net profit attributable to shareholders of 196 million CNY, down 37.11% [2]. - The decline in performance is attributed to adjustments from industry clients and increased R&D expenses in emerging fields, while the Beidou navigation business experienced significant growth, with a revenue increase of 275.45% to 414 million CNY [2]. - The company is actively seeking growth opportunities and increasing investments in strategic emerging industries, with notable advancements in wireless communication, Beidou applications, satellite internet, low-altitude projects, and unmanned systems [2]. - The long-term growth potential of the company is viewed positively, as it is positioned as a leader in specialized wireless communication and Beidou navigation, with military communication expenditures expected to rise [2]. Financial Summary - The company’s revenue is projected to grow from 7.34 billion CNY in 2024E to 10.519 billion CNY in 2026E, with corresponding net profits increasing from 709 million CNY to 1.106 billion CNY [4]. - The EPS is adjusted to 0.29 CNY for 2024E, 0.36 CNY for 2025E, and 0.45 CNY for 2026E [3]. - The gross margin is expected to improve from 33.3% in 2024E to 35.7% in 2026E, while the net margin is projected to stabilize around 10.5% by 2026E [4].