Haige Communications(SZ:002465) Tebon Securities·2024-09-06 12:23Investment Rating - The report initiates coverage on Haige Communication (002465.SZ) with a "Buy" rating [2][6]. Core Views - The investment highlights include a significant partnership with China Mobile, which is expected to enhance collaboration in the "Beidou+" industry applications, low-altitude infrastructure, and integrated development of air and space [4][13]. - The company has shown robust growth in the Beidou navigation sector, achieving a revenue of 414 million yuan in 2024H1, representing a year-on-year increase of 275% [4][29]. - Haige Communication is actively participating in major satellite internet projects, establishing a satellite company to expand its business in the southwestern region of China [4][42]. Summary by Sections 1. Business Overview - Haige Communication is a member of the Guangzhou Digital Technology Group, focusing on four main business areas: wireless communication, Beidou navigation, aerospace, and digital ecology [13]. - The company has seen continuous revenue and profit growth from 2018 to 2023, with a focus on emerging sectors such as Beidou, satellite, and low-altitude industries [13][20]. 2. Business Growth Drivers - The company has a comprehensive product range in wireless communication, covering various technologies and achieving significant breakthroughs in the market [22][24]. - The Beidou navigation segment has established a full industry chain layout, leading to rapid growth driven by the transition from Beidou II to Beidou III systems [26][29]. - In the aerospace sector, Haige Communication is a leader in simulation systems and is expanding into unmanned platforms and civil aviation navigation [31][33]. 3. Financial Performance and Dividends - The company has maintained a high dividend payout ratio, averaging 53% since its listing, reflecting its commitment to returning value to shareholders [40]. - The financial forecast for 2024-2026 anticipates revenues of 6.65 billion, 8.42 billion, and 10.11 billion yuan, with corresponding net profits of 734 million, 998 million, and 1.22 billion yuan [4][7]. 4. Strategic Initiatives - Haige Communication is deepening its involvement in national satellite internet projects, aiming to complete a full industry chain from chip development to terminal manufacturing [42][44]. - The company is also focusing on low-altitude economic development, supported by favorable national and local policies [50].