Haige Communications(002465) 兴业证券·2024-10-12 07:38Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company, Haige Communication, is a leading enterprise in wireless communication and Beidou navigation, with a focus on four main areas: wireless communication, Beidou navigation, aerospace, and intelligent ecology [3][4]. - Revenue and profit have shown steady growth, with a compound annual growth rate (CAGR) of 8.77% in revenue from 2019 to 2023, increasing from 4.607 billion to 6.449 billion yuan, and a CAGR of 7.88% in net profit, rising from 519 million to 703 million yuan [3][4]. - The company emphasizes research and development (R&D), with R&D expenses accounting for approximately 15% of revenue, and a significant increase in R&D expense ratio to 18.41% in the first half of 2024 [3][4]. Summary by Sections 1. Company Overview - Haige Communication, founded in 2000, is a key member of the Guangzhou Digital Technology Group and specializes in wireless communication and Beidou navigation systems [10][14]. - The company has a broad geographical presence across major cities in China and operates multiple subsidiaries focusing on various technological services [10][16]. 2. Financial Performance - The company reported a revenue of 25.91 billion yuan in the first half of 2024, a decrease of 9.93% year-on-year, with a net profit of 1.96 billion yuan, down 37.11% [3][17]. - Wireless communication revenue fell by 44.60% to 7.31 billion yuan, while Beidou navigation revenue increased by 3.04 billion yuan, representing a significant growth in this segment [3][18]. 3. Market Opportunities - The company is well-positioned to benefit from the increasing penetration of Beidou applications and the growth of the defense informationization sector, with a projected 7.20% increase in national defense spending for 2024 [23][24]. - The Beidou navigation system is undergoing a significant upgrade cycle, which is expected to enhance its market prospects in both military and civilian applications [28]. 4. Strategic Collaborations - The company has established a comprehensive partnership with China Mobile, focusing on the integration of Beidou technology with 5G applications and low-altitude infrastructure development [3][4]. 5. Profit Forecast and Valuation - The report adjusts profit forecasts for 2024-2026, estimating net profits of 755 million, 1.045 billion, and 1.297 billion yuan respectively, with corresponding earnings per share (EPS) of 0.30, 0.42, and 0.52 yuan [3][4].