Haige Communications(002465) 东吴证券·2024-10-29 18:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first three quarters of 2024 showed a revenue of 3.767 billion yuan, a year-on-year decrease of 6.66%, and a net profit attributable to shareholders of 185 million yuan, down 48.43% year-on-year. The third quarter continued the previous trend with a revenue of 1.175 billion yuan, a year-on-year increase of 1.46%, but a net profit of -11 million yuan, down 123.10% year-on-year [1][2] - The company is actively participating in emerging fields such as satellite internet, low-altitude economy, and unmanned systems, which are expected to drive business growth. Notably, the company won a contract worth approximately 168.64 million yuan for a municipal road project in Guangzhou [3] - Despite the slight pressure on performance, the company is a leader in the wireless communication and Beidou navigation sectors. The forecast for net profit attributable to shareholders for 2024-2026 is 741 million, 1.028 billion, and 1.309 billion yuan, corresponding to P/E ratios of 38, 27, and 21 times respectively [3] Financial Summary - Total revenue for 2024 is projected to be 6.807 billion yuan, with a year-on-year growth rate of 5.55%. The net profit for 2024 is expected to be 741 million yuan, with a growth rate of 5.45% [1][9] - The company's total assets reached 20.933 billion yuan, a year-on-year increase of 7.72%. The cash flow from operating activities showed a net outflow of 1.046 billion yuan, a decrease of 9.67% year-on-year [2][10] - The company has increased its R&D expenses to 702 million yuan, a year-on-year increase of 7.85%, while sales and management expenses have decreased [1][2]