海格通信：短期业绩波动，坚持投入研发静待花开

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.767 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.66%, and a net profit attributable to the parent company of 185 million yuan, down 48.43% year-on-year [2] - The decline in performance is attributed to adjustments from industry clients and cyclical fluctuations, while the company has increased its R&D investment in emerging fields such as Beidou, unmanned systems, satellite internet, low-altitude economy, and 6G [2] - The company maintains a high R&D investment ratio, approximately 15% of revenue, focusing on key areas to enhance core competitiveness and innovation capabilities [2] Financial Performance and Forecast - The adjusted profit forecast for the company indicates net profits of 599 million yuan, 868 million yuan, and 1.136 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -14.8%, 44.9%, and 30.8% [3] - The corresponding price-to-earnings (P/E) ratios are projected to be 46.38, 32.01, and 24.48 for the same years [3] - Key financial indicators for 2023A, 2024E, 2025E, and 2026E include revenue of 6.449 billion yuan, 6.297 billion yuan, 7.678 billion yuan, and 9.168 billion yuan, with respective year-on-year growth rates of 14.8%, -2.4%, 21.9%, and 19.4% [4]