海格通信：短期承压，反转在即

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][5] Core Views - The company reported a loss in Q3 2024 primarily due to adjustments from industry clients and cyclical fluctuations, alongside increased R&D expenses in emerging fields such as Beidou, unmanned systems, satellite internet, low-altitude economy, and 6G [3][5] - The company's revenue for the first three quarters of 2024 was 3.767 billion yuan, a year-on-year decrease of 6.66%, with a net profit attributable to shareholders of 185 million yuan, down 48.43% year-on-year [3] - In Q3 2024, the company achieved revenue of 1.175 billion yuan, a year-on-year increase of 1.46%, but reported a net loss of 11 million yuan, a year-on-year decline of 123.10% [3] - The gross margin decreased by 7.06 percentage points quarter-on-quarter and 7.97 percentage points year-on-year, mainly due to the increased proportion of consumer products [3] - The company has significant contract assets amounting to 1.299 billion yuan, representing 34% of revenue for the first three quarters, indicating a peak in recent years due to project execution not reaching acceptance milestones [3] Summary by Sections Financial Performance - The company’s total revenue for 2024 is projected to be 4.949 billion yuan, with a net profit forecast of 456 million yuan, reflecting a year-on-year decrease of 35% [5][9] - The expected net profits for 2025 and 2026 are 965 million yuan and 1.501 billion yuan, respectively, indicating a recovery with growth rates of 111% and 56% [5][9] Strategic Developments - The company is enhancing collaboration with China Mobile, focusing on areas such as Beidou applications and low-altitude integrated development [3][5] - The company is actively pursuing projects in satellite internet, including core products and terminals for satellite communication, and has established a strong presence in the automotive sector [4][5] Market Outlook - Despite short-term challenges due to client demand adjustments, the company is expected to strengthen its market position due to its advantages in technology and product diversity [5] - The collaboration with China Mobile is anticipated to create synergies that will support the company's growth in both military and civilian sectors [5]