Haige Communications(002465) 华创证券·2024-12-11 10:40Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company has won a contract for the development of a Beidou navigation and communication integrated terminal chip project with China Mobile, which is expected to enhance its capabilities in consumer, IoT, and industry applications [1]. - The contract value is approximately 31.06 million yuan, representing 0.48% of the company's most recent audited annual revenue, showcasing the company's strong position in the Beidou field and chip development [1]. - China Mobile's shareholding in the company has increased from 1.4% to 1.97%, indicating a strategic collaboration that is likely to enhance joint business opportunities in various sectors [1]. - The company is actively expanding its civilian market presence, particularly in the integration of Beidou and 5G technologies across multiple industries [1]. - The company is expected to benefit significantly from the military informationization wave and the third generation of Beidou navigation system upgrades, with projected net profits for 2024-2026 being 491 million, 952 million, and 1.11 billion yuan, respectively [1]. Financial Summary - Total revenue for 2023 is projected at 6.449 billion yuan, with a year-on-year growth of 14.8%. However, a decline of 5.6% is expected in 2024, followed by a recovery with growth rates of 26.1% and 16.5% in 2025 and 2026, respectively [4]. - The net profit attributable to the parent company for 2023 is estimated at 703 million yuan, with a significant drop of 30.2% expected in 2024, followed by a rebound of 94.0% in 2025 [4]. - The company’s price-to-earnings ratio is projected to be 64 in 2024, decreasing to 33 in 2025 and 28 in 2026, indicating an improving valuation outlook [4].