海格通信：北斗通导融合芯片中标，军民共进添砖加瓦

Investment Rating - The report maintains a "Buy" rating for Haige Communication (002465 SZ) [6] Core Views - Haige Communication won a bid for the China Mobile Terminal Company's integrated navigation and communication terminal chip R&D service procurement project, with an expected contract value of 31 06 million yuan [6] - The company has achieved a full industry chain layout in the Beidou field, covering "chip, module, antenna, terminal, system, and operation" [6] - The "Beidou Chip" series integrates multiple advanced domestic technologies, mastering Beidou baseband and RF chip design, and providing a complete chip solution for Beidou-3 applications [6] - The company has rich technical accumulation and project experience in short message communication and positioning navigation [6] - The bid win demonstrates the company's strong capabilities in the Beidou field and chip R&D, accelerating the promotion of Beidou applications in consumer and IoT markets [7] - The company is actively expanding into the civilian market, focusing on the integration of "Beidou+5G" technology, with applications in transportation, emergency response, power, energy, and marine industries [7] - In the satellite communication civilian market, the company is exploring an integrated space-air-ground system and has become a supplier for mainstream domestic mobile phone manufacturers for satellite-connected chips [8] - The company has launched the "Tianteng" low-altitude flight management platform, leveraging its expertise in aerospace, wireless communication, and Beidou navigation [8] Financial Projections - The company is expected to achieve net profits attributable to the parent company of 456 million yuan, 965 million yuan, and 1 501 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of -35%, 111%, and 56% [8] - The corresponding PE ratios are 69x, 33x, and 21x for 2024, 2025, and 2026, respectively [8] Market Performance - The current stock price is 12 73 yuan, with a total market capitalization of 248 183 million shares [11] - The stock's 12-month high and low prices are 13 88 yuan and 8 06 yuan, respectively [11] - The stock has underperformed the CSI 300 index over the past 12 months, with a decline of 32% compared to the index's 13% decline [13]