Haige Communications(002465) 德邦证券·2024-12-13 03:23Investment Rating - The investment rating for the company is "Buy (Maintain)" [2][6] Core Views - The company benefits from the large-scale application of Beidou and satellite technology, with significant support from local governments for the development of the Beidou industry [4][6] - The company has established a comprehensive partnership with China Mobile, which includes a contract worth 31.06 million yuan for chip development services [4][6] - The company has a strong position in the satellite navigation industry, with a complete product line and significant revenue growth in the Beidou navigation sector [4][6] Financial Performance - The company reported a revenue of 6,449 million yuan in 2023, with projected revenues of 6,175 million yuan, 7,902 million yuan, and 9,681 million yuan for 2024, 2025, and 2026 respectively [6][11] - The net profit for 2023 was 703 million yuan, with forecasts of 562 million yuan, 853 million yuan, and 1,114 million yuan for the following three years [6][11] - The earnings per share (EPS) are projected to be 0.23 yuan, 0.34 yuan, and 0.45 yuan for 2024, 2025, and 2026 respectively [6][11] Market Position - The company is recognized as one of the most competitive electronic information enterprises in the industry, with the widest user coverage and the most comprehensive product series [6][11] - The company has achieved a gross margin of 60.73% in the Beidou navigation sector, reflecting a year-on-year increase of 15.52 percentage points [4][6] Strategic Initiatives - The company is actively participating in major national satellite internet projects and has established a subsidiary in Chongqing to expand its business in the southwest region [4][6] - The company is focusing on the integration of satellite internet and Beidou navigation, aiming to cover the entire industry chain from chips to terminals [4][6]