Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's performance is under short-term pressure due to cyclical fluctuations, leading to a share repurchase plan with a total amount not less than 200 million and not exceeding 400 million yuan [1][4] - The company achieved a revenue of 4.919 billion yuan in 2024, a year-on-year decrease of 23.7%, and a net profit attributable to shareholders of 53 million yuan, down 92.4% year-on-year [1][4] - The company is focusing on new growth points in AI unmanned systems, satellite internet, and low-altitude industries [3] Business Performance Summary - Wireless communication revenue was 1.582 billion yuan, down 41% year-on-year, while Beidou navigation revenue was 453 million yuan, down 52% year-on-year [2] - Aerospace revenue was 428 million yuan, up 2% year-on-year, and smart ecological revenue was 2.369 billion yuan, up 1% year-on-year [2] - The company has made significant progress in the civil product market, with a threefold increase in research contracts in low-altitude, electricity, and satellite internet sectors [2] Future Outlook and Valuation - The company expects a rebound in customer order demand in the 14th Five-Year Plan period, forecasting net profits of 635 million yuan, 1.076 billion yuan, and 1.514 billion yuan for 2025, 2026, and 2027 respectively [4] - The projected P/E ratio for 2025 is 44X, indicating a potential recovery in profitability [4]
海格通信(002465):2024年年报点评报告:业绩短期承压,打造多个新增长点