Haige Communications(SZ:002465) Tianfeng Securities·2025-04-02 08:23Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [4] Core Views - The company reported a revenue of 4.92 billion yuan for the year, a year-over-year decrease of 23.71%, and a net profit attributable to shareholders of 53.14 million yuan, down 92.44% year-over-year [1] - The decline in performance is attributed to cyclical industry impacts, with wireless communication revenue dropping by 40.68% to 1.58 billion yuan, and Beidou navigation revenue decreasing by 51.67% to 453 million yuan [1][2] - The company maintains high R&D investment, totaling 947 million yuan, which is 19.25% of its revenue, focusing on emerging fields such as AI, satellite internet, and unmanned systems [2][3] Summary by Sections Financial Performance - The company experienced a significant decline in revenue and profit due to industry cyclicality, with a projected recovery in the coming years [1][9] - Revenue is expected to rebound to 6.54 billion yuan in 2025, with a growth rate of 32.99% [9] - The gross margin decreased by 3.80 percentage points to 28.79% [2] Business Segments - Wireless communication revenue decreased significantly, but the company is making strides in next-generation models and new fields like 5G [1] - Beidou navigation is expected to see growth in military applications post-adjustment, while civilian applications are integrating into various industries [1] - The aviation segment showed a slight increase in revenue, indicating stable performance [2] Strategic Initiatives - The company is focusing on building an AI technology foundation and strategic layout in unmanned systems and humanoid robots [3] - The development of intelligent unmanned systems is seen as a critical component of national defense, enhancing operational efficiency [3] - The company aims to transition from an equipment supplier to an integrated solution provider in the digital network space [2]