Haige Communications(002465) Huaan Securities·2025-04-04 08:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.92 billion yuan for 2024, a year-on-year decrease of 23.71%, and a net profit attributable to shareholders of 0.53 billion yuan, down 92.44% year-on-year [5] - Despite the decline in revenue and profit due to industry client adjustments and cyclical fluctuations, the company has increased its R&D investment in emerging fields such as chips, low-altitude, satellite internet, unmanned systems, 6G, artificial intelligence, robotics, brain-computer interfaces, and smart wearables [6] - The company has made significant breakthroughs in the military application of AI technology and is deeply involved in national satellite internet projects, leveraging its strong technical foundation to accelerate industry implementation in the low-altitude sector [6] Financial Summary - The company’s revenue is projected to recover, with estimates of 6.25 billion yuan in 2025, 7.51 billion yuan in 2026, and 9.02 billion yuan in 2027, reflecting year-on-year growth rates of 27.0%, 20.2%, and 20.0% respectively [9] - The net profit attributable to shareholders is expected to rise significantly, with forecasts of 0.495 billion yuan in 2025, 0.685 billion yuan in 2026, and 0.904 billion yuan in 2027, indicating year-on-year growth rates of 830.7%, 38.5%, and 32.0% respectively [7] - The projected P/E ratios for 2025, 2026, and 2027 are 56.56, 40.84, and 30.94 respectively [7]