Haige Communications(SZ:002465) Minsheng Securities·2025-05-05 02:23Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Views - The company experienced a revenue decline of 9.15% year-on-year in Q1 2025, with a revenue of 1.04 billion yuan, while the net profit attributable to shareholders increased by 7.25% to 46 million yuan. In 2024, the company reported a revenue of 4.92 billion yuan, down 23.17%, and a net profit of 53 million yuan, down 92.44% [1][2]. - The company faced challenges in 2024 due to industry client adjustments and cyclical fluctuations, but Q1 2025 showed signs of recovery with a net profit reversal. The company has increased its R&D investments in emerging fields such as BeiDou, unmanned systems, satellite internet, and AI [1][2][3]. - The company is deepening its involvement in national satellite internet projects, enhancing its competitive edge. It has completed multiple product in-orbit experiments and expanded its business scope to include network operation and maintenance services [3][2]. Financial Summary - In 2024, the company's gross profit margin was 28.79%, significantly impacted by Q4, which had a gross profit margin of 24.91%. The gross profit margin for Q1 2025 improved to 27.37%, indicating a recovery trend [2][4]. - The company’s R&D expenses reached 945 million yuan in 2024, a year-on-year increase of 1.23%, with an R&D expense ratio of 19.22% [2][4]. - The forecast for the company's financial performance shows expected revenues of 6.74 billion yuan in 2025, with a growth rate of 37%, and net profits of 556 million yuan, reflecting a significant recovery from 2024 [4][10].