Haige Communications(SZ:002465) Tebon Securities·2025-05-21 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8]. Core Views - The company is expected to benefit significantly from the "Jiutian" drone's broad application prospects, as it is involved in both military and civilian sectors [5][8]. - The low-altitude economy is continuously developing, with promising prospects for the civilian drone market, supported by favorable policies and commercial applications [5][8]. - The report highlights the strategic importance of drones in special applications, validated by recent geopolitical events [6][8]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 62.14 billion, 76.24 billion, and 90.71 billion yuan respectively, with corresponding net profits of 4.26 billion, 6.30 billion, and 8.52 billion yuan [7][8]. - The earnings per share (EPS) estimates for the same years are 0.17, 0.25, and 0.34 yuan, with price-to-earnings (PE) ratios of 66.87, 45.22, and 33.45 respectively [7][8]. - The company’s total assets are reported at 20,017.26 million yuan, with a total market capitalization of 28,789.27 million yuan [7].