Haige Communications(SZ:002465) Huachuang Securities·2026-01-06 12:13Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1]. Core Insights - The company has successfully completed the first flight of the "Jiutian" drone, marking a significant technological breakthrough in large drone capabilities in China [8]. - The company has won bids for key projects, including the low-orbit broadband phased array terminal, indicating a shift towards application-side satellite logic and a closed-loop system [8]. - The launch of the "Guangzhou Low Altitude Flight Comprehensive Management Service Platform" demonstrates the company's commitment to developing a comprehensive ecosystem for low-altitude operations, integrating various technologies and services [8]. - The company is expected to benefit significantly from the "14th Five-Year Plan" for military informationization, the third generation of Beidou navigation system upgrades, and emerging fields such as low-altitude, drones, and low-orbit satellites [8]. Financial Summary - Total revenue is projected to decline from 4,920 million in 2024 to 4,387 million in 2025, before increasing to 5,336 million in 2026 and 6,317 million in 2027, reflecting a growth rate of -23.7% in 2024 and a recovery of 21.6% in 2026 [3]. - The net profit attributable to the parent company is expected to be 53 million in 2024, dropping to -87 million in 2025, and then recovering to 362 million in 2026 and 518 million in 2027, with a significant growth rate of 514.0% in 2026 [3]. - Earnings per share (EPS) is forecasted to be 0.02 in 2024, -0.04 in 2025, and then rise to 0.15 in 2026 and 0.21 in 2027 [3]. - The company’s price-to-earnings (P/E) ratio is projected to be 809 in 2024, -493 in 2025, and then stabilize at 119 in 2026 and 83 in 2027 [3].