Haige Communications(SZ:002465) Huaan Securities·2024-03-30 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.449 billion yuan in 2023, representing a year-on-year growth of 14.84%, and a net profit attributable to shareholders of 703 million yuan, up 5.21% year-on-year [4] - The company is expected to benefit from the growth in digital economy, low-altitude economy, and commercial aerospace sectors, leveraging its multi-disciplinary layout and strategic investments [4] - The company has four core industries: wireless communication, Beidou navigation, aerospace, and intelligent ecology, with a forward-looking layout in AI military applications and satellite internet [4] Financial Performance and Forecast - The projected net profits for 2024, 2025, and 2026 are 974 million yuan, 1.194 billion yuan, and 1.448 billion yuan, with year-on-year growth rates of 38.6%, 22.6%, and 21.2% respectively [5] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 28.40, 23.17, and 19.12 [5] - The company’s revenue is forecasted to reach 7.489 billion yuan in 2024, 8.520 billion yuan in 2025, and 9.671 billion yuan in 2026, with year-on-year growth rates of 16.1%, 13.8%, and 13.5% respectively [6]