Haige Communications(002465) 国元证券·2024-04-02 16:00Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong performance and growth potential in various sectors [6][19]. Core Insights - Haige Communication achieved a revenue of 6.449 billion yuan in 2023, representing a year-on-year growth of 14.84%, with a net profit of 703 million yuan, up 5.21% year-on-year [3][10]. - The company’s four main business segments—wireless communication, Beidou navigation, aerospace, and digital ecology—showed growth, with Beidou navigation revenue soaring by 113.27% [4][10]. - The company is focusing on high investment in satellite, unmanned systems, and next-generation communication technologies, with R&D expenditure reaching approximately 934 million yuan, an increase of 18.49% year-on-year [5][6]. Summary by Sections Financial Performance - In 2023, Haige Communication's revenue was 6.449 billion yuan, with a net profit of 703 million yuan. The fourth quarter alone saw a revenue of 2.414 billion yuan, up 26.62% year-on-year, and a net profit of 344 million yuan, up 26.24% year-on-year [3][10]. - The company’s revenue from wireless communication was 2.667 billion yuan (up 5.06%), Beidou navigation was 937 million yuan (up 113.27%), aerospace was 419 million yuan (up 25.98%), and digital ecology was 234 million yuan (up 4.19%) [4][10]. Business Segments - Wireless Communication: Achieved significant milestones in product development and market penetration, including breakthroughs in 5G technology [4][10]. - Beidou Navigation: The Beidou III products are becoming a new pillar for the company, with successful project bids and production line establishment for atomic clock chips [4][10]. - Aerospace: The company has received substantial orders and is expanding into large unmanned aircraft development [4][10]. - Digital Ecology: The company is successfully collaborating with major telecom operators and expanding into non-telecom sectors [4][10]. Investment and Future Outlook - The company plans to invest in the "Beidou + 5G" integration project, satellite internet, and unmanned systems, with a total fundraising of 1.855 billion yuan [13][14]. - Future profit forecasts for 2024-2026 are 896 million yuan, 1.163 billion yuan, and 1.314 billion yuan, respectively, with corresponding PE ratios of 31x, 24x, and 21x [6][7].