北斗3爆发增速翻倍，卫星、低空景气多线受益

Investment Rating - The report assigns a "Buy-B" rating to Haige Communications (002465 SZ) for the first time [1] Core Views - Haige Communications achieved robust growth in 2023, with revenue reaching 6 449 billion yuan, a year-on-year increase of 14 84%, and net profit attributable to the parent company of 703 million yuan, up 5 21% year-on-year [1] - The company's four major business segments (wireless communication, Beidou navigation, aerospace, and digital ecology) all experienced revenue growth, with Beidou navigation revenue surging 113 27% year-on-year [1] - Haige Communications is benefiting from multiple growth drivers, including the Beidou-3 system upgrade, satellite internet acceleration, and low-altitude economy development [1][2] - The company maintains high R&D investment, with 934 million yuan spent in 2023, accounting for 15% of revenue, focusing on next-generation satellite communication, AI, and 6G technologies [1] Financial Performance - In 2023, Haige Communications achieved a gross margin of 32 59%, with Beidou navigation business reaching a high gross margin of 45 97% [1] - The company's EPS in 2023 was 0 28 yuan, with ROE at 5 4% [3] - For 2024-2026, the report forecasts revenue growth of 20 9%/21 4%/20 3%, with net profit growth of 26 1%/30 4%/25 6% [2] Business Segments - Wireless communication: Revenue reached 2 667 billion yuan in 2023, expected to grow to 3 974 billion yuan by 2026 [6] - Beidou navigation: Revenue surged to 937 million yuan in 2023, projected to reach 3 660 billion yuan by 2026 [6] - Aerospace: Revenue grew to 419 million yuan in 2023, forecasted to reach 715 million yuan by 2026 [6] - Digital ecology: Revenue increased to 2 340 billion yuan in 2023, expected to grow to 2 866 billion yuan by 2026 [6] Industry Prospects - The satellite internet and private network construction are accelerating, with Haige Communications securing key projects in these areas [1] - The low-altitude economy is emerging as a strategic new industry, with Haige Communications well-positioned through its "Beidou+5G+satellite internet" integrated network [2] - The company is actively participating in national satellite internet major projects and has made breakthroughs in 5G and next-generation satellite communication products [1] Valuation - The report forecasts PE ratios of 31 4/24 1/19 2 for 2024-2026, with PB ratios of 2 0/1 9/1 7 [3] - Compared to peers, Haige Communications shows relatively lower valuation multiples, with 2024E PE of 31 45 compared to industry average of 39 43 [8]