Core Viewpoint - The company is expected to report a negative net profit for the year 2025 due to provisions for litigation-related liabilities, indicating a loss in operational performance [2] Group 1: Business Expansion - The company is strengthening its domestic market presence while expanding into sectors such as railways, mining, electricity, and commercial terminals, alongside launching AI private network plans [2] - The company has established a presence in over 120 countries and regions, with a growing number of distributors and partners, achieving leading market positions in certain countries and regions [2] - The company has provided dedicated communication solutions to over 18 million global industry users and has constructed over 30 national-level private networks and more than 800 public safety communication private networks, leading in service coverage and industry depth [2] Group 2: Innovation in Profit Model - The company is increasingly focusing on operational and subscription-related orders in overseas markets, delegating some operational and subscription services to partners while providing core technical support [2] - The company aims to explore innovative business models in operational and subscription services to leverage its advantages and uncover additional revenue opportunities [2] Group 3: OEM Business and New Ventures - The company possesses a complete capability in "self-research, self-manufacturing, and self-marketing" within its OEM business, focusing on three main areas: new energy vehicle electronics, robotics, and communication servers [3] - The new energy vehicle electronics business has seen rapid growth, securing orders from leading automotive companies as the penetration rate of new energy vehicles continues to rise [3] - The AI private network is a key development direction for the company in 2025, with ongoing efforts in platform, terminal, and network sides, including solutions like unmanned vehicles and anti-drone equipment [3] - The company is working on self-developed chips to address critical supply issues and aims to create smarter and more efficient private network communication solutions [3] - A strategic cooperation agreement has been signed with China Telecom Quantum to explore quantum communication technologies, enabling rapid product and service provision when industry demand arises [3]

三十余载深耕关键通信领域，海能达始终以技术创新为核心引擎，掌握PDT、DMR、TETRA三大主流 数字技术标准技术，构建从底层协议、核心芯片到终端设备、场景化解决方案的全产业链布局，将技术 突破转化为业务增长动能，在全球多领域实现深度渗透与拓展。 AI专网战略领航，开辟业务增长新赛道 在公共安全领域，海能达以"AI专网+"战略激活警务通信新动能。在2025中部（山西）警用装备展上， 展示的PDT集群通信系统、情指行一体化指挥方案，凭借100%自主研发的核心软硬件，已完成山西6地 市及省厅PDT转网工程，搭建267个基站及17152台终端组成的通信网络。其370MHz ePDT专网系统更 具备广覆盖、高可靠性优势，通过嵌入AI大数据监测模型，可智能优化网络覆盖、规避拥塞风险，为 警务高效协同提供技术支撑，稳固国内警用通信市场领先地位。 在应急救援场景，海能达构建"空天地一体化"通信解决方案，集成宽/窄带自组网、短波电台、无人机 搭载基站等多元手段，可在"三断"极端条件下快速搭建临时通信中枢。印尼多省洪涝灾害中，海能达数 字对讲机、便携中继台等设备凭借抗干扰、快速组网技术，支撑救援指挥调度全流程，印证了技术落地 ...

华西证券研报指出，海能达现金流阶段性承压，Q3业绩环比改善。整体来看，海外诉讼的许可费裁 决、司法部处罚及跨境合规要求仍存在一定不确定性，可能对未来产品成本结构、现金流节奏与非经营 性支出产生持续影响。公司在AI专网领域已形成"管道-终端-应用"三位一体的完整布局，在城市公共安 全、应急管理和行业防护等领域实现多场景覆盖。通过AI技术实现网络自优化与动态决策，推动专网 与公网深度融合，同时依托自研底层芯片、国产化通信核心部件，打造全链路可信通信体系。考虑公司 持续优化费用，以及聚焦海外和AI专网投入，持续看好公司在专网龙头地位。受诉讼及海外贸易争端 影响，下调2025年盈利预测，对应2025年12月26日11.55元/股收盘价，PE分别为71.85/51.22/40.68倍，维 持"增持"评级。 ...

华西证券研报指出，海能达现金流阶段性承压，Q3业绩环比改善。整体来看，海外诉讼的许可费裁 决、司法部处罚及跨境合规要求仍存在一定不确定性，可能对未来产品成本结构、现金流节奏与非经营 性支出产生持续影响。公司在AI专网领域已形成"管道-终端-应用"三位一体的完整布局，在城市公共安 全、应急管理和行业防护等领域实现多场景覆盖。通过AI技术实现网络自优化与动态决策，推动专网 与公网深度融合，同时依托自研底层芯片、国产化通信核心部件，打造全链路可信通信体系。考虑公司 持续优化费用，以及聚焦海外和AI专网投入，持续看好公司在专网龙头地位。受诉讼及海外贸易争端 影响，下调2025年盈利预测，对应2025年12月26日11.55元/股收盘价，PE分别为71.85/51.22/40.68倍，维 持"增持"评级。 ...

Financial Performance - In Q3 2025, the company's revenue increased by 3.6% year-on-year and 18.3% quarter-on-quarter, indicating a recovery trend in business [1] - The net profit attributable to shareholders for the first three quarters of 2025 was CNY 190 million, a decrease of 26% year-on-year, primarily due to increased sales and R&D expenses [2] Strategic Initiatives - The company has implemented a strategy of "optimizing expenses and focusing investments," leading to a 14.9% increase in sales expenses and a 3.6 percentage point rise in the sales expense ratio [2] - In the AI private network sector, the company has established a comprehensive layout integrating "pipeline-terminal-application," focusing on enhancing service capabilities through AI technology [3] R&D and Innovation - The company is actively following developments in quantum communication technology and has signed a strategic cooperation agreement with China Telecom Quantum to advance technical exploration [4] - The company is increasing R&D resources to develop new proprietary standards and products in private network communication technology to mitigate intellectual property disputes [5] Market and Investor Relations - The company emphasizes high-quality development and effective market communication to enhance investor understanding and recognition of its value [4] - The ongoing litigation with Motorola is being addressed through legal measures, while the company continues to innovate in the AI private network strategy [5]

Core Insights - Shenzhen Hainengda Communication Co., Ltd. reported a total revenue of 3.75 billion yuan and a net profit attributable to shareholders of 186 million yuan for the first three quarters, showing a year-on-year contraction [1] - The company is focusing on optimizing expenses and increasing investment in sales and R&D, leading to a gross margin of 50.8%, an increase of 1.52 percentage points year-on-year [1] - The sale of subsidiary Teltronic has led to fluctuations in revenue and profit, marking a strategic move to concentrate on the "AI private network" sector [1] Financial Performance - Total revenue for the first three quarters reached 3.75 billion yuan, with a net profit of 186 million yuan and a non-recurring net profit of 144 million yuan, all showing a year-on-year decrease [1] - Financial expenses and management costs have decreased year-on-year, while sales and R&D expenses have increased, indicating a strategic focus on core capabilities [1] - The gross margin improved to 50.8%, reflecting steady improvement in profitability [1] Strategic Developments - The divestiture of non-core assets is part of a strategy to focus on key technologies such as public-private integration and broadband communication [1] - The company is responding to the evolving private network communication industry, which is transitioning from traditional voice dispatch to a fusion of "AI + IoT + communication" [1] Market Activity - Hainengda has shown strong activity in core markets, winning significant domestic and international projects, including a multi-million yuan project in clean energy and a major order from Saudi Aramco [2] - The company has also secured contracts in the public safety sector, including a large-scale project with the Thai police and a $40 million project with the Brazilian Federal Police [2] - New product launches at the GITEX exhibition, including smart public network intercoms and next-generation law enforcement recorders, demonstrate the company's commitment to innovation [2] Future Outlook - Hainengda plans to continue investing in "AI private network" research and deepen the integration of AI applications with communication technology [2] - The company aims to focus on emerging high-potential markets, particularly along the "Belt and Road" initiative, to unlock new business growth opportunities [2]

Core Viewpoint - The company has been ordered by the court to pay approximately $70.47 million in licensing fees and related interest to Motorola for the sales of its H series DMR products from 2021 to the first quarter of 2024, which the company disputes and plans to appeal [1]. Group 1: Legal Proceedings - The company does not accept the court's ruling regarding the licensing fees and intends to take necessary legal measures, including an appeal, to protect its rights [1]. - The company has been actively investing in R&D to develop proprietary communication technology standards and products to avoid intellectual property disputes [1]. - The company is promoting an "AI Private Network" development strategy to drive technological upgrades and industry transformation [1]. Group 2: Business Operations - The company's production and operations remain normal, and the court ruling is not expected to have a significant impact on its regular business activities [2]. - The company will handle the accounting related to the case in accordance with accounting standards and policies, acknowledging that the final outcome may affect profits [2]. Group 3: Disclosure and Reporting - The company has no undisclosed significant litigation or arbitration matters at this time and will continue to monitor the situation, fulfilling its disclosure obligations through timely reports [4].

Core Viewpoint - Shenzhen Hainengda Communication Co., Ltd. has evolved from a walkie-talkie OEM to a leader in professional communication equipment, providing comprehensive communication solutions for various critical sectors globally, showcasing the rise of Chinese brands in specialized fields [1][2]. Group 1: Company Development - Hainengda was founded in 1993, initially as an agent for Motorola, and later developed its first domestic walkie-talkie, the C160, in 1995, marking the beginning of independent R&D in the industry [3]. - The company has established a robust product and solution system covering multiple industries, including public safety, emergency response, and transportation [2][4]. - Hainengda invests at least 15% of its annual revenue in R&D, with eight research centers globally, contributing to its leadership in specialized communication technology [4][7]. Group 2: Global Market Strategy - Since the early 2000s, Hainengda has pursued a global market strategy, establishing over 90 branches worldwide and covering more than 120 countries and regions [5][6]. - In the first half of 2025, domestic revenue reached 1.102 billion yuan, accounting for 48.77% of total revenue, while overseas sales were 1.157 billion yuan, making up 51.23% [6]. - The company focuses on major projects in regions involved in the Belt and Road Initiative and BRICS countries, showing significant growth in these areas [6]. Group 3: Technological Innovation - Hainengda has introduced the "AI Private Network" concept, integrating AI technology into communication solutions to enhance public safety applications [8][9]. - The company is developing low-altitude communication solutions that utilize AI algorithms for real-time monitoring and data transmission, ensuring safe operations in low-altitude environments [9]. - Hainengda's commitment to innovation is evident in its ongoing development of AI applications, which are expected to create substantial market opportunities both domestically and internationally [8][9].

Financial Performance - The company achieved a total revenue of 2.26 billion, a decrease of 480 million year-on-year, primarily due to a decline in OEM and other business revenues by 340 million and a decrease in main business revenue by 140 million due to project delays in overseas regions [2][3] - Net profit attributable to the parent company was 93.58 million, a decrease of approximately 68.81 million year-on-year, mainly due to a decline in quarterly profits [2] - In Q2, net profit reached 66.45 million, an increase of 33% year-on-year and 145% quarter-on-quarter [2] - Overall gross margin improved to 51%, an increase of 5 percentage points year-on-year [2] Operational Highlights - The company has seen a significant reduction in expense ratios compared to 2021, with R&D, management, and sales expense ratios decreasing notably by 2024 [2] - Operating cash flow reached 240 million, marking the best level in nearly five years [3] - Domestic main business revenue reached a historical high, with strong growth in channel business and continuous expansion of partners and distributors [3] Product Development - The company is enhancing its narrowband product line and actively participating in the formulation of communication standards for public safety, emergency, and railway industries [4] - New products include various communication modules for railway safety and upgrades to commercial terminal products [4] - The company is focusing on AI applications, integrating new technologies such as AI-driven robots and intelligent command centers into its communication solutions [6] Market Expansion - Approximately 50% of the company's revenue comes from overseas sales, with significant growth in emerging markets and regions along the Belt and Road Initiative [7] - The company is strategically focusing on the Belt and Road and BRICS countries, showing positive growth trends [8] R&D Investment - R&D investment increased by about 8% year-on-year, with a focus on profitable product lines such as narrowband products, public-private integration, and AI networks [9] - The company is optimizing its R&D structure by reallocating resources to high-return projects [9] Future Outlook - Despite current macroeconomic pressures, the company remains optimistic about business opportunities in the second half of the year, particularly in the AI private network sector [13] - The company aims to continue its path of "high-quality development" and stable growth [13]

Core Insights - The specialized communication industry is experiencing continuous upgrades, with technological research and global expansion becoming the core driving forces for companies [1] - HaiNengDa, founded in 1993, has been deeply engaged in the private wireless communication sector for over 30 years and currently operates in more than 120 countries and regions [1] - The company aims to enhance its global channel layout, focusing on the public safety market in developing countries, while increasing market share and international brand influence [1] - HaiNengDa plans to promote industrial upgrades in the AI private network field and actively participate in cutting-edge technology applications in areas such as low-altitude economy and low-orbit satellites [1] - The company is committed to providing professional and intelligent communication solutions for various industries, including public safety, emergency response, energy and petrochemicals, and rail transportation [1]