Haige Communications(002465) 民生证券·2024-10-29 14:55Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company experienced a temporary performance pressure due to market conditions, but is actively seeking new business growth points. In Q3 2024, the company achieved revenue of 1.175 billion yuan, a year-on-year increase of 1.46%, but reported a net loss of 11 million yuan, a year-on-year decline [2]. - The company is making significant strides in the Beidou and civil product sectors, with new orders and product deliveries contributing to growth. The Beidou third-generation products are gaining traction, and advancements in aerospace and drone manufacturing are progressing well [2]. - Strategic collaboration with China Mobile is deepening, with increased shareholding and joint efforts in various sectors, including "Beidou+" applications and low-altitude infrastructure [2]. - The company is focused on enhancing its technological moat and is investing in innovative fields such as low-altitude economy and satellite internet, with R&D expenditures reaching 702 million yuan in the first three quarters of 2024, a year-on-year increase of 7.85% [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 3.767 billion yuan, a year-on-year decrease of 6.66%, and a net profit attributable to shareholders of 185 million yuan, a year-on-year increase of 48.43% [1]. - The projected net profits for 2024, 2025, and 2026 are 744 million yuan, 948 million yuan, and 1.126 billion yuan, respectively, with corresponding PE ratios of 37, 29, and 24 [2][6]. - The company’s revenue growth rates are forecasted at 14.84%, 13.74%, and 17.91% for 2024, 2025, and 2026, respectively [7]. Business Developments - The company has successfully entered key user supply systems and government procurement lists in the power and energy sectors, marking significant breakthroughs in the civil Beidou market [2]. - The company is actively participating in the development of national standards for Beidou, which will support the promotion of Beidou's applications [2]. - The company is also advancing in the satellite internet sector, with core products and multiple projects entering the bidding phase [2].