东方证券研报指出，海格通信2025H1实现营收22.29亿元（-13.97%），归母净利润0.03亿元（-98.72%），其中归母净利润与7月的业绩预告区间一致。业绩符合市场预期，传统无线通信业务订单短暂性走弱，但随着新产品落地未来增长趋势明晰。公司积极寻找业务增长点，持续加大战略性新兴产业投入。无人机领域，控股子公司西安驰达承制的“九天”重型无人机，最大起飞重量达16吨，最大载重6吨，是下一代新型大型无人机，填补了我国灵活配置重型无人机的市场空白，未来市场需求有望持续带来订单。公司正持续加大研发并拓展新的业务边界，新兴产业有望逐渐贡献收入。军民共进，看好综合性龙头长期成长空间。考虑到公司盈利能力快速恢复，参考可比公司26年60倍PE，给予目标价15.60元，维持“买入”评级。
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