Core Points - The company board received the resignation of Ms. Zhu Ming, the Chief Financial Officer, due to job changes, effective immediately upon delivery of the resignation report [1] - The board expressed gratitude for Ms. Zhu's contributions to the company's high-quality development during her tenure [1] - Mr. Zhuo Yue has been appointed as the new Chief Financial Officer, with his term lasting until the end of the current board's term [1] - Mr. Zhuo Yue has a background in accounting and has held various financial management positions, demonstrating his capability to fulfill the CFO role [2] Summary by Sections Resignation of CFO - Ms. Zhu Ming resigned from her position as CFO due to work changes, effective immediately [1] - The board acknowledged her diligent efforts and contributions to the company's development [1] Appointment of New CFO - Mr. Zhuo Yue was nominated by the general manager and approved by the board's committees for the CFO position [1] - His term will last until the current board's term ends [1] Background of New CFO - Mr. Zhuo Yue, born in November 1975, graduated in accounting and is a senior accountant [1] - He has extensive experience in financial management and internal controls, qualifying him for the CFO responsibilities [2]

证券代码：600562 证券简称：国睿科技 公告编号：2025-014 国睿科技股份有限公司 关于财务总监变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 附件 人员简历 卓悦，男，1975 年 11 月生，中央广播电视大学会计学专业毕业，本科学历， 高级会计师，曾任中国电子科技集团公司第十四研究所财务部会计师、高级会计 师，中电科技（南京）电子信息发展有限公司、江苏国睿科技园开发有限公司、 南京洛普科技有限公司、南京洛普股份有限公司财务总监。 卓悦先生未持有公司股票。经公司在中国执行信息公开网和证券期货市场失 信记录查询平台查询，卓悦先生不属于"失信被执行人"，亦未受过中国证监会 及其他有关部门的处罚和证券交易所惩戒，符合《公司法》、《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》等相关法律、法规和规定要求的上市 公司高级管理人员任职条件。卓悦先生一直从事财务管理相关工作，在财务管理、 内部控制等方面具有丰富的经验，具备履行财务总监职责的能力。 经公司总经理提名，董事会风险管理与审计委员会、提名与薪酬 ...

Investment Rating - The report maintains a "Recommendation" rating for Guorui Technology (600562) [1] Core Views - The company's 2024 performance met expectations, with total revenue of 3.4 billion, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 630 million, up 5.1% [6] - The radar business showed significant growth, with revenue of 2.67 billion in 2024, a 20% increase, and a gross margin of 37.6% [6] - The company is focusing on new quality productivity and expanding into strategic emerging industries such as low-altitude economy and commercial aerospace [6] Financial Summary - **2024 Financial Performance**: - Total revenue: 3.4 billion, up 3.6% YoY - Net profit: 630 million, up 5.1% YoY - Earnings per share (EPS): 0.51 yuan [2][6] - **2025-2027 Financial Projections**: - 2025E revenue: 3.768 billion, 10.8% growth - 2025E net profit: 770 million, 22.2% growth - 2026E revenue: 4.374 billion, 16.1% growth - 2026E net profit: 930 million, 20.8% growth - 2027E revenue: 4.985 billion, 14.0% growth - 2027E net profit: 1.085 billion, 16.7% growth [2][6] - **Valuation Ratios**: - Price-to-earnings (P/E) ratio for 2025: 34 times - Price-to-book (P/B) ratio for 2025: 4.0 times [2][6] Business Segment Analysis - **Radar Business**: - Revenue of 2.67 billion in 2024, with a 20% growth rate and a gross margin of 37.6% [6] - **Industrial Software and Manufacturing**: - Revenue of 400 million, down 12% YoY, with a gross margin of 36.8% [6] - **Smart Rail Transit**: - Revenue of 280 million, down 49% YoY, with a gross margin of 19.3% [6] Investment Outlook - The report maintains profit forecasts of 770 million for 2025 and 930 million for 2026, with an introduction of a 2027 forecast of 1.085 billion [6] - The company is expected to benefit from the growing demand in the low-altitude economy and military trade, with radar products facing upward opportunities [6]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's radar business revenue is experiencing rapid growth, driven by military trade and low-altitude demand, indicating a promising outlook for the future [2][3] - In 2024, the company achieved operating revenue of 3.4 billion yuan, a year-on-year increase of 3.61%, and a net profit attributable to shareholders of 630 million yuan, up 5.10% year-on-year [1] - The company is actively expanding its domestic and international markets, particularly in emerging fields such as low-altitude economy, which is expected to open new growth opportunities [3] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 3.4 billion yuan, with a net profit of 630 million yuan, reflecting a year-on-year growth of 5.10% [1] - The first quarter of 2025 saw a significant decline in revenue to 363 million yuan, down 35.36% year-on-year, primarily due to fluctuations in project delivery cycles [1][2] - The company's gross profit margin for 2024 was 35.93%, an increase of 1.98 percentage points year-on-year [2] Business Segments - Revenue from radar equipment and related systems, industrial software and intelligent manufacturing, and smart rail transit was 2.673 billion yuan, 399 million yuan, and 283 million yuan respectively in 2024, with year-on-year changes of +20.04%, -11.87%, and -48.92% [2] - The decline in industrial software and smart rail transit revenues was attributed to intensified industry competition and policy adjustments, respectively [2] Market Expansion - The company has made significant progress in domestic market projects, including air traffic control radar upgrades and successful bids for meteorological radar projects [3] - Internationally, the company has responded to the "Belt and Road" initiative, achieving continuous breakthroughs in international markets [3] Profit Forecast and Valuation - The report adjusts the 2025 net profit forecast down by 24% to 760 million yuan, while introducing forecasts for 2026 and 2027 at 929 million yuan and 1.146 billion yuan respectively [3] - The corresponding EPS for 2025-2027 is projected to be 0.61 yuan, 0.75 yuan, and 0.92 yuan [3]

Investment Rating - The investment rating for the company is "Buy" and maintained [2][9] Core Views - The company achieved a revenue of 3.4 billion yuan in 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to shareholders of 630 million yuan, up 5.10% year-on-year [5][6] - The radar equipment and related systems business generated revenue of 2.673 billion yuan, a significant increase of 20.04% year-on-year, while the smart rail transit business saw a decline of 48.92% [6] - The company is actively expanding its international market presence, particularly in military trade, with expected sales to other subsidiaries of China Electronics Technology Group reaching 2.182 billion yuan in 2025, a substantial increase of 415% [7] - The company is focusing on developing new strategic emerging industries, including low-altitude economy and commercial aerospace, and has made significant progress in these areas [7] - The company anticipates net profits of 712 million yuan, 819 million yuan, and 1.008 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 32, 28, and 23 [9][11] Company Overview - The latest closing price of the company is 18.58 yuan, with a total market capitalization of 23.1 billion yuan [4] - The company has a total share capital of 1.242 billion shares, with a debt-to-asset ratio of 35.1% and a PE ratio of 36.43 [4][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][9] Core Views - The company achieved a revenue of 3.4 billion yuan in 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to shareholders of 630 million yuan, up 5.10% year-on-year [5][6] - The radar equipment and related systems business generated revenue of 2.673 billion yuan, a significant increase of 20.04% year-on-year, while the smart rail transit business saw a decline of 48.92% [6] - The company is actively expanding its international market presence, particularly in military trade, with expected sales to other subsidiaries of China Electronics Technology Group reaching 2.182 billion yuan in 2025, a substantial increase of 415% [7] - The company is focusing on developing new strategic emerging industries, including low-altitude economy and commercial aerospace, and has made significant progress in these areas [7] - The company anticipates net profits of 712 million yuan, 819 million yuan, and 1.008 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 32, 28, and 23 [9][11] Company Overview - The latest closing price of the company's stock is 18.58 yuan, with a total market capitalization of 23.1 billion yuan [4] - The company has a total share capital of 1.242 billion shares, with a debt-to-asset ratio of 35.1% and a price-to-earnings ratio of 36.43 [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 3.4 billion RMB in 2024, representing a year-over-year increase of 3.61%, with a net profit attributable to the parent company of 630 million RMB, up 5.10% year-over-year, although below the previous forecast of 716 million RMB due to significant declines in the rail transit and industrial software sectors [1][4] - The radar business showed strong growth in 2024, with revenues reaching 2.673 billion RMB, a year-over-year increase of 20.04%, while the industrial software and smart manufacturing sectors saw a revenue decline of 11.87% [2][3] - The company is expected to achieve steady growth in 2025, driven by increased demand in the international military trade market for air defense and missile defense systems [1][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.4 billion RMB and a net profit of 630 million RMB, with a projected revenue of 4.119 billion RMB for 2025, reflecting a growth rate of 21.13% [6][4] - The radar business is expected to continue its upward trajectory, while the smart rail transit business is facing challenges due to reduced new line constructions [2][3] Profitability and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 774 million RMB, 938 million RMB, and 1.106 billion RMB respectively, with a target price set at 27.08 RMB based on a PE ratio of 44 for 2025 [4][8] - The company's PE ratio is projected to decrease from 38.51 in 2023 to 29.81 in 2025, indicating a more attractive valuation over the forecast period [6][4] Market Position and Strategy - The company is actively expanding its international market presence, enhancing its influence in high-end radar equipment, and has successfully completed several key projects in aerospace, aviation, and marine sectors [3][2] - The digital transformation efforts in the industrial software sector are expected to accelerate growth, with over 80% of new contracts being for domestically developed software [3][2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [5]. Core Insights - In 2024, the company achieved a revenue of 3.4 billion yuan, representing a year-over-year increase of 3.6%, with a net profit of 630 million yuan, up 5.1% year-over-year. However, the first quarter of 2025 saw a significant decline in revenue and net profit, down 35.4% and 34.8% respectively [3][5]. - The company has shown consistent improvement in profit margins over the past six years, with a gross margin of 36.1% and a net margin of 18.6% in 2024, both historical highs [3][5]. - The defense radar segment performed well, generating 2.0 billion yuan in revenue, a growth of 18.9% year-over-year, while the radar and related systems segment saw a revenue increase of 20% [4][5]. Summary by Sections Financial Performance - The company reported a revenue of 34.0 billion yuan in 2024, with a net profit of 6.3 billion yuan. The fourth quarter of 2024 alone generated 14.2 billion yuan in revenue, marking a 22.3% increase year-over-year [3][5]. - The first quarter of 2025 showed a revenue of 3.6 billion yuan, down 35.4% year-over-year, with a net profit of 0.8 billion yuan, down 34.8% [3]. Segment Performance - Radar equipment and related systems generated 26.7 billion yuan in revenue, up 20.0% year-over-year, although the gross margin decreased by 1.39 percentage points to 37.6% [4]. - The industrial software and smart manufacturing segment reported a revenue of 4.0 billion yuan, down 11.9% year-over-year, with a gross margin of 36.8% [4]. - The smart rail segment saw a revenue decline of 48.9% to 2.8 billion yuan, but the gross margin improved by 8.34 percentage points to 19.3% [4]. Cost and Cash Flow - The company's expense ratio decreased by 0.6 percentage points to 11.5% in 2024, with a reduction in sales and management expenses [5]. - As of the end of the first quarter of 2025, accounts receivable increased by 23.7% to 4.39 billion yuan, while inventory decreased by 8.0% to 1.94 billion yuan [5]. Future Projections - The company is projected to achieve net profits of 770 million yuan, 930 million yuan, and 1.1 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 30x, 25x, and 21x [5][7].

国睿科技股份有限公司 审计报告 大华审字[2025]0011003271 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da HuaCertified PublicAccountants（SpecialGeneral Partnership） 国睿科技股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-7 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | | 7-8 | | | 母公司利润表 | | 9 | | | 母公司现金流量表 | | 10 | | | 母公司股东权益变动表 | | 11-12 | | | 财务报表附注 | | 1-111 | 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 ...

国睿科技股份有限公司 独立董事 2024 年度述职报告 （李东） 作为国睿科技股份有限公司（以下简称公司）的独立董事，在 2024 年度工 作中，本人严格按照《公司法》《上市公司独立董事管理办法》《上市公司治理 准则》等法律、法规、规范性文件以及《公司章程》、《公司独立董事制度》的 规定履行职责，本着对全体股东负责的态度，切实维护广大中小股东利益的原则， 审慎行使股东大会和董事会赋予的权利，积极出席董事会和股东大会、参与公司 的重大决策，充分发挥自身的专业优势，发表独立客观的意见，努力维护公司利 益和全体股东尤其是中小股东的合法权益，促进公司规范运作，现将 2024 年度 履行独立董事职责的情况报告如下： 一、基本情况 （一）个人履历情况 （一）出席董事会、股东大会的情况 | 姓名 | 本年应参加 | 亲自出 | 委托出 | 缺席 | 是否连续两次未 | 出席股东大 | | --- | --- | --- | --- | --- | --- | --- | | | 董事会次数 | 席次数 | 席次数 | 次数 | 亲自参加会议 | 会的次数 | | 李东 | 8 | 8 | 0 | 0 | 否 | 2 | | ...