Investment Rating - The report maintains a "Buy" rating for Guorui Technology (600562) [3] Core Views - Guorui Technology is a leading enterprise in radar equipment, with its gross profit margin reaching a ten-year high in 2024Q1-Q3 [3] - The company's revenue for 2024Q1-Q3 was RMB 1.985 billion, a decrease of 6.57% YoY, while net profit attributable to shareholders was RMB 368 million, down 6.45% YoY [3] - The gross profit margin for 2024Q1-Q3 was 40.16%, an increase of 5.56 percentage points YoY, marking the highest level in the past decade [3] - In 2024Q3, the company's revenue was RMB 427 million, a YoY decrease of 24.68%, and net profit attributable to shareholders was RMB 23 million, a YoY decrease of 61.32% [3] Business Segments Radar Equipment Business - The company is a subsidiary of CETC 14th Institute, focusing on radar equipment, industrial software, and intelligent manufacturing, as well as smart rail transit [3] - In the defense radar sector, the company's new weapon positioning radar has gained international attention, and its fourth-generation multi-functional air defense radar has achieved breakthroughs in the international market [6] - In the meteorological radar sector, the company is a core supplier in China, with products like the X/Ka dual-wavelength dual-polarization Doppler cloud radar being exported to Brazil [6] - In the air traffic control radar sector, the company has achieved breakthroughs in domestic production, with its secondary radar S-mode collaborative surveillance networking function being promoted [6] Industrial Software and Intelligent Manufacturing Business - The company's REACH and REASY series products cover the entire lifecycle of industrial software and intelligent manufacturing, with strong market competitiveness [7] - The rapid advancement of China's manufacturing and industrial digital transformation has created strong demand for intelligent manufacturing, benefiting the company's business in this sector [7] Smart Rail Transit Business - The company is a key supplier in China's rail transit industry, with its third-generation CBTC signal system widely applied and the fourth-generation system reaching international advanced levels [8] - The company is developing a fifth-generation TACS signal system based on cloud architecture, aligning with the national "dual-carbon" strategy and the trend of intelligent and green urban rail development [8] Military Trade Business - The company is expected to benefit from the standardization of the military trade market, with its radar equipment covering defense, air traffic control, and meteorological sectors [9] Financial Performance and Forecast - The company's revenue for 2024 is forecasted to be RMB 3.599 billion, with net profit attributable to shareholders expected to reach RMB 664 million [10] - For 2025, revenue is projected to be RMB 3.974 billion, with net profit attributable to shareholders at RMB 736 million [10] - By 2026, revenue is expected to grow to RMB 4.374 billion, with net profit attributable to shareholders reaching RMB 817 million [10] Key Investment Recommendations - The company is expected to benefit from the development of low-altitude infrastructure and the global military trade market [10] - The company's industrial software and smart rail transit businesses are expected to contribute to long-term profit growth [10] - Backed by CETC 14th Institute, the company is well-positioned to leverage its technological and industrial advantages [10]

证券代码：600562 证券简称：国睿科技 国睿科技股份有限公司投资者关系活动记录表 编号：2024-11 | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

国睿科技股份有限公司 2024 年第三季度 业绩说明会召开情况总结 国睿科技股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日上午 9:00-10:00 在上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/）以网络互动方式 召开公司 2024 年第三季度业绩说明会。公司董事、总经理黄 强先生，独立董事李东先生，财务总监朱铭女士，副总经理、 董事会秘书王凯先生出席了本次说明会。会上，与会嘉宾介 绍了 2024 年前三季度经营情况，就现场提问与投资者进行 互动交流和沟通。会议召开情况如下： 一、经营情况介绍 2024 年以来，公司聚焦雷达装备及相关系统、工业软件 及智能制造、智慧轨交三大主业，加快布局战略性新兴产业； 聚力科技创新，打造新质生产力，奋力推进三大业务板块高 质量发展。前三季度公司实现主营业务收入 19.85 亿元，实 现归属于上市公司股东的净利润 3.68 亿元。 在雷达装备及相关系统板块，防务雷达新签情况良好， X 波段天气雷达、L 波段风廓线雷达等拳头气象雷达产品在 江苏、山东等省相继取得大额新签订单，空管雷达中标中南 空管局大洋二次雷 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in Q3 2024 was slightly impacted by a reduced delivery cycle, leading to a minor decline in revenue and profit. The total revenue for the first three quarters of 2024 was 1.985 billion yuan, a year-on-year decrease of 6.57%, while the net profit attributable to shareholders was 368 million yuan, down 6.45% year-on-year. The decline was primarily due to fewer radar product deliveries, resulting in a 24.68% drop in revenue for Q3 alone [1][2] - The company has increased its R&D investment in radar business, with R&D expenses reaching 122 million yuan in the first three quarters of 2024, a year-on-year increase of 26.65%. This sustained investment is expected to help the company explore new market areas, including military and civilian markets [1][2] - The company was selected for the "Science and Technology Reform Enterprise" list by the State-owned Assets Supervision and Administration Commission, highlighting its outstanding performance in technological innovation and reform [2] - A strategic cooperation framework agreement was signed between the subsidiary Guorui Defense and Nanjing Unicom to jointly develop the first domestic 5G-A and radar integrated multi-source fusion low-altitude wide-area perception system, which is expected to enhance the company's market presence in the low-altitude economy [2] Financial Forecasts - The company's earnings forecasts have been adjusted, with expected net profits for 2024, 2025, and 2026 being 624 million yuan, 712 million yuan, and 825 million yuan respectively. The corresponding P/E ratios are projected to be 36, 32, and 27 times [3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥426,614,369.24, a decrease of 24.68% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥22,664,737.99, down 61.32% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.02, reflecting a decline of 60.00% compared to the previous year[4]. - Total operating revenue for the first three quarters of 2024 was CNY 1,985,134,690.57, a decrease of 6.56% compared to CNY 2,124,762,954.27 in the same period of 2023[16]. - Net profit for the first three quarters of 2024 was CNY 367,949,371.13, compared to CNY 395,579,095.37 in the same period of 2023, indicating a decline of 6.98%[18]. - The total comprehensive income for the period was 367,949,371.13 CNY, down from 395,579,095.37 CNY in the previous period[19]. Assets and Liabilities - The total assets at the end of the reporting period were ¥8,687,335,812.98, a decrease of 3.17% from the end of the previous year[4]. - Total current assets decreased to ¥7,549,947,437.93 from ¥7,846,107,236.63[14]. - Total liabilities decreased to CNY 2,927,336,695.30 from CNY 3,399,399,829.87, a reduction of 13.83%[16]. - The total assets decreased from ¥4,720,242,537.64 in the previous period to ¥4,509,482,622.02, indicating a decline of about 4.46%[24]. - The total equity attributable to shareholders at the end of the reporting period was ¥5,739,635,625.70, an increase of 3.40% from the previous year[4]. - The company's total equity decreased from ¥4,649,838,891.36 to ¥4,457,297,030.92, a decline of approximately 4.13%[24]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥643,644,957.19, indicating a significant cash outflow[2]. - Cash inflow from operating activities was 1,543,222,305.23 CNY, a decrease from 1,758,612,626.02 CNY in the previous period[20]. - The net cash flow from operating activities was -643,644,957.19 CNY, compared to -278,022,419.95 CNY in the previous period[20]. - The ending balance of cash and cash equivalents was 659,082,799.14 CNY, down from 816,574,607.17 CNY in the previous period[21]. - The total cash outflow from operating activities was 49,652,083.66 RMB, down from 56,991,627.92 RMB in the previous year, reflecting a decrease of about 12.8%[28]. Research and Development - Research and development expenses increased significantly as the company intensified its investment in radar business[7]. - Research and development expenses increased to CNY 122,222,805.03 in 2024 from CNY 96,506,455.18 in 2023, representing a growth of 26.67%[18]. - Research and development expenses were not explicitly detailed, but the management expenses increased slightly to ¥32,707,051.75 from ¥31,987,639.81[26]. Shareholder Information - The company reported a total of 31,524 common shareholders at the end of the reporting period[9]. - There are no significant changes in major shareholders or their shareholding percentages reported[12]. Future Outlook - The company has not provided specific future guidance or market expansion strategies in this quarter[13]. - The company has not disclosed any new product developments or technological advancements in this report[13]. - No mergers or acquisitions were mentioned in the current report[13]. - The company has adopted new accounting standards starting in 2024, which may impact future financial reporting[30]. Foreign Exchange and Financial Expenses - The company experienced a foreign exchange loss of ¥17,493,800, which increased by ¥12,083,400 compared to the same period last year due to RMB appreciation[7]. - The company reported a financial expense of CNY -1,272,564.04, an improvement compared to CNY -19,898,848.52 in the previous year[18]. - The financial expenses showed a notable change, with a net financial income of ¥5,651,459.43 compared to a loss of ¥2,293,685.71 in the previous year[26].

证券代码：600562 证券简称：国睿科技 公告编号：2024-018 国睿科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 国睿科技股份有限公司（以下简称公司）将于 2024 年 10 月 26 日在上海证 券交易所网站披露《公司 2024 年第三季度报告》。 为方便广大投资者更加全面深入地了解公司 2024 年度前三季度的经营成果 及财务状况，公司定于 2024 年 10 月 30 日（星期三）上午 9:00-10:00 通过上 海证券交易所上证路演中心以网络互动的方式召开 2024 年第三季度业绩说明会。 会议召开时间：2024 年 10 月 30 日(星期三) 上午 9:00-10:00 参会网址：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：网络互动 投资者可以在 10 月 29 日（星期二）16：00 前登录上证路演中心网站 首页，点击"提问预征集"栏目或通过公司邮箱 dm ...

证券时报e公司讯，近日，国睿科技(600562)下属国睿防务与南京联通在国睿大厦签署低空经济战略合 作框架协议，共同打造国内首个5G-A和雷视一体多源融合低空广域感知体系，形成低空监视产业化样 板示范工程，推进高质量低空感知数据共享和商业模式构建。 17日，江苏无人机产业创新联盟在江苏溧阳召开第二届第一次理事会，国睿科技被成功推选为联盟副理 事长单位。 据悉，南京联通作为全国低空智联网建设与南京低空应用孵化的龙头单位，已牵头建成全国首个规模应 用落地的长江低空智联网。 通过合作，双方将完成长江5G-A和雷视一体多源融合低空广域感知样板点的打造，落地全国首个通感 一体、远近协同、无缝覆盖、智能识别的低空广域感知网。 ...

证券代码：600562 证券简称：国睿科技 国睿科技股份有限公司投资者关系活动记录表 编号：2024-09 | --- | --- | --- | --- | --- | |-----------------------------|---------------------------------------------------------------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

2024年09月10日 证券研究报告|公司研究|军工公司点评 | --- | --- | --- | |--------------------------------------------------------------------|------------------------------|------------| | | | | | 国睿科技（600562） | 投资评级 | 买入 | | 2024 半年报点评：雷达业务稳步增长，H1 业绩及 | | 维持评级 | | | 2024年 09 月 09 日 | | | 利润率创下新高 | 收盘价(元): | 12.60 | | | 目标价(元): | 18.00 | | 报告摘要 | 公司基本数据 | | | ◆ 事件：公司 8 月 24 日公告, 2024H1 实现营收 (15.59 亿元, +0.01%), | 总股本(百万股) | 1,241.86 | | 归母净利润(3.46 亿元, +3.14%), 毛利率(41.40%, +6.52pcts), 净利 | 总市值(百万) | 15,647.41 | | | 流通殿本(百万股) | 1, ...

国睿科技股份有限公司 2024 年半年度 业绩说明会召开情况总结 国睿科技股份有限公司（以下简称"公司"）于 2024 年 9 月 10 日上午 10:00-11:00 在上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/）以网络互动方式 召开公司 2024 年半年度业绩说明会。公司董事长李浪平先 生，董事、总经理黄强先生，独立董事明新国先生，财务总 监朱铭女士，副总经理、董事会秘书王凯先生出席了本次说 明会。会上，与会嘉宾介绍了 2024 年半年度经营情况，就现 场提问与投资者进行互动交流和沟通。会议召开情况如下： 一、经营情况介绍 2024 年以来，公司聚焦雷达装备及相关系统、工业软件及 智能制造、智慧轨交三大主业，推动战略落地，夯实发展基 础，优化市场体系，锤炼过硬队伍，深化改革调整，全面提升 管理效能。上半年公司实现主营业务收入 15.59 亿元，与上年 同期持平；实现归属于上市公司股东的净利润 3.46 亿元，较上 年同期增长 3.14%。公司荣获第 30 届企业管理现代化创新成果 全国二等奖和江苏省特等奖、中国上市公司投资者关系管理天 马奖、2024 中国 ...