Investment Rating - The report suggests a positive investment outlook for the low-altitude economy, highlighting significant government support and infrastructure development opportunities [3][5][6]. Core Insights - The low-altitude economy is experiencing rapid growth driven by continuous policy support and substantial project investments, with over 120 billion yuan in public bidding projects reported since 2024 [3][27]. - The establishment of the Low Altitude Economy Administration indicates a more structured approach to managing and promoting the low-altitude economy [6][11]. - The report emphasizes the necessity of building foundational infrastructure, including takeoff and landing sites, low-altitude intelligent networks, and communication/navigation facilities to ensure safe low-altitude operations [3][30]. Summary by Sections 1. Policy and Industry Dynamics - Since early 2024, low-altitude economy policies have been increasingly emphasized at the national level, with over 50 provinces and cities releasing action plans targeting a trillion-yuan industry scale [3][21][27]. - The report notes that the establishment of the Low Altitude Economy Administration is a significant step towards enhancing the organizational framework for low-altitude economic development [6][11]. 2. Infrastructure Planning - The report categorizes low-altitude infrastructure into three main types: takeoff and landing sites, low-altitude communication/navigation facilities, and air traffic management systems [30]. - It predicts that by 2035, investments in general airports and various takeoff platforms will reach approximately 1.8 trillion yuan [3]. 3. Intelligent Network Development - The report highlights the importance of developing a low-altitude intelligent network to ensure the safe operation of low-altitude activities, requiring advanced technology and system capabilities [3][30]. 4. Communication and Monitoring Facilities - The report stresses the urgent need for low-altitude communication and monitoring facilities, particularly focusing on 5G-A, radar, and Beidou systems as critical areas for investment [3][30]. 5. Investment Recommendations - The report recommends focusing on companies involved in low-altitude air traffic management, data services, and infrastructure development, suggesting specific companies for investment consideration [3][27].

Financial Performance - The company achieved total operating revenue of RMB 34,527.56 million, a year-on-year increase of 62.49%[3] - The net profit attributable to the parent company was RMB 7,583.00 million, reflecting a year-on-year growth of 19.79%[5] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 8,520.01 million, up 37.15% year-on-year[5] Assets and Equity - Total assets at the end of the reporting period were RMB 249,957.79 million, an increase of 6.20% from the beginning of the period[5] - The company's equity attributable to the parent company was RMB 223,339.46 million, growing by 1.91% compared to the beginning of the period[5] - The company's share capital increased by 40% compared to the beginning of the period, primarily due to the capitalization of capital reserves[6] Market Expansion and Innovation - The company signed new project contracts worth approximately RMB 800 million, a significant year-on-year increase[5] - The company focused on expanding its market share in meteorological detection and successfully entered the hydrological measurement sector[5] - The company is actively engaged in technological innovation, developing new products for low-altitude economy and civil aviation management applications[5] Reporting Accuracy - There are no significant uncertainties affecting the accuracy of the performance report as of the announcement date[7]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company, Narui Radar, is expected to achieve a revenue of 320-350 million yuan in 2024, representing a year-on-year growth of 51%-65%, and a net profit attributable to shareholders of 75-90 million yuan, indicating a growth of 18%-42% [4] - The company has signed contracts for new projects worth approximately 800 million yuan, with significant growth in sales of weather radar and hydrological measurement radar [5] - The company is actively expanding into low-altitude, civil air traffic control, and overseas markets, which presents substantial growth potential [5] - The planned acquisition of 100% equity in Tianjin Sigma Microelectronics is aimed at creating a second growth curve for the company, enhancing its vertical integration strategy [6] - The projected net profits for 2024-2026 are estimated at 83.12 million yuan, 424 million yuan, and 529 million yuan, corresponding to a price-to-earnings ratio of 173, 34, and 27 times respectively, maintaining the "Accumulate" rating [6] Company Overview - The latest closing price of the company's stock is 66.50 yuan, with a total market capitalization of 14.4 billion yuan and a circulating market capitalization of 5.6 billion yuan [3] - The company has a total share capital of 2.17 billion shares, with 850 million shares in circulation [3] - The company has a debt-to-asset ratio of 6.9% and a price-to-earnings ratio of 154.65 [3]

本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式为 网下，上市股数为 1,799,486 股。本公司确认，上市流通数量等于该限售期的全部 战略配售股份数量。 本次股票上市流通总数为 1,799,486 股。 本次股票上市流通日期为 2025 年 3 月 3 日。 证券代码：688522 证券简称：纳睿雷达 公告编号：2025-012 号 广东纳睿雷达科技股份有限公司 首次公开发行战略配售限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 12 月 15 日做出的《关于同意广东纳 睿雷达科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕3126 号），广东纳睿雷达科技股份有限公司（以下简称"公司"）获准向社会公开发行人 民币普通股 38,666,800 股，并于 2023 年 3 月 1 日在上海证券交易所科创板上市， 发行完成后总股本为 154,666,800 股，其中有限售条件流通 ...

根据中国证券监督管理委员会于 2022 年 12 月 15 日做出的《关于同意广东 纳睿雷达科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕 3126 号），纳睿雷达获准向社会公开发行人民币普通股 38,666,800 股，并于 2023 年 3 月 1 日在上海证券交易所科创板上市，发行完成后总股本为 154,666,800 股， 其中有限售条件流通股 118,872,708 股，无限售条件流通股 35,794,092 股。 本次上市流通的限售股为公司首次公开发行战略配售限售股，涉及股东数量 为 1 名，即中信证券投资有限公司，限售期为自公司上市之日起 24 个月。本次 限售股上市流通数量为 1,799,486 股（主要系原战略配售股份数量 1,285,347 股经 2023 年度权益分派以资本公积金每股转增 0.4 股所致），占目前公司总股本的比 例为 0.83%。该部分限售股将于 2025 年 3 月 3 日起上市流通（因 2025 年 3 月 1 日为非交易日，故顺延至下一交易日）。 中信证券股份有限公司 关于广东纳睿雷达科技股份有限公司 首次公开发行战略配售限售股上市流通的核查意见 ...

证券代码：688522 证券简称：纳睿雷达 公告编号：2025-011 号 一、本次交易的基本情况 广东纳睿雷达科技股份有限公司（以下简称"公司"）拟通过以发行股份及支付现 金的方式购买天津希格玛微电子技术有限公司的 100%股权同时募集配套资金（以下 简称"本次交易"）。 关于发行股份及支付现金购买资产并募集配套资金事项 的进展公告 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。 根据相关数据初步测算，本次交易预计不构成《上市公司重大资产重组管理办法》 规定的重大资产重组，不构成关联交易，不构成重组上市。 二、本次交易的进展情况 经公司向上海证券交易所申请，公司股票（证券简称：纳睿雷达，证券代码：688522） 自 2025 年 1 月 8 日（星期三）开市起停牌，具体内容详见公司分别于 2025 年 1 月 8 日、2025 年 1 月 15 日在上海证券交易所网站（www.sse.com.cn）披露的《广东纳睿 雷达科技股份有限公司关于筹划发行股份及支付现金购买资产并募集配套资金事项 的停牌公告》（公告编号：2025-0 ...

Revenue and Profit Forecast - The company expects 2024 annual revenue to be between 320 million and 350 million CNY, an increase of 107.51 million to 137.51 million CNY, representing a year-on-year growth of 50.59% to 64.71%[2] - The projected net profit attributable to the parent company for 2024 is between 75 million and 90 million CNY, an increase of 11.70 million to 26.70 million CNY, reflecting a year-on-year increase of 18.48% to 42.18%[2] - The net profit attributable to the parent company after deducting non-recurring gains and losses is also expected to be between 75 million and 90 million CNY, with a year-on-year increase of 12.88 million to 27.88 million CNY, representing a growth of 20.73% to 44.88%[2] - In the previous year, the company achieved a revenue of 212.49 million CNY and a net profit of 63.30 million CNY[3] Project Contracts and Growth - The company signed new project contracts worth approximately 800 million CNY during the reporting period, showing significant growth year-on-year[4] Factors Affecting Profit - The increase in net profit is relatively modest due to higher R&D investments, rising project costs, slower accounts receivable collection, and increased provisions for bad debts[5] Performance Forecast and Risks - The performance forecast has not been audited by a registered accountant and is based on preliminary calculations by the company's financial department[6] - There are currently no significant uncertainties affecting the accuracy of the performance forecast[6] - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report[7]

证券代码：688522 证券简称：纳睿雷达 公告编号：2025-004 号 广东纳睿雷达科技股份有限公司 第二届董事会第八次会议决议公告 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。 广东纳睿雷达科技股份有限公司（以下简称"公司"或"上市公司"）董事会于 2025 年 1 月 15 日以书面形式发出会议通知，于 2025 年 1 月 21 日在公司会议室以现 场结合通讯方式召开会议并作出本董事会决议。本次会议由公司董事长包晓军先生召 集并主持，会议应出席董事 5 名，实际出席董事 5 名。本次会议召开符合《中华人民 共和国公司法》《中华人民共和国证券法》等法律、法规、规范性文件和《广东纳睿雷 达科技股份有限公司章程》（以下简称"《公司章程》"）、《广东纳睿雷达科技股份有限 公司董事会议事规则》的有关规定，会议决议合法、有效。董事会会议审议情况具体 如下： 一、审议并通过了《关于公司本次发行股份及支付现金购买资产并募集配套资金 符合相关法律法规规定条件的议案》 议案表决情况：有效表决票 5 票，同意 5 票，反对 0 票，弃权 ...

证券代码：688522 证券简称：纳睿雷达 公告编号：2025-005 号 广东纳睿雷达科技股份有限公司 第二届监事会第七次会议决议公告 本公司监事会及全体监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。 广东纳睿雷达科技股份有限公司（以下简称"公司"或"上市公司"）监事会于 2025 年 1 月 15 日以书面形式发出会议通知，于 2025 年 1 月 21 日在公司会议室以现 场方式召开会议并作出本监事会决议。本次会议由公司监事会主席刘航先生召集并主 持，会议应出席监事 3 名，实际出席监事 3 名。本次会议召开符合《中华人民共和国 公司法》《中华人民共和国证券法》等法律、法规、规范性文件和《广东纳睿雷达科技 股份有限公司章程》（以下简称"《公司章程》"）、《广东纳睿雷达科技股份有限公司监 事会议事规则》的有关规定，会议决议合法、有效。监事会会议审议情况具体如下： 一、审议并通过《关于公司本次发行股份及支付现金购买资产并募集配套资金符 合相关法律法规规定条件的议案》 议案表决情况：有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 ...

证券代码：688522 证券简称：纳睿雷达 公告编号：2025-007 号 广东纳睿雷达科技股份有限公司 关于本次发行股份及支付现金购买资产并募集配套资金 事项的风险提示公告 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。 一、停牌情况与披露交易预案 广东纳睿雷达科技股份有限公司（以下简称"公司"）正在筹划以发行股份及支付 现金的方式购买天津希格玛微电子技术有限公司的 100%股权同时募集配套资金（以 下简称"本次交易"）。 鉴于本次交易尚存在不确定性，为了保证公平信息披露、维护投资者利益，避免 造成公司股价异常波动，经向上海证券交易所申请，公司股票（股票简称：纳睿雷达， 证券代码：688522）自 2025 年 1 月 8 日（星期三）开市起停牌，具体内容详见公司 分别于 2025 年 1 月 8 日、2025 年 1 月 15 日在上海证券交易所网站（www.sse.com.cn） 及指定媒体披露的《广东纳睿雷达科技股份有限公司关于筹划发行股份及支付现金购 买资产并募集配套资金事项的停牌公告》（公告编号：2025-001 ...