Core Viewpoint - The company Nanrui Radar (688522) reported significant growth in revenue and net profit for the year 2024, indicating strong operational performance and shareholder returns [1] Financial Performance - The company achieved a revenue of 345 million yuan in 2024, representing a year-on-year increase of 62.49% [1] - The net profit attributable to shareholders reached 76.61 million yuan, marking a year-on-year growth of 21.03% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 85.69 million yuan, reflecting a year-on-year increase of 37.94% [1] Dividend and Capital Increase - The company plans to distribute a cash dividend of 1 yuan (including tax) for every 10 shares, totaling 21.62 million yuan, which accounts for 28.21% of the net profit attributable to shareholders for 2024 [1] - Additionally, the company intends to increase its capital by issuing 4 new shares for every 10 shares held, resulting in a total capital increase of 86.46 million shares, raising the total share capital to 303 million shares [1]

Group 1 - The accuracy of aviation meteorological forecasts is crucial for ensuring the safety and efficiency of civil aviation operations, but there are significant issues such as insufficient detection data, weak technical support, and inadequate talent development [1] - In 2023, the proportion of flight irregularities due to weather reached 60.42%, highlighting the urgent need to improve aviation meteorological forecast accuracy [1] - Current aviation meteorological detection equipment and layout have notable shortcomings, particularly in monitoring convective weather at busy airports, with a lag in weather radar construction [1] Group 2 - To enhance aviation meteorological forecast accuracy, improvements are needed in data construction, technical capability optimization, and talent cultivation [2] - Recommendations include accelerating the construction of aviation meteorological detection systems, enhancing radar layouts, and promoting data sharing across the industry [2] - The development of radar technology and information sharing is key to improving aviation meteorological forecast accuracy, with a focus on the collaborative development of technology and talent [2] Group 3 - Recommended company: Nairui Radar, which has developed all-polarization multifunctional phased array radar technology with potential in air traffic control and airport sectors [3] - Core products include C-band dual-polarization radar and Ku-band radar, with low-altitude radar products featuring high spatial-temporal resolution and multi-target tracking capabilities [3] - The company is benefiting from the trend of domestic air traffic control equipment and has strengthened its chip-level design capabilities through acquisitions, positioning itself for optimistic long-term growth [3]

纳睿雷达 20250402 摘要 Q&A 纳睿雷达在市场上的定位和发展前景如何？ 纳睿雷达作为国内首家民营企业上市公司，专注于相控阵雷达的研发和生产。 其产品主要应用在气象、水利和国防军工等领域。纳睿雷达以 X 波段双极化微 带贴片相控阵技术替代传统机械多普勒雷达，具有更高的扫描速率和精度。其 相控阵雷达价格约为 800 到 1,000 万元，而传统机械多普勒雷达价格为 300 到 400 万元。 在气象领域，纳睿雷达已被广东区域采购了六十余台，用于提升天 气预报的精度。在水利领域，由于近年来河流泛滥情况增多，水利部正推进先 • 纳睿雷达采用 X 波段双极化微带贴片相控阵技术，扫描速率和精度高于传 统机械多普勒雷达，成本低于军用波导缝隙天线，适用于民用气象领域， 但因鲁棒性限制不适用于军用战斗机。 • 西部证券预测纳睿雷达 2025 年收入达 8 亿元，利润 3.78 亿元；2026 年收 入达 12 亿元，利润 5.42 亿元。考虑到行业估值和高成长性，目前 40 倍左 右的估值仍有较大提升空间。 • 2024 年纳睿雷达收入高增长但利润未同步增长，因减值问题。承接雷达项 目总金额超 8 亿元，但因客户预算 ...

证券代码：688522 证券简称：纳睿雷达 公告编号：2025-014 号 广东纳睿雷达科技股份有限公司 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。 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"）。 2025 年 1 月 21 日，公司召开第二届董事会第八次会议、第二届监事会第七次会 议，审议通过了《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方案的 议案》《关于公司发行股份及支付现金购买资产并募集配套资金预案及其摘要的议案》 等与本次交易相关的议案，具体内容详见公司同日在上海证券交易所网站 （www.sse.com.cn）披露的相关公告。同日，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 22 日（星期三）开市起 1 复牌，具体内容详见公司于 ...

• 纳睿雷达预计 2025 年受益于宽松财政政策和基础设施投资，农业和水利 投资稳步增长将带动地基天气雷达和水利侧翼雷达的需求增加，公司在水 利侧翼雷达方面实现了从 0 到 1 的突破，增幅迅猛。 • 公司积极布局低空经济市场，已在广东省内外进行广泛测试和推广，并与 国内主要航空枢纽港开展合作，参与相控阵雷达测试，预计 2025 年低空 经济和航空领域将逐步启动，带来新的增长点。 • 预计 2024 年的订单将在 2025 年逐步实现收入确认，这些项目多为国债 和省级财政资金项目，完成期限通常为 1 到 2 年，项目大概率能够按期完 成并确认收入。 • 2025 年一季度市场前景乐观，天气雷达和相控阵雷达的招标需求和意向 明显多于往年，有望实现良好开局，历史订单基数较大，相应收入确认会 比较平稳。 • 公司通过收购西格玛公司，拓展至光电传感领域，增强了在光电传感芯片 领域的技术实力，并计划孵化团队加速产品迭代，提升核心竞争力。 Q&A 纳睿雷达在 2024 年的业绩表现如何？ 纳睿雷达 20250306 2025-03-07 摘要 2024 年，纳睿雷达的营收和利润均实现了显著增长。公司确认的营收约为 3.4 ...

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 ...