GLARUNTECH(600562) 东吴证券·2024-10-28 23:41Investment 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]