华创交运低空60系列研究（七）：低空新基建，哪个环节或放量？雷达行业初探

Investment Rating - The report maintains a recommendation for the radar industry within the low-altitude new infrastructure sector, suggesting it may experience significant growth potential by 2025 [1][6][173]. Core Insights - The report outlines a "four-stage theory" for the low-altitude economy, predicting that the third stage, characterized by order volume, will commence around 2025. Key focus areas include main engine manufacturers, engine suppliers, and radar systems [1][6][173]. - Radar is identified as a critical component in the low-altitude new infrastructure, with three primary applications: meteorological radar, air traffic control radar, and low-altitude monitoring/anti-drone radar [7][174]. - The report emphasizes the potential for increased domestic production rates in air traffic control radar, given the current reliance on foreign manufacturers [7][174]. Summary by Sections Low-Altitude New Infrastructure - Radar is expected to play a vital role in low-altitude new infrastructure, with applications in meteorological, air traffic control, and low-altitude monitoring systems [7][174]. - The report provides insights into the market potential for meteorological radar based on the area suitable for flight and radar working range, suggesting a need for one radar system per approximately 13.5 square kilometers in certain regions [7][57][174]. - The air traffic control radar market is projected to grow, with an expected increase of about 200 general airports by 2027, enhancing the domestic production potential [7][62][174]. - Low-altitude monitoring systems are anticipated to integrate various technologies, with radar's all-weather detection capabilities providing a competitive advantage [7][64][174]. Key Companies - Sichuan Electronics: Positioned as a leading domestic company in meteorological and air traffic control radar, with a focus on expanding low-altitude capabilities [8][78][94]. - Guorui Technology: The largest in terms of profit, with a radar revenue of 22.3 billion yuan in 2023, indicating a well-formed product system in the low-altitude sector [8][70][122]. - Nairui Radar: A leading domestic supplier of active phased array radar, focusing on meteorological applications and expanding into low-altitude markets [8][140][147]. Financial Performance - In 2023, Guorui Technology reported a revenue of 32.82 billion yuan, with radar-related revenue accounting for 68% of total income, showcasing strong financial health [8][122][123]. - Sichuan Electronics reported a significant loss due to impairment losses, while Guorui Technology maintained a healthy profit margin of 39.5% in its radar business [8][70][122]. Market Trends - The report highlights the increasing importance of radar systems in the low-altitude economy, driven by government initiatives and infrastructure development plans across various provinces [7][51][52][94]. - The integration of radar technology with emerging technologies such as 5G and satellite systems is expected to enhance the capabilities of low-altitude monitoring and management systems [7][51][52].