GLARUNTECH(600562) 光大证券·2025-04-22 02:47Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's radar business revenue is experiencing rapid growth, driven by military trade and low-altitude demand, indicating a promising outlook for the future [2][3] - In 2024, the company achieved operating revenue of 3.4 billion yuan, a year-on-year increase of 3.61%, and a net profit attributable to shareholders of 630 million yuan, up 5.10% year-on-year [1] - The company is actively expanding its domestic and international markets, particularly in emerging fields such as low-altitude economy, which is expected to open new growth opportunities [3] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 3.4 billion yuan, with a net profit of 630 million yuan, reflecting a year-on-year growth of 5.10% [1] - The first quarter of 2025 saw a significant decline in revenue to 363 million yuan, down 35.36% year-on-year, primarily due to fluctuations in project delivery cycles [1][2] - The company's gross profit margin for 2024 was 35.93%, an increase of 1.98 percentage points year-on-year [2] Business Segments - Revenue from radar equipment and related systems, industrial software and intelligent manufacturing, and smart rail transit was 2.673 billion yuan, 399 million yuan, and 283 million yuan respectively in 2024, with year-on-year changes of +20.04%, -11.87%, and -48.92% [2] - The decline in industrial software and smart rail transit revenues was attributed to intensified industry competition and policy adjustments, respectively [2] Market Expansion - The company has made significant progress in domestic market projects, including air traffic control radar upgrades and successful bids for meteorological radar projects [3] - Internationally, the company has responded to the "Belt and Road" initiative, achieving continuous breakthroughs in international markets [3] Profit Forecast and Valuation - The report adjusts the 2025 net profit forecast down by 24% to 760 million yuan, while introducing forecasts for 2026 and 2027 at 929 million yuan and 1.146 billion yuan respectively [3] - The corresponding EPS for 2025-2027 is projected to be 0.61 yuan, 0.75 yuan, and 0.92 yuan [3]