GLARUNTECH(600562) 华创证券·2025-04-23 05:30Investment Rating - The report maintains a "Recommendation" rating for Guorui Technology (600562) [1] Core Views - The company's 2024 performance met expectations, with total revenue of 3.4 billion, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 630 million, up 5.1% [6] - The radar business showed significant growth, with revenue of 2.67 billion in 2024, a 20% increase, and a gross margin of 37.6% [6] - The company is focusing on new quality productivity and expanding into strategic emerging industries such as low-altitude economy and commercial aerospace [6] Financial Summary - 2024 Financial Performance: - Total revenue: 3.4 billion, up 3.6% YoY - Net profit: 630 million, up 5.1% YoY - Earnings per share (EPS): 0.51 yuan [2][6] - 2025-2027 Financial Projections: - 2025E revenue: 3.768 billion, 10.8% growth - 2025E net profit: 770 million, 22.2% growth - 2026E revenue: 4.374 billion, 16.1% growth - 2026E net profit: 930 million, 20.8% growth - 2027E revenue: 4.985 billion, 14.0% growth - 2027E net profit: 1.085 billion, 16.7% growth [2][6] - Valuation Ratios: - Price-to-earnings (P/E) ratio for 2025: 34 times - Price-to-book (P/B) ratio for 2025: 4.0 times [2][6] Business Segment Analysis - Radar Business: - Revenue of 2.67 billion in 2024, with a 20% growth rate and a gross margin of 37.6% [6] - Industrial Software and Manufacturing: - Revenue of 400 million, down 12% YoY, with a gross margin of 36.8% [6] - Smart Rail Transit: - Revenue of 280 million, down 49% YoY, with a gross margin of 19.3% [6] Investment Outlook - The report maintains profit forecasts of 770 million for 2025 and 930 million for 2026, with an introduction of a 2027 forecast of 1.085 billion [6] - The company is expected to benefit from the growing demand in the low-altitude economy and military trade, with radar products facing upward opportunities [6]