GLARUNTECH(SH:600562) Guolian Minsheng Securities·2025-09-10 11:40Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is driven by military trade product deliveries, with ongoing expansion into new business areas [2][12] - In H1 2025, the company achieved revenue of 1.72 billion yuan, a year-on-year increase of 10%, and a net profit of 350 million yuan, a year-on-year increase of 1% [4][12] - The Q2 2025 single-quarter revenue reached 1.36 billion yuan, a year-on-year increase of 36% and a quarter-on-quarter increase of 274% [4][12] Financial Performance - The company's radar system and subsystem business revenue was 1.55 billion yuan in H1 2025, a year-on-year increase of 16.57%, with a gross margin of 42.46% [12] - The company reported a gross margin of 41.28% in H1 2025, a slight decline of 0.12 percentage points year-on-year, and a net margin of 20.28%, down 1.89 percentage points year-on-year [12] - The company expects revenues of 3.73 billion, 4.49 billion, and 4.91 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.70%, 20.32%, and 9.48% [14] Business Segments - The G-end business continues to face pressure, while the main radar business benefits significantly from military trade growth [12] - The company has successfully bid for various civil radar projects, including meteorological radar and air traffic control systems, indicating a sustained push into civilian radar applications [13] Investment Recommendations - The report maintains a "Buy" rating, anticipating that the company will benefit from rising global military expenditures [14]