证券代码：688522 证券简称：纳睿雷达 公告编号：2026-003 广东纳睿雷达科技股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本期业绩预告情况 报告期内，公司凭借产品技术、品牌等优势，获得不同领域客户认可，公司新签 水利测雨雷达合同金额大幅增长；存量订单加速确认落地，促使营业收入大幅增长， 继续保持业绩快速增长，盈利能力显著提升。 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，广东纳睿雷达科技股份有限公司（以下简称"公司"） 预计 2025 年度实现营业收入 46,012.18 万元左右，与上年同期相比，将增加 11,484.62 万元左右，同比增长 33.26%左右。 2、预计 2025 年度实现归属于母公司所有者的净利润 11,812.16 万元左右，与上 年同期相比，将增加 4,149.82 万元左右，同比增长 54.16%左右。 3、预计 2025 年度实现归属于母公司所有者的扣除 ...

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately 118 million yuan for the fiscal year 2025, representing an increase of about 41.5 million yuan compared to the previous year, which is a year-on-year growth of approximately 54.16% [1] Group 1 - The company has gained recognition from clients across various sectors due to its product technology and brand advantages [1] - The contract amount for newly signed hydrological radar projects has significantly increased [1] - The acceleration of confirming existing orders has led to a substantial growth in operating revenue, maintaining rapid performance growth and significantly enhancing profitability [1]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [7]. Core Insights - The low-altitude economy is experiencing steady development, with significant policy advancements in vertical industries and tourism, particularly in agricultural applications of drones [3]. - The engineering machinery sector is expected to maintain steady growth, supported by strong competitive advantages of domestic leading enterprises in both supply and demand [4]. - The overall performance of the machinery equipment sector has outperformed the broader market indices, with a weekly increase of 2.57% compared to the Shanghai Composite Index [12]. Weekly Market Review - From January 18 to January 23, 2026, the Shanghai Composite Index rose by 0.84%, while the Shenzhen Component Index increased by 1.11%. The machinery equipment sector outperformed, with a 2.57% increase, ranking 13th among 31 sectors [12][20]. - Sub-sectors such as general equipment, specialized equipment, and engineering machinery saw increases of 3.33%, 2.55%, and 1.33% respectively [12][15]. Key Sector Tracking - The low-altitude economy is projected to promote agricultural productivity, with specific targets set for the deployment of agricultural drones and the training of drone operators by 2030 in Fujian Province [3]. - The engineering machinery sector's tower crane rental industry reported a utilization rate of 55.1% in December 2025, indicating a slight decrease but still reflecting a robust market [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Shen Cheng Jiao, Su Jiao Ke, and Hua She Group. In the complete machine segment, focus on Wan Feng Ao Wei and Yi Hang Intelligent [5]. - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC and Kede CNC for industrial mother machines [5].

Group 1 - The core viewpoint of the article is that Nair Radar's Ku-band dual-polarization active phased array radar is currently being tested in multiple cities including Guangzhou, Shenzhen, and Zhuhai, but has not yet achieved sales [1] - The company indicated that if substantial orders are secured in the future, it will fulfill its information disclosure obligations according to relevant regulations [1] - Investors are advised to pay attention to investment risks related to the company's current status and future developments [1]

格隆汇1月23日｜有投资者在互动平台向纳睿雷达提问：公司Ku波段双极化有源相控阵雷达有开始销售 订单了吗？ 纳睿雷达回复称，目前公司Ku波段双极化有源相控阵雷达已经在广州、深圳、珠海等多个城市测试应 用，尚未实现销售，后续若能达成实质性订单，公司将按照相关规定履行信息披露义务，敬请广大投资 者注意投资风险。 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

Group 1 - The Aerospace ETF Tianhong (159241) has a turnover rate of 14.62% and a trading volume of 1.17 billion yuan, indicating active market participation [1] - The CN5082 index, which tracks the aerospace and aviation industry, has decreased by 1.71%, with component stocks showing mixed performance; Huayin Technology leading with a 5.60% increase [1] - Over the past five trading days, the Aerospace ETF Tianhong has attracted a total of 1.07 billion yuan, with a net inflow rate of nearly 15% [1] Group 2 - The successful launch of the Ceres-1 sea-launched Yaoqi rocket on January 16, 2026, marks the 23rd flight of this rocket, successfully placing the Tianqi constellation's sixth group of satellites into orbit [2] - This launch is part of the Tianqi constellation's scale-up phase, enhancing China's satellite communication capabilities and supporting the growth of the satellite IoT industry [2] - Huaxin Securities suggests that breakthroughs in reusable rockets in 2026 could be a key industry milestone, driven by policy support and the acceleration of domestic satellite constellation plans [2]

Core Viewpoint - Zhejiang Huasheng Radar Co., Ltd. has submitted its IPO application to the Sci-Tech Innovation Board, reporting a significant revenue increase of 382.82% year-on-year, successfully turning a profit after years of losses [1][3]. Group 1: Financial Performance - In 2022 and 2023, the company reported revenues of 30.43 million yuan and 73.22 million yuan, respectively, with net losses of -55.08 million yuan and -53.35 million yuan. In 2024, revenue surged to over 350 million yuan, with net profit exceeding 77 million yuan [3]. - The company's gross profit margins were 28.81%, 31.02%, 44.98%, and 44.81% over the reporting period, significantly lower than competitors, with a margin gap of over 19 percentage points [7][8]. Group 2: Market Dependency - The company's sales revenue from Zhejiang Province accounted for 77.20%, 43.15%, 63.93%, and 82.66% of its main business income from 2022 to the first half of 2025, indicating a high regional dependency [3][4]. - In the first half of 2025, 80.87% of the company's revenue came from a single client, Zhejiang Blue Weather Technology Co., Ltd., which is wholly owned by the Zhejiang Meteorological Service Center [4][6]. Group 3: Sales Strategy and Risks - The company has adopted aggressive sales strategies, including a trial radar model, which poses significant asset impairment risks. As of mid-2025, the book value of trial radars reached 93.33 million yuan [10][11]. - The trial model's risks include potential returns from clients if the equipment does not meet performance expectations, which could lead to substantial asset impairments [13]. Group 4: Internal Control Issues - The company has a long-standing issue with a 450,000 yuan loan to Shenzhen Sci-Tech Enterprise Service Center that has not been recovered for over five years, indicating potential internal control weaknesses [24][26]. - The high proportion of depreciation and amortization in sales expenses, reaching 48.17% in the first half of 2025, raises questions about the company's expense structure and asset management [21][23].

Core Insights - The Aerospace ETF Tianhong (159241) has shown active trading with a turnover of 10.95% and a transaction volume of 877.23 million yuan, while the CN5082 index tracking the aerospace industry has decreased by 1.99% [1] - Over the past six months, the Aerospace ETF Tianhong has experienced a significant growth of 411 million yuan [1] - In the last five trading days, the ETF has attracted a total inflow of 216 million yuan, with a net inflow rate exceeding 35% [1] Product Highlights - The Aerospace ETF Tianhong closely tracks the CN5082 index, which encompasses sectors such as aerospace equipment, military electronics, and satellite internet, focusing on high-tech barriers and strong R&D attributes [1] Hot Events - Amazon's low Earth orbit satellite is scheduled for launch on February 12 by Arianespace [1] - By the end of 2024, Amazon plans to deploy over 200 satellites in low Earth orbit, with the core goal of establishing a satellite constellation of over 3,200 satellites to provide network connectivity [2] Institutional Views - Open Source Securities believes that low Earth orbit satellite constellations have become a new battleground for major powers, with the satellite industry market space aiming for trillions, and significant growth potential expected in the low Earth orbit satellite market over the next decade [3]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7]. Core Insights - The mechanical equipment sector has shown a strong performance, with the Shanghai Mechanical Equipment Index rising by 5.39% from January 4 to January 9, 2026, outperforming the Shanghai Composite Index by 2.60 percentage points [12]. - The low-altitude economy is experiencing significant growth, with Shanghai aiming to establish itself as a global hub for eVTOL (Electric Vertical Takeoff and Landing) by 2028, targeting a core industry scale of approximately 80 billion yuan [3]. - The construction machinery industry is expected to maintain steady growth, with excavator sales reaching 23,095 units in December 2025, a year-on-year increase of 19.2% [4]. Weekly Market Review - From January 4 to January 9, 2026, the Shanghai Composite Index increased by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index by 3.89% [12]. - The sub-sectors within the mechanical equipment industry, such as general equipment, specialized equipment, and engineering machinery, have also shown positive growth rates of 6.53%, 5.13%, and 3.77% respectively [12][15]. Key Sector Tracking - The low-altitude economy is being propelled by local ambitions and national strategies, with significant policy support for projects like eVTOL manufacturing [3]. - The mechanical equipment sector remains competitive, with domestic leading companies showing strong advantages in both supply and demand [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and WanFeng Aowei [5]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [5].

Group 1 - The core viewpoint of the news is that Nairui Radar's stock has seen a significant increase, with a 5.07% rise on January 12, reaching a price of 46.45 yuan per share, and a total market capitalization of 14.074 billion yuan [1] - Nairui Radar has experienced a cumulative increase of 9.3% over the past three days, indicating strong market performance [1] - The company specializes in the research, development, production, and sales of X-band dual-polarization active phased array radar systems, primarily used in meteorological detection [1] Group 2 - According to data, Yingda Fund holds a significant position in Nairui Radar, with its fund Yingda Ruixin A (003446) owning 72,800 shares, accounting for 4.62% of the fund's net value, making it the sixth-largest holding [2] - The fund has generated a floating profit of approximately 163,000 yuan today and a total of 273,600 yuan during the three-day increase [2] - Yingda Ruixin A has a total asset size of 66.3553 million yuan and has achieved a year-to-date return of 4.04%, ranking 3,560 out of 9,012 in its category [2]