Core Viewpoint - The company, Guorui Technology, is focusing on high-quality development and enhancing its core business operations while achieving steady growth in revenue and profit during the first half of 2025 [1] Financial Performance - The company reported a revenue of 1.721 billion yuan, representing a year-on-year growth of 10.41% - The net profit attributable to shareholders reached 350 million yuan, with a year-on-year increase of 1.15% [1] Innovation and R&D - The company increased its R&D investment to 76.062 million yuan, a growth of 5.34% year-on-year - It obtained 16 patent authorizations, including 8 invention patents and 8 utility model patents, along with 20 new software copyrights [2] - In the radar system sector, the company is developing a comprehensive radar product system focusing on key areas such as S-band and X-band phased array radars [2] Business Segments - The radar equipment and related systems segment is strengthening its technical advantages, with military trade and civilian markets advancing simultaneously [1][3] - The industrial software and intelligent manufacturing segment is seeing stable project implementation and significant achievements in domestic production [1][2] - The smart rail transit segment has made breakthroughs in regional expansion and is enhancing its integrated system solutions [3] Market Expansion - The company is actively expanding its market presence by acquiring new customers and projects across its three main business segments [4] - In the radar equipment segment, the company has successfully bid for various projects, including meteorological radar and airport radar projects [4] - The industrial software segment is deepening cooperation with leading enterprises in various industries, validating the maturity and applicability of its software [4] Management and Governance - The company is enhancing its management efficiency and governance capabilities, focusing on quality improvement and return on investment [5] - It has initiated a rolling development plan for 2025-2027 and is optimizing its internal control systems and key business processes [5] - The company is also improving its talent acquisition mechanisms and performance evaluation systems to boost organizational vitality [5]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [50]. Core Insights - The China Electronics Technology Group Corporation (CETC) held a low-altitude economy development conference, launching three major product systems: "Tianxing," "Tianwei," and "Tiangong," indicating a structured approach to expanding in the low-altitude economy sector [6][9]. - The report highlights three key companies in the low-altitude economy: Lais Information, Guorui Technology, and Sichuan Electronic Technology, which are expected to benefit from CETC's initiatives [9][11]. Summary by Sections Industry Overview - The low-altitude economy sector includes 122 listed companies with a total market capitalization of 334.069 billion yuan and a circulating market value of 286.285 billion yuan [3]. - The absolute performance of the sector over the past 12 months is 12.2%, while the performance over the last month and six months is 0.6% and -2.5%, respectively [3]. Product Systems - **Tianxing Series**: Focuses on low-altitude support, providing management systems and equipment for high-density, high-frequency flights, achieving a flight punctuality rate of 99.89% [7]. - **Tianwei Series**: Concentrates on low-altitude safety, offering comprehensive safety solutions for urban and regional areas, already implemented in various cities [8]. - **Tiangong Series**: Targets low-altitude manufacturing, with a significant market share in the domestic flight training sector [9]. Company Insights - **Lais Information**: Recognized as a leader in low-altitude digitalization, leveraging its advantages in air traffic management to expand into low-altitude services [11]. - **Guorui Technology**: Positioned to benefit from military trade and low-altitude safety systems, with innovative products like the low-altitude intelligent perception system [14][16]. - **Sichuan Electronic Technology**: Aims to become a leader in low-altitude safety, developing systems for micro-meteorological monitoring and comprehensive safety solutions [19]. Market Performance - The Huachuang Transportation Low-altitude 60 Index increased by 6.3% in the past week and 7% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which declined by 0.3% [24][26]. - Notable stock performances include Guoxuan High-Tech (25%), New Morning Technology (16%), and Green Energy Wisdom Charge (14%) [27]. Investment Recommendations - The report suggests focusing on three major application scenarios for the low-altitude economy from 2025 to 2027: new consumption in cultural tourism, manned transportation, and specialized uses [35]. - Key sectors to watch include main manufacturers, supply chains, low-altitude new infrastructure, and operational applications [36].