增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,282 | 3,400 | 3,985 | 4,485 | 5,159 | | 同比 | 1.77 | 3.61 | 17.21 | 12.53 | 15.04 | | 归母净利润（百万元） | 599.21 | 629.76 | 751.91 | 855.97 | 971.15 | | 同比 | 9.10 | 5.10 | 19.40 | 13.84 | 13.46 | | EPS-最新摊薄（元/股） | 0.48 | 0.51 | 0.61 | 0.69 | 0.78 | | P/E（现价&最新摊薄） | 59.50 | 56.61 | 47.42 | 41.65 | 36.71 | 国睿科技（600562） 2025 年中报点评：雷达装备强势表现，核心 竞争力持续强化 [Table_Tag] [事件： Table_Summary] 公司发布 2025 年中 ...

证 券 研 究 报 告 国睿科技（600562）2025 年中报点评 推荐（维持） 军贸项目交付较好推动二季度业绩同比增长 19%，军贸东风起、低空万象新，持续推荐 公司发布 2025 年中报：1、财务数据：上半年公司实现营业收入 17.21 亿元， 同比增长 10.41%，归母净利润 3.5 亿元，同比增长 1.15%；扣非净利润 3.41 亿 元，同比增长 1.16%。注：上半年公司共计提信用减值损失及资产减值损失 1.19 亿元。分季度看，25Q1-Q2 营收分别实现 3.63、13.58 亿元，同比分别下降 35.36%及增长 36.23%；归母净利润分别实现 0.75、2.74 亿元，同比分别下 34.81%、增长 19.20%；扣非净利润分别实现 0.67、2.74 亿元，同比分别下降 39.56%、增长 21.30%。2、分业务板块看：雷达装备及相关系统业务实现营业 收入 15.50 亿元，同比增长 16.57%，毛利率 42.46%，同比下降 1.25pct；智慧 轨交业务实现营业收入 0.88 亿元，同比下降 30.59%，毛利率 23.60%，同比提 升 5.51pct；工业软件及智能制造 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 1.72 billion yuan in the first half of 2025, representing a year-over-year increase of 10.4%, with a net profit attributable to shareholders of 350 million yuan, up 1.1% year-over-year [1]. - In the second quarter of 2025, the company reported a revenue of 1.36 billion yuan, a significant year-over-year increase of 36.2%, and a net profit of 270 million yuan, up 19.2% year-over-year [1]. - The company is recognized as a leader in radar technology, with a focus on expanding into strategic emerging industries such as low-altitude economy and commercial aerospace [4]. Revenue Breakdown - In the first half of 2025, radar equipment and related systems generated 1.55 billion yuan in revenue, accounting for 90% of total revenue, with a year-over-year growth of 16.6% [2]. - The defense subsidiary, Guorui Defense, reported a revenue of 1.36 billion yuan, reflecting a year-over-year increase of 26.3% [2]. Financial Performance - The gross margin for the first half of 2025 was 41.3%, down 0.1 percentage points year-over-year, while the net margin decreased by 1.9 percentage points to 20.3% [1]. - The company experienced a significant improvement in net cash flow from operating activities, moving from -360 million yuan in the previous year to -30 million yuan in the first half of 2025 [3]. Future Earnings Forecast - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 766 million yuan, 930 million yuan, and 1.09 billion yuan, respectively, with corresponding price-to-earnings ratios of 47x, 38x, and 33x [4][5].