投资逻辑： 雷达是需求广阔的军民用领域重要探测设备，公司防务和民用型号齐全。1）雷达通过发射电磁波探测 目标，是军用和民用领域中的重要探测设备。2）防务雷达包括机载、陆基、舰载和星载等，新装与升 级需求驱动增长。以美国机载雷达为例，主力战机典型雷达型号均有千台左右交付，需求广阔。3）气 象雷达受益于水利部"三道防线"建设及超长期特别国债；空管雷达受益于低空建设。 风险提示 军贸拓展不及预期；内需不及预期；市场竞争加剧风险；应收账款及应付账款较高风险；存货周转风 险。 防务公司以国际化经营为导向，受益于雷达军贸扩张。1）全球军费支出连续10 年增长并创历史最高， 印巴冲突中使用多款中械雷达，实战检验有望进一步驱动我国雷达军贸出口。2）公司子公司国睿防务 以国际化经营为导向，2020 年重组时十四所将已获得出口许可的全部外销型号和对应内销型号划转国 睿防务，涵盖三代半战机火控雷达、反隐身情报雷达、武器定位雷达等，并承诺避免同业竞争。3）国 睿防务2021-2024 年净利润CAGR 达到14.3%；2025 年上半年净利率25.7%，盈利能力显著高于同业公 司。 工业软件提供全生命周期解决方案，轨交向运维调整。1 ...

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]