Core Viewpoint - Guorui Technology's stock has shown a positive trend recently, with a notable increase in both short-term and year-to-date performance, reflecting investor interest and market dynamics [1][2]. Financial Performance - As of September 30, 2025, Guorui Technology reported a revenue of 2.118 billion yuan, representing a year-on-year growth of 6.68% [2]. - The net profit attributable to shareholders for the same period was 373 million yuan, with a slight increase of 1.15% year-on-year [2]. Stock Performance - The stock price of Guorui Technology increased by 4.25% year-to-date, with a 7.05% rise over the last five trading days and an 11.75% increase over the last 20 days [1]. - The stock experienced a decline of 14.37% over the past 60 days [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 32,900, a decrease of 10.35% from the previous period [2]. - The average number of circulating shares per shareholder increased by 11.54% to 37,704 shares [2]. Dividend Distribution - Guorui Technology has distributed a total of 1.294 billion yuan in dividends since its A-share listing, with 661 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Huaxia Military Safety Mixed A, which increased its holdings by 7.814 million shares, and other funds that have also adjusted their positions [3].

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 34.16 CNY [5][11][24]. Core Insights - The company is a leading supplier of radar equipment and systems, benefiting from the advancement of national defense informatization and the growing demand for civil radar and intelligent transportation. The company is expected to achieve steady growth through structural optimization and increased R&D investment [2][11]. - The radar equipment and subsystems are projected to remain the core revenue and profit drivers, with expected revenue growth rates of 14%/13%/15% from 2025 to 2027 [15][39]. - The industrial software and intelligent manufacturing sectors are anticipated to form an important second growth curve, with revenue growth rates of 1%/17%/20% from 2025 to 2027 [15][39]. - The company is increasing its R&D investment, with a projected R&D expense ratio of 6.65% in 2024, which is expected to enhance its long-term competitiveness [11][37]. Financial Summary - Total revenue is projected to grow from 3,282 million CNY in 2023 to 4,982 million CNY in 2027, reflecting a CAGR of approximately 15.7% [4][16]. - Net profit attributable to the parent company is expected to increase from 599 million CNY in 2023 to 956 million CNY in 2027, with a notable growth rate of 21.2% in 2027 [4][16]. - The earnings per share (EPS) is forecasted to rise from 0.48 CNY in 2023 to 0.77 CNY in 2027 [4][16]. Business Segmentation - Radar equipment and subsystems are expected to generate significant revenue, with projected sales of 2,275 million CNY in 2023, increasing to 4,027 million CNY by 2027 [16][39]. - The rail transit control system is projected to experience fluctuations, with revenues expected to reach 353.85 million CNY in 2025, followed by a decline in 2026 [16][39]. - The industrial software and intelligent manufacturing segment is expected to grow from 452.81 million CNY in 2023 to 565.87 million CNY in 2027, reflecting a strong growth trajectory [16][39].

Investment Logic - Radar is an important detection device with broad demand in both military and civilian fields, with the company offering a complete range of defense and civilian models [1] - Defense radar includes airborne, ground-based, shipborne, and spaceborne types, with new installations and upgrades driving growth; for example, the U.S. airborne radar has around a thousand units delivered for each main fighter jet model, indicating significant demand [1] - Meteorological radar benefits from the Ministry of Water Resources' "three lines of defense" construction and long-term special government bonds; air traffic control radar benefits from low-altitude construction [1] - The company's controlling shareholder, the 14th Research Institute of China Electronics Technology Group Corporation, is the origin of China's radar industry, and the company serves as the listed platform for the 14th Institute, developing a diverse range of defense and civilian radars [1] Internationalization and Defense Trade - The defense company is oriented towards international operations and benefits from the expansion of radar military trade; global military spending has increased for 10 consecutive years, reaching a historical high, with various radar systems used in the India-Pakistan conflict providing practical validation that may further drive China's radar military trade exports [1] - The company's subsidiary, Guorui Defense, is focused on international operations; during the 2020 restructuring, the 14th Institute transferred all export-approved models and corresponding domestic models to Guorui Defense, covering third-generation fighter control radars, anti-stealth intelligence radars, and weapon positioning radars, while committing to avoid competition [1] - Guorui Defense is expected to achieve a net profit CAGR of 14.3% from 2021 to 2024, with a net profit margin of 25.7% in the first half of 2025, significantly outperforming peers [1] Industrial Software and Lifecycle Solutions - The subsidiary Guorui Xinwei provides autonomous industrial software and intelligent manufacturing solutions covering the entire product lifecycle for high-end equipment manufacturing industries such as aviation, aerospace, electronics, and shipbuilding, with the proprietary industrial software brand "REACH" forming a synergy with the radar main business [2] - The subsidiary Enruit is engaged in the rail transit control system business, shifting its focus towards providing operation and maintenance services, system upgrades, and operation management platform solutions [2] Profit Forecast, Valuation, and Rating - The company is expected to achieve operating revenues of 3.72 billion, 4.08 billion, and 4.88 billion yuan from 2025 to 2027, with year-on-year growth of 9.4%, 9.6%, and 19.7%; net profit attributable to the parent company is projected to be 690 million, 790 million, and 1 billion yuan, with year-on-year growth of 9.0%, 14.3%, and 27.4%, corresponding to EPS of 0.55, 0.63, and 0.81 yuan [3] - Given the company's position as a domestic leader in defense radar and its prominent advantages in military trade, it is expected to have strong growth potential, with a target valuation of 60 times for 2026, corresponding to a target price of 37.92 yuan; an initial "buy" rating is assigned [3]

Group 1 - The global quantum precision measurement investment and financing activities show a volatile trend with a compound annual growth rate of approximately 33.90% from 2021 to 2024, with a total financing amount of $360 million and 11 financing rounds in 2024 [1] - There is a growing trend in large financing cases within China's quantum precision measurement industry, with a single financing amount of $33 million in 2024, indicating a shift from small, dispersed investments to fewer, larger investments in projects with clear commercialization prospects [3] - The United States leads globally in investment and financing amounts in the quantum precision measurement sector, with a total of 3 financing rounds amounting to $308.70 million in 2024, significantly surpassing China and the UK [7] Group 2 - The distribution of global financing rounds in 2024 shows a significant imbalance, with a concentration in seed rounds, where 10 rounds were recorded, including 7 in seed rounds, reflecting cautious investment in early-stage projects [12] - The primary financing direction for companies in the quantum precision measurement field in 2024 is focused on trapped ions/atoms, with 6 companies receiving funding to advance this technology [14]

Meeting Details - The board meeting was convened in accordance with relevant laws and regulations, with all board members notified in advance [1] - The meeting was chaired by Chairwoman Guo Jihang and held on December 19, 2025, in Nanjing [1] - All 9 board members were present at the meeting [1] Resolutions Passed - The proposal to increase the registered capital of the wholly-owned subsidiary Nanjing Guorui Microwave Devices Co., Ltd. by 32 million yuan was approved, raising the registered capital from 18 million yuan to 50 million yuan, with Guorui Technology maintaining 100% ownership [2] - The proposal for a large fund payment was approved, allowing the company to pay a 200 million yuan entrusted loan to its subsidiary Nanjing Guorui Defense Systems Co., Ltd. and to make an external contract payment of 106.8 million yuan [4] - The proposal for organizational restructuring was approved, which includes the dissolution of the Quality and Safety Department and the reassignment of its responsibilities to the Comprehensive Management Department and the Securities Affairs Department [6] - The revised Internal Audit System (December 2025) was approved [8] - The proposal for the Management System for the Departure of Directors and Senior Management was approved [11] Voting Results - All proposals received unanimous approval with 9 votes in favor, 0 against, and 0 abstentions [3][5][7][9][12]

Group 1 - The core announcement from Guorui Technology involves the approval of several key resolutions by the company's 10th Board of Directors during its 6th meeting, including capital increase for its wholly-owned subsidiary Nanjing Guorui Microwave Devices Co., Ltd. [1] - The company also approved a proposal regarding large fund payments, indicating a strategic financial maneuver [1] - Additionally, organizational adjustments were sanctioned, suggesting potential changes in company structure or management [1]

Group 1 - The company Guorui Technology (SH 600562) announced that its 10th sixth board meeting will be held on December 19, 2025, to review the proposal for organizational structure adjustment [1] - For the year 2024, Guorui Technology's revenue composition is as follows: industrial sector accounts for 98.67%, while other businesses account for 1.33% [2] - As of the report date, Guorui Technology has a market capitalization of 33.6 billion yuan [3]

国睿科技股份有限公司内部审计制度 （2025 年 12 月修订） 第一章 总则 第一条 为了加强内部审计工作，建立健全内部审计制度，提升内部审计工 作质量，充分发挥内部审计作用，促进公司内部各管理层行为的合法性、合规 性，为管理层正确决策提供可靠的信息和依据，保护投资者合法权益，不断提 高企业运营的效率及效果，依据《审计署关于内部审计工作的规定》、《中国 内部审计准则》、《上海证券交易所上市公司自律监管指引第1号——规范运 作》等法律法规及《公司章程》的规定，制定本制度。 第二条 本制度所称内部审计，是指公司内部纪检监察审计部门依据国家有 关法律法规、财务会计制度和公司内部管理规定，对公司及所属控股子公司财 务收支、经济活动、内部控制、风险管理实施独立、客观的监督、评价和建 议，以促进公司完善治理、实现目标的活动。 第三条 本制度所称内部控制，是指为了保证公司战略目标的实现，而对公 司战略制定和经营活动中存在的风险予以管理的相关制度安排，是公司董事 会、高级管理人员及其他有关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （四）确保公司信息披露的真实、准确、完整和公平 ...

国睿科技股份有限公司 董事和高级管理人员离职管理制度 第一章 总则 第一条 为了加强对国睿科技股份有限公司（以下简称公司）董事、高级管 理人员离职事项的管理，保障公司治理稳定性及维护股东合法权益，根据《中华 人民共和国公司法》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》《上海证券交易所股票上市规则》等法律、法规和规范性文件以及《国睿科 技股份有限公司章程》相关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）及高级管理人员。 第三条 公司董事、高级管理人员离职管理应遵循以下原则： （一） 合法合规原则。严格遵守国家法律法规、监管规定及《公司章程》 的要求。 （二） 公开透明原则。公司应及时、准确、完整地披露董事、高级管理人 员离职相关信息。 （三） 平稳过渡原则。确保董事、高级管理人员离职不影响公司正常经营 和治理结构的稳定性。 （四） 保护股东权益原则。保护公司及全体股东的合法权益。 第二章 离职情形与生效条件 第四条 公司董事、高级管理人员离职包含任期届满未获连任、主动辞任、 被解除职务以及其他导致董事、高级管理人员实际离职等情形。 （一）董事任期届满未及时 ...