GLARUNTECH(600562) 华泰证券·2025-04-20 06:56Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 3.4 billion RMB in 2024, representing a year-over-year increase of 3.61%, with a net profit attributable to the parent company of 630 million RMB, up 5.10% year-over-year, although below the previous forecast of 716 million RMB due to significant declines in the rail transit and industrial software sectors [1][4] - The radar business showed strong growth in 2024, with revenues reaching 2.673 billion RMB, a year-over-year increase of 20.04%, while the industrial software and smart manufacturing sectors saw a revenue decline of 11.87% [2][3] - The company is expected to achieve steady growth in 2025, driven by increased demand in the international military trade market for air defense and missile defense systems [1][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.4 billion RMB and a net profit of 630 million RMB, with a projected revenue of 4.119 billion RMB for 2025, reflecting a growth rate of 21.13% [6][4] - The radar business is expected to continue its upward trajectory, while the smart rail transit business is facing challenges due to reduced new line constructions [2][3] Profitability and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 774 million RMB, 938 million RMB, and 1.106 billion RMB respectively, with a target price set at 27.08 RMB based on a PE ratio of 44 for 2025 [4][8] - The company's PE ratio is projected to decrease from 38.51 in 2023 to 29.81 in 2025, indicating a more attractive valuation over the forecast period [6][4] Market Position and Strategy - The company is actively expanding its international market presence, enhancing its influence in high-end radar equipment, and has successfully completed several key projects in aerospace, aviation, and marine sectors [3][2] - The digital transformation efforts in the industrial software sector are expected to accelerate growth, with over 80% of new contracts being for domestically developed software [3][2]