GLARUNTECH(600562) 中邮证券·2025-04-22 01:51Investment Rating - The investment rating for the company is "Buy" and is maintained [2][9] Core Views - The company achieved a revenue of 3.4 billion yuan in 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to shareholders of 630 million yuan, up 5.10% year-on-year [5][6] - The radar equipment and related systems business generated revenue of 2.673 billion yuan, a significant increase of 20.04% year-on-year, while the smart rail transit business saw a decline of 48.92% [6] - The company is actively expanding its international market presence, particularly in military trade, with expected sales to other subsidiaries of China Electronics Technology Group reaching 2.182 billion yuan in 2025, a substantial increase of 415% [7] - The company is focusing on developing new strategic emerging industries, including low-altitude economy and commercial aerospace, and has made significant progress in these areas [7] - The company anticipates net profits of 712 million yuan, 819 million yuan, and 1.008 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 32, 28, and 23 [9][11] Company Overview - The latest closing price of the company's stock is 18.58 yuan, with a total market capitalization of 23.1 billion yuan [4] - The company has a total share capital of 1.242 billion shares, with a debt-to-asset ratio of 35.1% and a price-to-earnings ratio of 36.43 [4]