GLARUNTECH(600562) 中邮证券·2025-04-22 02:23Investment Rating - The investment rating for the company is "Buy" and 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 PE ratios of 32, 28, and 23 [9][11] Company Overview - The latest closing price of the company 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 PE ratio of 36.43 [4][6]