GLARUNTECH(600562) 东吴证券·2024-04-29 18:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Viewpoints - The company achieved a revenue of 3.282 billion yuan in 2023, representing a year-on-year growth of 1.77%, and a net profit attributable to shareholders of 599 million yuan, which is a 9.10% increase year-on-year [1][14]. - The company is focusing on the "low-altitude economy" as a strategic emerging industry, aiming to capture future development opportunities. Its solutions include low-altitude monitoring equipment, meteorological radar products, and intelligent manufacturing products, catering to various applications in the low-altitude economy [1][15]. - The company has adjusted its net profit forecasts for 2024 and 2025 to 744 million yuan and 865 million yuan, respectively, while introducing a new forecast for 2026 at 1.003 billion yuan, corresponding to P/E ratios of 24, 21, and 18 times [2][14]. Financial Performance Summary - In 2023, the company reported total revenue of 3.282 billion yuan, with a gross profit margin of 34.71% and a net profit margin of 18.26% [8][14]. - The company’s R&D investment totaled 203 million yuan in 2023, marking a 4.08% increase, which supports the development of key technologies in radar equipment and related systems [14][15]. - The company’s total assets are projected to grow from 8.972 billion yuan in 2023 to 12.115 billion yuan by 2026, with total liabilities expected to increase from 3.399 billion yuan to 3.910 billion yuan over the same period [8].