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In the grand blueprint of national security and economic development, radar technology is undoubtedly one of the indispensable cornerstones. Whether in strategic defense in the military field or in its wide application in the civilian field, radar technology has demonstrated its unique status and value. Especially in the current complex international situation, the importance of defense radar has become increasingly prominent. According to Cognitive Market Research, the military radar market will continue to maintain strong growth in the first half of 2024, and the global market size is expected to grow from US$61.38 billion in 2023 to US$65.26 billion in 2024, a growth rate of 6.3%. The market prosperity continues to improve, bringing unprecedented development opportunities to the radar industry.

Against this background, Guorui Technology (600562), the leading domestic defense radar company, released its 2024 semi-annual report, demonstrating its strong strength and steady development in the radar field to the capital market. During the reporting period, Guorui Technology has always adhered to the original intention of technological innovation, guided by market demand, and actively promoted the independent research and development and application expansion of radar technology. The company achieved a main operating income of 1.559 billion yuan and a net profit attributable to the parent of 346 million yuan, a year-on-year increase of 3.14%, continuing to consolidate its leading position in the radar industry.

Focus on core businesses, actively deploy new momentum, and create new heights in the radar industry

The interim report shows that in the first half of the year, Guorui Technology achieved operating income of 1.33 billion yuan from radar equipment and related systems, accounting for 85.32% of total revenue, an increase of 12.21% year-on-year. This data not only highlights the company's main business position in the radar business sector, but also further reflects its intensive cultivation and continuous innovation in this field.

As an important participant in my country's radar industry, Guorui Technology actively responds to the country's "Belt and Road" initiative, establishes long-term business relationships with global partners, and promotes "Chinese radar to the world". The company continues to promote technological innovation and successfully applies the new generation of radar technology to the field of civil radar, especially overcoming the technical difficulties of large phased arrays, from C-band to S-band, and then to X-band innovation, leading the development of meteorological radar technology and accelerating the pace of "Chinese radar" globalization.

In addition, Guorui Technology is also conducting technical research in the fields of secondary radar S-mode collaborative surveillance and data link, radar signal processing, and big data mining to ensure that it maintains its leading position in the field of air traffic control radar equipment and systems. As an important supplier of microwave circuits, component equipment, and special power supplies in China, Guorui Technology's business covers radar equipment, civil communications, electronic warfare, security inspection, and security, demonstrating its diversified business layout and comprehensive technical strength.

Guorui Technology has also achieved remarkable results in the domestic and international markets for radar equipment and related systems. In the international market, the company has successfully completed a number of delivery tasks by efficiently promoting project implementation, further enhancing the international influence of the company's high-end radar equipment. In the domestic market, the company has successfully obtained large orders from Jiangsu, Shandong and other places with its core products such as X-band weather radar and L-band wind profiler radar, and has signed a number of key projects in the fields of meteorological systems and air traffic control radar, laying a solid foundation for the company's continued development.

In terms of policy, water conservancy scene applications are accelerating and maturing, and Guorui Technology has ushered in broad development space in the field of meteorological radar. As the Ministry of Water Resources promotes the construction of a "three-line defense" for rain monitoring consisting of meteorological satellites, rain measuring radars, rain gauges, and hydrological stations, the application of meteorological radars in water conservancy scenes will be further accelerated. At the same time, the country plans to issue an additional 1 trillion yuan in treasury bonds, of which 500 billion yuan will be used for post-disaster recovery and reconstruction and to enhance disaster prevention, mitigation and relief capabilities, providing strong support for the large-scale application of water conservancy radars. The Ministry of Water Resources also plans to build a multi-source spatial information fusion flood forecasting system during the "14th Five-Year Plan" period, which will further promote the application of meteorological radars in the field of water conservancy and bring new market opportunities to Guorui Technology. With its rich meteorological radar product line and technological advantages, Guorui Technology is expected to achieve greater breakthroughs in water conservancy scenarios.

It is worth mentioning that in response to the national low-altitude economic development strategy, Guorui Technology has actively participated in the construction of the low-altitude industrial ecology in combination with its own development positioning and technical advantages. The company has cooperated with many institutions to jointly promote the innovative development of the low-altitude economy, and actively promoted the implementation of the overall solution of the low-altitude economy by participating in activities such as the Nanjing Low-altitude Economic Innovation and Development Alliance and the Shandong UAV Industry Chain Innovation and Development Conference.

China Post Securities analysis pointed out that in the field of low-altitude surveillance, Guorui Technology has a number of anti-radar products. These products can quickly detect and stably track various targets coming from any direction under complex backgrounds all day and all weather conditions, and have the ability to intelligently classify and identify moving targets such as low-altitude aircraft, birds, and ships.

Focus on technological innovation, create new quality productivity, and lead the transformation and upgrading of the industry

In terms of R&D, Guorui Technology's R&D investment in the first half of the year reached 77.25 million yuan, a year-on-year increase of 27.39%. The company and its subsidiaries obtained 19 patent authorizations, including 4 invention patents, 15 utility model patents, and 30 software copyrights. This series of R&D achievements not only demonstrates the company's strength and determination in technological innovation, but also injects new vitality into the company's sustainable development.

With its technological advantages, REACH industrial software and REASY intelligent manufacturing equipment independently developed by Guorui Technology have been successfully applied in high-end manufacturing fields such as aviation, aerospace, shipbuilding, and defense electronics, helping customers achieve digital management of the entire life cycle and significantly improving production efficiency and product quality. At the same time, Guorui Technology has made important breakthroughs in the localization of industrial software, developed independent industrial software with international competitiveness, and its business has grown steadily, providing a strong guarantee for the autonomy and control of China's manufacturing industry.

In the field of smart rail transit, Guorui Technology has also demonstrated its strong innovation capabilities and market competitiveness. The company has promoted key projects such as the Nanjing Metro Metropolitan Circle Operation and Maintenance Management Phase III Project and the Fuzhou Metro Line 2 Extension Line ATS Project, consolidating its leading position in the market. At the same time, the company has further enhanced its market competitiveness by showcasing its autonomous and controllable rail transit signal systems and intelligent operation and maintenance technologies at international exhibitions. Guorui Technology's continuous innovation in the field of rail transit has not only promoted the digital transformation and intelligent upgrading of the industry, but also made positive contributions to alleviating urban traffic pressure and improving management levels.

In terms of corporate governance, Guorui Technology continues to strengthen its strategic management capabilities, optimize its business management mechanisms, and strive to build efficient strategic execution and operational management capabilities. At the same time, the company focuses on the introduction and training of high-level talents, and improves the differentiated talent evaluation mechanism oriented towards talent-efficiency matching and the diversified incentive mechanism driven by strategic realization. Through a series of management innovation measures, the company has continuously improved its overall management efficiency and governance level, and won the second prize of the 30th National Enterprise Management Modernization Innovation Achievement Award and the Jiangsu Province Special Prize. In addition, the company has also actively carried out various forms of investor communication activities and won the "China Listed Company Investor Relations Management Tianma Award", further enhancing its image and influence in the capital market.

Zheshang Securities Research pointed out that Guorui Technology has a full spectrum of military and civilian radar products, and the radar market demand is booming and the industry concentration is high. As the industry leader, Guorui Technology is expected to continue to maintain its leading position and achieve the development goal of "the strong will always be strong". In addition, the company actively deploys in the low-altitude economic field and has the advantage of extending and expanding the low-altitude market. In the field of industrial software, Guorui Technology has a deep accumulation of central state-owned enterprise projects and is expected to benefit from the market expansion and the trend of domestic substitution.

Overall, despite the great pressure on the macro economy in the first half of the year, Guorui Technology has still made significant progress in many fields. This achievement not only proves that the company's operating conditions are stable and the industry prospects are broad, but also lays a solid foundation for future development. Looking to the future, Guorui Technology will continue to uphold the concept of scientific and technological innovation, keep up with the national strategic orientation and changes in market demand, actively embrace new quality productivity, promote the process of new industrialization, accelerate the green and low-carbon transformation, and continuously promote technological progress and industrial upgrading. At the same time, the company will actively promote the implementation of the strategy, consolidate the foundation for development, optimize the market system, temper the professional team, deepen reforms and adjustments, and strive to move towards the goal of becoming a world-class technology-based listed company.