Product Performance - The company's main products are medium to high-altitude large fixed-wing long-endurance drones, with maximum endurance times exceeding 24 hours. The Wing Loong-1 drone has a maximum flight speed of 280 km/h and a maximum endurance of 24 hours; the Wing Loong-1D has a maximum endurance of 35 hours; and the Wing Loong-2 has a maximum speed of 370 km/h and an endurance of 28 hours [2] - The Wing Loong-10 drone system is expected to be injected into the company after meeting conditions, while the Wing Loong-3 drone system is under development with comprehensive improvements in load capacity, flight altitude, distance, and endurance [2] Financial Performance - Sales expenses increased by CNY 191,800 in 2023, a growth rate of 0.97%, mainly due to personnel costs and other expenses for market expansion [2] - The company's gross margin has declined due to the customized production characteristics of drone systems, with domestic market sales gradually increasing, which have lower gross margins compared to military trade markets [2] Competitive Advantages - The Wing Loong series drones have mature performance and high reliability, having undergone practical testing. The company has established application research capabilities to modify products based on user needs [2] - The company is actively improving its rapid response capabilities and cost control measures to enhance competitiveness [3] Market Outlook - The military trade market is expected to face pressure this year due to increasing competition and geopolitical factors, leading to high uncertainty [3] - The domestic market is anticipated to grow, benefiting from expanding application scenarios in military and civilian markets, supported by industry policies [4] Low Altitude Economy - The company is focusing on the low-altitude economy, with the Wing Loong-2 successfully completing its first cargo logistics flight test on April 28, 2024 [3] - The company is developing multiple small drones under 1 ton to meet low-altitude economic demands and is actively engaging with local governments to explore market needs [3] Future Product Development - Future products include the Wing Loong-3 drone system and various models under 1 ton, with a focus on comprehensive coverage of market demands [5] - The company is enhancing its product line to include high, medium, and low-altitude drones, ensuring a diverse and competitive product offering [6] Value Management - The company emphasizes value creation in its market management strategy, focusing on core business strengths and maintaining good communication with investors [7]

证券代码：688297 证券简称：中无人机 公告编号：2024-017 中航（成都）无人机系统股份有限公司 持股 5%以上股东集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 截至本公告披露日，中航（成都）无人机系统股份有限公司（以下简称"公 司"）股东成都产业投资集团有限公司（以下简称"成都产投"）持有公司股份 55,621,943 股，约占公司总股本的 8.24%。上述股份来源于公司首次公开发行前 持有的股份，已于 2023 年 6 月 29 日上市流通。 集中竞价减持计划的主要内容 公司股东成都产投因自身资金需求，计划自本公告披露之日起 15 个交易日 后的 3 个月内，以集中竞价方式减持其持有的公司股份不超过 5,621,943 股（即 不超过约公司总股本的 0.83%）。 上述减持主体无一致行动人。 1 上述减持主体公司上市以来未减持股份。 前述计划减持比例为四舍五入保留两位小数后的比例。 预披露期间，若公司股票发生停牌情形的，实际开始减持 ...

证券代码：688297 证券简称：中无人机 公告编号：2024-016 中航（成都）无人机系统股份有限公司 2023 年年度 权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/5/23 | 2024/5/24 | 2024/5/24 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 11 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 是否涉及差异化分红送转：否 每股分配比例 每股现金红利 0.177 元（含税） 相关日期 1. 发放年度：2023 年年度 2. 分派对象： 三、 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | ...

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 41.01 CNY per share based on a 85x PE valuation for 2024 [3][10]. Core Views - The company reported a significant decline in revenue and net profit for Q1 2024, with revenue at 0.61 billion CNY (YoY -87.14%) and a net profit of -0.27 billion CNY (YoY -141.86%). The decrease is attributed to a reduction in product deliveries compared to the previous year [1][6]. - The company has officially launched its Zigong drone base, which is expected to enhance its production capacity and shorten delivery times by over 30%. This facility aims to produce 200 drones annually [1][6]. - The report highlights the potential for growth in the "low-altitude + logistics" sector, driven by the successful flight tests of the Wing Loong-2 drone for cargo logistics [1][10]. Financial Summary - Revenue for 2024 is projected to be 30.53 billion CNY, with a growth rate of 14.6%. The company expects revenues to continue growing to 35.99 billion CNY in 2025 and 42.47 billion CNY in 2026, with respective growth rates of 17.9% and 18.0% [2][8]. - The company's net profit is forecasted to be 3.26 billion CNY in 2024, increasing to 3.86 billion CNY in 2025 and 4.64 billion CNY in 2026, reflecting growth rates of 7.6%, 18.4%, and 20.2% respectively [2][8]. - The report anticipates an overall gross margin of 20.9% for 2024 and 2025, improving to 21.9% in 2026 [2][8]. Business Segmentation - The drone systems and related products segment is expected to generate revenues of 29.4 billion CNY in 2024, with a growth rate of 15.0%. This segment's gross margin is projected to be 20.0% [8][9]. - The drone technology services segment is anticipated to see revenues of 1.1 billion CNY in 2024, with a growth rate of 5.0% and a gross margin of 45.0% [8][9]. Market Position and Competitive Advantage - The company holds a leading market share in the global reconnaissance drone sector, benefiting from its competitive advantages in performance, practical experience, and market positioning [10][11]. - The report emphasizes the potential for the company to capitalize on the modernization of defense equipment during the 14th and 15th Five-Year Plans, as well as the growth of the military trade market [6][10].

Group 1: Company Overview and Goals - 2024 is a key year for advancing the construction of a world-class enterprise and achieving the goals set in the 14th Five-Year Plan [4] - The company aims to strengthen its R&D system and enhance the implementation of fundraising projects [4] - Focus on expanding domestic and international markets while improving shareholder value through sustainable mechanisms [4] Group 2: Financial Performance and Market Challenges - The company experienced a decline in gross profit margin in 2023, primarily due to a decrease in military trade revenue [4] - Domestic sales did not meet expectations, with military trade accounting for a lower percentage compared to the previous year [4] - The international market has become increasingly competitive, influenced by geopolitical factors and the ongoing Russia-Ukraine conflict [4] Group 3: Product Development and Market Strategy - The company is developing new drone systems, including the Wing Loong series, to enhance product competitiveness [4] - Plans to introduce low-cost, expendable drones in response to emerging market demands [5] - Future export products will include the Wing Loong-1E, Wing Loong-2, and Wing Loong-3 series [5] Group 4: Operational Outlook and Measures - The company expects steady growth in 2024 despite uncertainties in the economic environment and market competition [6] - A decline in first-quarter revenue was attributed to reduced product delivery volumes compared to the previous year [6] - The company is focusing on expanding applications in emergency response, security, and meteorology, while exploring low-altitude economy policies [6]

Investment Rating - The report maintains a "Recommend" rating for the company [1][2] Core Views - The company is a leading enterprise in China's large-scale UAV systems and the only listed UAV platform under the Aviation Industry Corporation of China [1] - The Wing Loong series UAVs hold the second-largest global market share in the reconnaissance-strike integrated UAV market, with users in over ten countries [1] - The company is expected to benefit from the growth in domestic special equipment demand and the low-altitude economy, with projected net profits of 417 million, 570 million, and 762 million yuan for 2024-2026, respectively [1][2] Financial Performance - In 1Q24, the company reported revenue of 60 million yuan, a YoY decrease of 87.1%, and a net loss of 30 million yuan, compared to a net profit of 60 million yuan in the same period last year [1] - The gross margin for 1Q24 was 27.1%, a slight increase of 0.19ppt YoY, while the net margin dropped to -44% from 13.5% in the previous year [1] - The company's inventory increased by 30% compared to the beginning of the year, reaching 1.28 billion yuan [1] Market and Product Development - The company is focusing on the development of the Wing Loong series UAVs, including multiple platforms such as Wing Loong-1, Wing Loong-2, and Wing Loong-3, which offer various control modes, reconnaissance capabilities, and weapon integration [1] - The company is also developing medium and small UAV products under 1 ton, aiming to capitalize on the low-altitude economy opportunities [1] Financial Forecasts - The company's revenue is expected to grow from 2.664 billion yuan in 2023 to 6.338 billion yuan in 2026, with a CAGR of 33.5% [5] - Net profit attributable to the parent company is projected to increase from 303 million yuan in 2023 to 762 million yuan in 2026 [5] - The PE ratio is expected to decrease from 89x in 2023 to 35x in 2026, reflecting improved profitability [5] Valuation Metrics - The company's PE ratio for 2024-2026 is estimated at 64x, 47x, and 35x, respectively [1][2] - The PB ratio is projected to decline from 4.6x in 2023 to 3.7x in 2026 [5]

证券代码：688297 证券简称：中无人机 公告编号：2024-015 中航（成都）无人机系统股份有限公司 关于签订合作框架协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （二）协议签署的时间、地点、方式 本协议由公司与自贡市贡井区人民政府于 2024 年 4 月 28 日在四川省自贡市以书 面方式签署。 （三）签订协议已履行的审议决策程序和审议情况 履约的重大风险及不确定性：协议双方均具有履约能力，但在本协议履行过程 中存在因政策变化而导致协议修改、终止的风险。项目涉及立项、环保、规划、建设 施工等有关事项，尚需向政府有关主管部门办理项目备案、环评审批等前置审批工作， 如遇国家或地方有关政策调整、项目审批等实施程序条件发生变化等情形，项目实施 可能存在变更、延期、中止或终止的风险。公司将根据《上海证券交易所科创板股票 上市规则》等相关法律法规、规范性文件及《公司章程》的规定及时履行审议程序及 信息披露义务。敬请广大投资者注意投资风险。 对上市公司当年业绩的影响：本次签订的协议预计不会对公司本年度财 ...

中航（成都）无人机系统股份有限公司 第五届监事会第八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 中航（成都）无人机系统股份有限公司（以下简称"公司"）第五届监事会第 八次会议于 2024 年 4 月 26 日以现场会议的方式召开。会议通知于 2024 年 4 月 20 日以电子邮件形式送达公司全体监事。 监事会主席姚明辉先生主持会议，会议应参加监事 3 名，实际参加监事 3 名。 会议的召集和召开及监事出席人数符合《中华人民共和国公司法》等法律、法规、 规范性文件和《中航（成都）无人机系统股份有限公司章程》的有关规定。 证券代码：688297 证券简称：中无人机 公告编号：2024-014 2024 年 4 月 27 日 二、监事会会议审议情况 经全体监事审议，形成决议如下： (一) 关于公司《2024 年第一季度报告》的议案 监事会认为：公司《2024 年第一季度报告》的编制和审议程序符合相关法律法 规及《公司章程》等内部管理制度的规定；其内容和格式符合中国证监会和上海证 券交易所 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥61,292,020.96, a decrease of 87.14% compared to ¥476,617,730.16 in the same period last year[4] - The net profit attributable to shareholders was -¥26,996,400.07, representing a decline of 141.86% from ¥64,492,247.18 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥35,929,237.96, down 158.43% from ¥61,494,217.69 in the previous year[4] - Basic and diluted earnings per share were both -¥0.04, a decline of 140.00% from ¥0.10 in the previous year[5] - Operating profit for Q1 2024 was CNY -28,623,844.31, compared to CNY 75,863,231.97 in Q1 2023, indicating a substantial decline[20] - Net profit for Q1 2024 was CNY -26,996,400.07, a sharp drop from CNY 64,492,247.18 in Q1 2023, reflecting a negative performance[20] Cash Flow and Liquidity - The net cash flow from operating activities was -¥469,230,189.71, a decrease of 224.41% compared to -¥144,642,057.58 in the same period last year[4] - The company's cash flow from interest income rose to CNY 24,129,835.04 in Q1 2024, compared to CNY 15,269,795.27 in Q1 2023, indicating better liquidity management[19] - Total cash inflow from operating activities was 44,613,581.09, down from 59,193,608.84 in the same period last year[21] - Cash outflow from operating activities surged to 513,843,770.80, compared to 203,835,666.42 in Q1 2023[21] - The cash flow from tax payments rose to 73,171,119.64, compared to 10,340,380.66 in Q1 2023, indicating increased tax obligations[21] - The net increase in cash and cash equivalents for Q1 2024 was -479,012,765.71, contrasting with an increase of 1,052,145,564.06 in Q1 2023[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,233,346,641.47, a decrease of 1.75% from ¥7,362,397,641.85 at the end of the previous year[5] - Total liabilities decreased to CNY 1,407,771,022.74 in Q1 2024 from CNY 1,516,144,907.48 in Q1 2023, suggesting improved financial management[18] - The company's total non-current assets amounted to CNY 288,366,504.26 in Q1 2024, slightly up from CNY 287,141,429.43 in Q1 2023[18] Research and Development - R&D investment totaled ¥41,299,313.65, an increase of 16.00% from ¥35,602,166.71 year-on-year, with R&D expenses accounting for 67.38% of operating revenue, up 59.91 percentage points[5] - Research and development expenses increased to CNY 41,299,313.65 in Q1 2024, up from CNY 35,602,166.71 in Q1 2023, showing a focus on innovation[19] Shareholder Information - The top shareholder, Chengdu Industrial Investment Group Co., Ltd., holds 55,621,943 shares, representing a significant portion of the company's equity[12] - The second-largest shareholder, Chengdu Jianguo Automobile Trade Co., Ltd., holds 54,000,000 shares, indicating strong institutional support[12] - The company reported that the actual controllers of several major shareholders are linked to the controlling shareholder, Aviation Industry Corporation of China, indicating a consolidated ownership structure[13] Operational Issues - The significant decline in operating revenue was primarily due to a decrease in the quantity of products delivered as per contract agreements compared to the same period last year[8] - The company has not identified any other significant operational issues during the reporting period that investors should be aware of[15]

会议召开方式：上证路演中心网络互动 投资者可于 2024 年 04 月 17 日(星期三)至 04 月 23 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 avicuasir@163.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 中航（成都）无人机系统股份有限公司（以下简称"公司"）已 于 2024 年 3 月 15 日发布公司 2023 年年度报告，为便于广大投资者 更全面深入地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 04 月 24 日下午 15:00-17:00 参加 2023 年度科创板航空航 天专场集体业绩说明会，就投资者关心的问题进行交流。 证券代码：688297 证券简称：中无人机 公告编号：2024-013 中航（成都）无人机系统股份有限公司 关于参加 2023 年度科创板航空航天专场集体业绩说 明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 04 月 24 ...