证券代码：688297 证券简称：中无人机 中航（成都）无人机系统股份有限公司投资者关系活动记录表 编号：2024-07 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 □其他 中邮基金 鑫元基金 国寿养老 长江证券 长城证券 招商证券 浙商证券 华西证券 参与单位名称 时间 2024 年 7 月 地点 公司会议室 上市公司接待 董事会秘书：杨萍 人员姓名 证券业务员：唐瑞清 投资者关系活动 交流情况如下： 1. 客户对小型无人机有无需求？ 主要内容介绍 受俄乌战争启发，小型无人机在现代战争中的作用凸显，国际市场对小型无人机 的需求增加。在国内，受低空经济相关政策的推动，小型无人机的应用场景不断拓展。 面对国内外新的市场需求，公司正在研制多款 1 吨级以下无人机，目前已经有部分项 目实现了首飞，公司会按计划推进研发进程，同时开展军贸鉴定流程，为后续相关产 1 品军贸出口做准备。 2. 公司在中小型无人机中有何竞争优势？ 相较于大型无人机，这一级别的无人机市场竞争会更加激烈一些。公司的优势将更 多的体现在飞机的性能、操控性和可靠性等方面。此外， ...

公司报告 | 首次夏盧报告 中无人机（688297） 大型固定翼长航时无人机系統领军企业，国内外业务双轮驱动 大型圆定圆长前时无人机示航顺平企业，其龙源列事普金球 • 大國无人机采航龙头，航空工业集团旗下无人机上市平台。公司全称中航(成都无 人机系统股份有限公司，于 2022 年上市。公司主要从事无人机系统的设计研发、 生产制造、销售和服务，深耕固内固外两个市场，持续丰富无人机的应用场景及解 决方案，是专注于大型固定翼长航时无人机系统成体系、多场景、全寿命的整体解 决方案提供商。在无人机源航方面 : 公司主要产品为翼龙系列大型固定翼长航时无 人机系统，由无人机平台、地面站、任务栽荷及综合保障系统组成。公司聚焦大型 固定翼长航时无人机系统，以拓展市场应用为基础，实现产品谐系化发展，目前产 品已发展了翼龙-1、翼龙-1D、翼龙-1E、翼龙-2、翼龙-2D、翼龙-2H、翼龙-3 等无 人机平台，具备全自主多种控制模式、多种复合侦察手段、多种栽荷武器集成、矯 确侦察与打击能力和全面灵活的支持保障能力。翼龙系列无人机系统已在国内国外 多个用户、多种场景得到大量实践应用。在无人机放术最务方面：公司持续深耕无 人机技术服务 ...

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry Core Points and Arguments - The opening greeting indicates a conference call aimed at investors, suggesting a focus on financial performance or updates relevant to stakeholders [1] Other Important but Possibly Overlooked Content - No specific financial data, performance metrics, or strategic insights are provided in the content [1]

Summary of Conference Call Company Overview - The document pertains to AVIC Drone Company, which is focused on serving national security, the Belt and Road Initiative, public welfare, and technological innovation as its core mission and purpose [1] Core Points and Arguments - The company emphasizes its commitment to "Aviation for the Country" and "Aviation Strong Nation" as its guiding principles [1] - The vision of the company is to lead the future of unmanned systems through technological innovation and customer service [1] Other Important Content - The document does not provide specific financial data, industry trends, or detailed operational insights that could indicate potential investment opportunities or risks [1]

证券代码：688297 证券简称：中无人机 公告编号：2024-019 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。 中航（成都）无人机系统股份有限公司 关于变更职工代表监事的公告 中航（成都）无人机系统股份有限公司（以下简称"公司"）监事会于近日收到 公司职工代表监事危加丽女士的辞职报告。危加丽女士因个人原因辞去公司职工代表 监事工作，辞职后危加丽女士将不再担任公司任何职务。 截至本公告披露日，危加丽女士本人未持有公司股份。危加丽女士在任职期间恪 尽职守、勤勉尽责，公司对其在任职期间为公司发展所做出的贡献表示衷心感谢！ 2024 年 7 月 13 日 为保证监事会的正常运作，根据《公司法》和《公司章程》等有关规定，公司于 2024 年 7 月 11 日召开第三届第十次职工代表大会，经与会职工代表表决，会议选举 刘琪女士（简历附后）担任公司第五届监事会职工代表监事，任期自本次职工代表大 会选举通过之日起至第五届监事会届满之日止。 特此公告。 中航（成都）无人机系统股份有限公司监事会 附件：职工代表监事简历 刘琪女士，1995 ...

Group 1: Product Development and Market Strategy - The company is actively developing multiple models of drones under 1 ton, with some projects already achieving their first flight [2] - The company is preparing for bidding on national debt projects and other market opportunities, aiming to capture market chances [3] - The company has a strong sales order pipeline and is enhancing communication with customers to better understand market demands [3] Group 2: Competitive Advantages - The Wing Loong series drones have proven reliability through practical testing, and the company has established application research capabilities to adapt products to user needs [3] - The company benefits from a robust supply chain supported by the Aviation Industry Corporation of China, with both state-owned and private suppliers enhancing flexibility and cost control [3] - The pricing mechanism for drone systems is customized based on project specifics, considering costs, user demands, and market competition [3] Group 3: Market Outlook and Financial Performance - The company expects steady growth in the domestic market due to expanding applications of drones in both military and civilian sectors, supported by policies like the national debt project [4] - The production capacity is planned to meet an annual output of 200 aircraft, with ongoing improvements in manufacturing efficiency [4] - The company anticipates stable operational performance in 2024, although delays in domestic order fulfillment may impact production and delivery plans [5]

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].