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 ...

北京市嘉源律师事务所 关于中航(成都)无人机系统股份有限公司 2023 年年度股东大会的法律意见书 The 12 上一所 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 ·北京 在 Un Earles Ph A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中航(成都)无人机系统股份有限公司 北京市嘉源律师事务所 关于中航(成都)无人机系统股份有限公司 2023 年年度股东大会的法律意见书 嘉源(2024) -04-235 号 1 中无人机 2023年年度股东大会 嘉源·法律意见书 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信用原则, 进行了充分的核查验证,保证本法律意见所认定的事实真实、准确、完整,所发 表的结论性意见合法、准确,不存在虚假记载、误导性陈述或者重大遗漏,并承 担相应法律责任。 基于前述,本所律师根据相关法律法规的要求,按照律师行业公认的业务标 准、 ...

（二） 股东大会召开的地点：四川省成都市青羊区经一路 39 号成都成飞会议服 务有限公司 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 22 | | --- | --- | | 普通股股东人数 | 22 | | 特别表决权股东人数 | 0 | | 2、出席会议的股东所持有的表决权数量 | 470,252,977 | | 普通股股东所持有表决权数量 | 470,252,977 | | 特别表决权股东所持有表决权数量（每份特别表决权股份的 | 0 | | 表决权数量为：0） | | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 69.6671 | | 例（%） | | 证券代码：688297 证券简称：中无人机 公告编号：2024-012 中航（成都）无人机系统股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席 ...

证券研究报告 | 公司动态点评 2024 年 04月 08日 中无人机（688297.SH） 利润端短期承压，主营业务增长潜力较大 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 2,773 2,664 3,496 4,527 5,844 股票信息 增长率yoy（%） 12.0 -3.9 31.2 29.5 29.1 归母净利润（百万元） 370 303 382 447 544 行业 国防军工 增长率yoy（%） 25.2 -18.3 26.1 17.1 21.6 2024年4月3日收盘价（元） 37.43 ROE（%） 6.4 5.2 6.2 7.0 8.0 总市值（百万元） 25,265.25 EPS最新摊薄（元） 0.55 0.45 0.57 0.66 0.81 流通市值（百万元） 9,935.40 P/E（倍） 71.1 87.0 69.0 58.9 48.4 总股本（百万股） 675.00 P/B（倍） 4.6 4.5 4.3 4.1 3.9 流通股本（百万股） 265.44 资料来源：公司财报，长城证券产业金融研究院 近3月日均成交额（百 ...

Group 1: Market Opportunities and Product Development - The company has completed product system deliveries for domestic users, including the Haiyan I and Haiyan II drones, which are based on the Wing Loong series [2][4] - The domestic civil market is expanding, with increasing demand driven by favorable policies such as the "national debt" project and low-altitude economy initiatives [4][5] - The company is actively researching and developing small drones under 1 ton to meet low-altitude economic needs, leveraging its extensive data resources [4][5] Group 2: Financial Performance and Market Strategy - The company anticipates steady growth in the domestic market, benefiting from the expanding application scenarios of drones in both military and civilian sectors [5][6] - The gross profit margin is expected to decline in 2023 due to a higher proportion of domestic sales, which typically have lower margins compared to military trade [6][6] - The company is implementing cost control measures, including a "low-cost sustainable development plan" and enhancing supply chain management to improve cost efficiency [5][6] Group 3: New Product Launches and Innovations - New products include the Wing Loong-1E, Wing Loong-2D, and Wing Loong-3, with the latter being a high-altitude, long-endurance drone that has garnered significant interest from clients [4][5] - The company is focusing on collaborative operations between manned and unmanned systems, which is seen as a future trend in enhancing operational capabilities [6][6] Group 4: Military Trade Market Challenges - The military trade market is facing pressure due to increasing competition and geopolitical uncertainties, leading to a more cautious demand outlook [5][6] - The company plans to enhance market development efforts and accelerate new product development to meet evolving customer needs in the military sector [5][6]