Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [11]. Core Views - The company experienced a decline in revenue and net profit in 2023, primarily due to market demand impacts, with total revenue at 2.664 billion yuan, down 3.94% year-on-year, and net profit at 303 million yuan, down 18.27% year-on-year [1][2]. - Despite short-term profit pressure, the company has significant growth potential in its main business, particularly in the drone sector, with projected revenue growth rates of 31.2%, 29.5%, and 29.1% for 2024, 2025, and 2026 respectively [1][6]. - The company focuses on enhancing its core technologies and innovation capabilities, aiming to become a leading player in the drone industry, with a strong emphasis on research and development [6]. Financial Summary - In 2023, the company reported total revenue of 2.664 billion yuan, with a year-on-year growth rate of -3.9%. The net profit attributable to shareholders was 303 million yuan, reflecting a decline of 18.3% year-on-year [1]. - The company's earnings per share (EPS) for 2023 was 0.45 yuan, down 26.23% from the previous year. The projected EPS for 2024, 2025, and 2026 are 0.57 yuan, 0.66 yuan, and 0.81 yuan respectively [1][6]. - The return on equity (ROE) for 2023 was 5.2%, with expectations of recovery to 6.2%, 7.0%, and 8.0% in the following years [1][6]. Business Performance - The main business revenue, primarily from aerospace product manufacturing and related services, accounted for 100% of total revenue, with a gross margin decline of 5.32 percentage points due to changes in product delivery structure and market demand [2][6]. - The company’s drone systems and related products generated revenue of approximately 255.8 million yuan, a decrease of 6.24% year-on-year, while drone technology services saw a significant increase of 136.37% [2][6]. Market Position - The company is recognized for its leading technology and continuous innovation in the drone sector, with a focus on product design, manufacturing, and customer service [6]. - The company has accumulated 25 core technologies and holds 65 authorized patents, including 36 invention patents, indicating a strong commitment to R&D and technological advancement [6].

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]

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 2023 年年度股东大会 会议资料 2024 年 4 月 中航（成都）无人机系统股份有限公司 2023 年年度股东大会会议资料 目录 | | 2023 | 中航（成都）无人机系统股份有限公司 | 年年度股东大会会议须知 3 | | --- | --- | --- | --- | | | 中航（成都）无人机系统股份有限公司 2023 年年度股东大会会议议程 5 | | | | 议案一 | 关于公司 年度董事会工作报告的议案 7 | 2023 | | | 议案二 | 关于公司 年度监事会工作报告的议案 21 | 2023 | | | 议案三 | 关于公司 年度财务决算报告的议案 26 | 2023 | | | 议案四 | 关于公司 年度利润分配方案的议案 30 | 2023 | | | 议案五 | 关于公司《2023 年年度报告》及摘要的议案 31 | | | | 议案六 | 关于公司 年度财务预算报告的议案 32 | 2024 | | | 议案七 | 关于公司 年度日常关联交易预计的议案 34 | 2024 | | | 议案八 | ...

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：2024-02 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 参与单位名称 线上参与公司2023年度业绩说明会的全体投资者 及人员 2024年3月28日 时间 上海证券交易所上证路演中心 地点 （网址：http：//roadshow.sseinfo.com/） 董事长：张晓军 总经理：曾强 上市公司接待人 总会计师：徐俊芳 员姓名 独立董事：陈炼成 ...

证券研究报告：国防军工 | 公司点评报告 2024 年 3 月 18 日 股票投资评级 中无人机(688297) 增持|下调 个股表现 -50% -44% -38% -32% -26% -20% -14% -8% -2% 4% 10% 2023-03 2023-05 2023-08 2023-10 2024-01 2024-03 中无人机 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 39.58 总股本 / 流通股本（亿 股） 6.75 / 1.85 总市值 / 流通市值（亿 元） 267 / 73 52 周内最高/最低价 60.90 / 27.56 资产负债率(%) 20.6% 市盈率 87.96 第一大股东 中国航空工业集团有限 公司 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 利润短期承压，国内业务放量有望带动业绩增长 事件 3 月 14 日，中无人机发布 2023 年年报。20 ...

Investment Rating - Maintain "Recommend" rating [2][3] Core Views - The company is a leading enterprise in China's large UAV systems, benefiting from equipment exports and domestic demand growth in the special equipment sector, with potential for rapid development in the coming years [2] - Adjusted net profit forecasts for 2024-2026 are 417 million yuan, 570 million yuan, and 762 million yuan, respectively, with corresponding P/E ratios of 63x, 46x, and 34x [2] Financial Performance - 2023 revenue: 2.664 billion yuan, YoY -3.9% [2] - 2023 net profit: 303 million yuan, YoY -18.3% [2] - 4Q23 revenue: 1.35 billion yuan, YoY +121.7% [2] - 4Q23 net profit: 60 million yuan, YoY +420.5% [2] - 2023 gross margin: 19.0%, down 5.31ppt YoY [2] - 2023 net margin: 11.4%, down 1.99ppt YoY [2] Business Segments - UAV systems and related products: 2.56 billion yuan revenue, 96% of total, YoY -6.2%, gross margin 18.0% [2] - UAV technical services: 110 million yuan revenue, 4% of total, YoY +136.4%, gross margin 42.0% [2] Cost Structure - Direct material costs for UAV systems: 1.79 billion yuan, 97.2% of main business costs [2] - Direct labor costs: +62.3% YoY [2] - Manufacturing expenses: +68.7% YoY [2] - Other direct costs: +34.1% YoY [2] Expense Management - 2023 period expense ratio: 7.2%, down 2.12ppt YoY [2] - R&D expenses: 170 million yuan, -8.7% YoY [2] Future Outlook - 2024 expected related party purchases: 1.4 billion yuan, +62.3% YoY [2] - 2024 expected related party sales: 1 billion yuan, -45.9% YoY [2] - 2024 expected related party deposits: 2 billion yuan, up from 700 million yuan [2] Financial Projections - 2024-2026 revenue forecast: 3.602 billion yuan, 4.808 billion yuan, 6.338 billion yuan [6] - 2024-2026 net profit forecast: 417 million yuan, 570 million yuan, 762 million yuan [6] - 2024-2026 EPS forecast: 0.62 yuan, 0.84 yuan, 1.13 yuan [6] Valuation Metrics - 2024-2026 P/E: 63x, 46x, 34x [6] - 2024-2026 P/B: 4.3x, 4.0x, 3.7x [6] - 2024-2026 EV/EBITDA: 52.54x, 36.44x, 27.24x [7]

证券代码：688297 证券简称：中无人机 公告编号：2024-011 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 03 月 21 日(星期四) 至 03 月 27 日(星期三)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 03 月 28 日 下午 15:00-16:00 举行 2023 年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 中航（成都）无人机系统股份有限公司 关于召开 2023 年度业绩说明会的公告 本公司董事会及全体 ...

中信建投证券股份有限公司、中航证券有限公司（以下简称"保荐机构"） 作为中航（成都）无人机系统股份有限公司（以下简称"中无人机"或"公司"） 首次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务 管理办法》、《上海证券交易所科创板股票上市规则》和《上海证券交易所科 创板上市公司自律监管指引第1号—规范运作》等有关规定，对中无人机首次公 开发行部分限售股上市流通事项进行了审慎核查，核查情况及意见如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会《关于同意中航（成都）无人机系统股份有 限公司首次公开发行股票注册的批复》（证监许可〔2022〕825号文），中无人 机向社会公开发行面值为1元的人民币普通股135,000,000股，并于2022年6月29 日在上海证券交易所科创板上市。公司首次公开发行股票完成后，总股本为 675,000,000股，其中无限售条件流通股为121,794,229股，有限售条件流通股为 553,205,771股。具体情况详见公司于2022年6月28日在上海证券交易所网站 （www.sse.com.cn）披露的《中无人机首次公开发行股票科创板上市公告 书》。 本次 ...

证券代码：688297 证券简称：中无人机 公告编号：2024-010 中航（成都）无人机系统股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 81,000,000 股。 本次股票上市流通总数为 81,000,000 股。 本次股票上市流通日期为 2024 年 3 月 22 日。 一、 本次上市流通的限售股类型 根据中国证券监督管理委员会《关于同意中航（成都）无人机系统股份有限 公司首次公开发行股票注册的批复》（证监许可〔2022〕825 号文），中无人机向社 会公开发行面值为 1 元的人民币普通股 135,000,000 股，并于 2022 年 6 月 29 日 在上海证券交易所科创板上市。公司首次公开发行股票完成后，总股本为 675,000,000 股，其中无限售条件流通股为 121,794,229 股，有限售条件流通股为 553,205,771 股。具体情况详见公司于 2022 年 6 月 ...

Financial Performance - The company reported a distributable profit of ¥637,031,578.04 for the year 2023, with a proposed cash dividend of ¥1.77 per 10 shares, totaling ¥119,475,000.00 to be distributed to shareholders[6]. - The company's operating revenue for 2023 was CNY 2,663,960,724.50, a decrease of 3.94% compared to the previous year[21]. - The net profit attributable to shareholders for 2023 was CNY 302,573,609.66, down 18.27% year-on-year, primarily due to a decrease in revenue scale and changes in product delivery structure[21]. - The net cash flow from operating activities for 2023 was CNY 117,629,579.62, a significant decline of 68.87% compared to CNY 377,861,790.69 in 2022[24]. - The total assets at the end of 2023 were CNY 7,362,397,641.85, a decrease of 5.70% from the beginning of the year[24]. - The net assets attributable to shareholders at the end of 2023 were CNY 5,846,252,734.37, an increase of 1.49% year-on-year[24]. - Basic earnings per share for 2023 were CNY 0.45, a decrease of 26.23% compared to the previous year[22]. - The weighted average return on equity for 2023 was 5.21%, down 5.48 percentage points from the previous year[25]. Research and Development - Research and development expenses accounted for 6.48% of operating revenue in 2023, a decrease of 0.34 percentage points from 2022[23]. - The company achieved a total R&D investment of ¥172,629,266.50 in 2023, a decrease of 8.71% compared to ¥189,108,979.19 in the previous year[64]. - The company published 3 core journal articles and 1 EI conference paper during the reporting period, highlighting its ongoing commitment to research and development[61]. - The company has developed 25 core technologies related to large fixed-wing long-endurance drone systems, enhancing its competitive edge in the industry[52]. - The company is committed to providing full lifecycle service support for its products, ensuring timely and accurate maintenance and diagnostics[71]. Market and Industry Trends - The global military drone procurement expenditure is projected to increase from approximately $12.1 billion in 2023 to $16.4 billion by 2032, with a total market size of $162.2 billion over the next decade[41]. - The global commercial drone market size was $30 billion in 2022, with a compound annual growth rate (CAGR) exceeding 15% expected from 2023 to 2032[41]. - The industrial drone segment is anticipated to grow significantly, surpassing the consumer drone segment and becoming a major component of the commercial drone market[42]. - The military drone market is experiencing increased demand due to global security uncertainties, particularly influenced by the Russia-Ukraine conflict[46]. - The company’s products occupy approximately 48% of the military drone market share, with a focus on intelligent and integrated development trends[112]. Corporate Governance - The company has established a comprehensive operational management system to enhance corporate governance[34]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[136]. - The company held 3 shareholder meetings during the reporting period, reviewing 9 proposals to ensure the protection of shareholder rights[136]. - The company strictly adheres to the regulations of the Articles of Association and the Board of Directors, ensuring independent operations and responsibilities without any significant violations[138]. - The company has implemented a multi-channel investor communication strategy, ensuring equal access to information for all shareholders[139]. Environmental and Sustainability Initiatives - The company invested 540,000 RMB in environmental protection during the reporting period[191]. - The company generated 12,080 tons of domestic sewage and disposed of 3.3 tons of hazardous waste without exceeding emission standards[196]. - The company achieved a 100% compliance rate for hazardous waste disposal[196]. - The company reduced carbon dioxide equivalent emissions by 68 tons through various carbon reduction measures[199]. - The company has established a "dual carbon" working group to promote carbon peak and carbon neutrality initiatives[200]. Strategic Plans and Future Outlook - The company plans to enhance its market expansion efforts, targeting strategic customers and developing integrated solutions based on system capabilities[129]. - The company is committed to modernizing its governance structure and improving management capabilities to align with capital market development[135]. - The company is optimistic about future growth, projecting a revenue increase of 10% for the next fiscal year[147]. - New product launches are expected to contribute an additional $50 million in revenue over the next year[147]. - The company plans to explore diverse application scenarios and extend its industrial chain to enhance modernization and competitiveness[79].