Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a significant decline in revenue for H1 2024, with a total revenue of 272 million yuan, down 77.22% year-on-year, primarily due to market fluctuations and a decrease in product deliveries [1]. - Despite the challenges in the first half of 2024, there was a notable improvement in Q2, with revenue of 211 million yuan, a decrease of 70.64% year-on-year but an increase of 243.8% quarter-on-quarter [1]. - The company is actively increasing inventory to support future product deliveries, with inventory rising to 1.497 billion yuan, up 51.43% from the previous year [2]. - R&D investment accounted for 29.92% of revenue in H1 2024, reflecting a year-on-year increase of 21.51 percentage points, indicating a strong commitment to innovation [3]. Financial Performance Summary - For H1 2024, the company reported a gross margin of 27.44%, down 2.68 percentage points year-on-year, and a net margin of 14.11%, down 32.01 percentage points year-on-year [2]. - The company’s operating expenses for H1 2024 were 102 million yuan, a decrease of 13.56% year-on-year, with an expense ratio of 37.5%, up 27.62 percentage points year-on-year [2]. - The forecast for revenue from 2024 to 2026 has been adjusted downwards, with expected revenues of 2.744 billion yuan, 3.279 billion yuan, and 3.869 billion yuan respectively [3]. Inventory and Cash Flow - The company has increased its cash reserves to 4.452 billion yuan, a decrease of 5.12% from the previous year, while prepayments rose significantly by 206.89% to 46 million yuan [2]. - The total liabilities increased to 2.38 billion yuan for 2024E, indicating a strategic increase in inventory and prepayments to support future operations [9]. R&D and Production Capacity - The company has made significant progress in R&D, with ongoing projects for various drone models and a production capacity of 200 units per year at its new facility [3]. - The company has developed 29 core technologies in drone control and integration, enhancing its competitive edge in the market [3].

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 267 million yuan for the first half of 2024, a year-on-year increase of 77.2%, but a net profit attributable to shareholders of -40 million yuan, down from 210 million yuan in the same period last year [1]. - The decline in revenue is attributed to market fluctuations and a decrease in the number of products delivered [1]. - The company has a growing product portfolio and its Sichuan base has the capacity to produce 200 drones annually [1]. - Inventory increased by 51% compared to the beginning of the year, with expectations of higher product deliveries in the second half of the year [1]. - The company is positioned as a leading enterprise in China's large drone systems, benefiting from both domestic and international market demands [1]. Financial Summary - For 1H24, the company experienced a gross margin of 27.4%, a decrease of 2.68 percentage points year-on-year [1]. - The company’s management expenses increased to 17.6% of revenue, up 13.96 percentage points year-on-year, while R&D expenses accounted for 29.9% of revenue, an increase of 21.51 percentage points [1]. - As of the end of Q2 2024, accounts receivable decreased by 15.8% to 1.15 billion yuan, while inventory rose to 1.5 billion yuan [1]. - The company expects to deliver a significant number of products in the second half of the year, which may improve cash flow [1]. - The projected net profits for 2024, 2025, and 2026 are 228 million yuan, 316 million yuan, and 432 million yuan respectively, with corresponding PE ratios of 91x, 66x, and 48x [2][5].

（一）募集资金到位情况 经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）文批准，并经上海 证券交易所同意，公司向社会公众公开发行股票（A股）13,500万股，发行价格 32.35元/股，共募集资金436,725.00万元，扣除保荐、承销费用及发行费用后实 际募集资金净额为419,705.72万元。 上述募集资金于2022年6月21日全部到位，募集资金专户到账金额 421,000.35万元，扣除发行费用1,294.63万元，实际募集资金净额为419,705.72 万元。 该事项已经立信会计师事务所（特殊普通合伙）审验，并于2022年6月21日 出具《验资报告》（信会师报字[2022]第【ZD10132】号）。 中航（成都）无人机系统股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 根据《上市公司监管指引第2号—上市公司募集资金管理和使用的监管要求》 以及《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，中航（成都）无人机系统股份有限公司（以下简称"公司"）编制了《公 司2024年半年度募集资金 ...

Financial Performance - Revenue for the first half of 2024 was RMB 272.01 million, a decrease of 77.22% compared to the same period last year[14] - Net profit attributable to shareholders of the listed company was RMB -38.39 million, a decrease of 117.96% year-on-year[14] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB -51.08 million, a decrease of 124.37% year-on-year[14] - Operating cash flow was RMB -116.95 million, compared to RMB -16.42 million in the same period last year[14] - Basic earnings per share were RMB -0.06, a decrease of 118.75% year-on-year[15] - Diluted earnings per share were RMB -0.06, a decrease of 118.75% year-on-year[15] - Revenue for the first half of 2024 was RMB 272.01 million, a decrease of 77.22% year-over-year due to reduced product deliveries[16] - Net profit attributable to shareholders for the first half of 2024 was RMB -38.39 million, a decrease of 117.96% year-over-year[16] - Net cash flow from operating activities for the first half of 2024 was RMB -116.95 million, a decrease of RMB 100.53 million year-over-year[16] - Basic and diluted earnings per share for the first half of 2024 were RMB -0.06, a decrease of 118.75% year-over-year[16] - Revenue for the reporting period was RMB 272.01 million, a decrease of 77.22% year-over-year[51] - Net profit attributable to shareholders was a loss of RMB 38.39 million, down 117.96% year-over-year[51] - Revenue for the first half of 2024 decreased to 272,014,074.61 RMB, compared to 1,194,244,824.04 RMB in the same period of 2023, representing a significant decline[165] - Net profit for the first half of 2024 was -38,393,552.73 RMB, a sharp drop from 213,717,656.56 RMB in the same period of 2023[165] - Operating cash flow for the first half of 2024 was -116,947,432.75 RMB, compared to -16,416,250.24 RMB in the same period of 2023, indicating increased cash outflow[167] - Basic earnings per share for the first half of 2024 were -0.06 RMB, compared to 0.32 RMB in the same period of 2023[166] - Total comprehensive income for the first half of 2024 was -38,393,552.73 RMB, down from 213,717,656.56 RMB in the same period of 2023[166] R&D and Innovation - R&D investment accounted for 29.92% of revenue, an increase of 21.52 percentage points compared to the same period last year[15] - R&D investment accounted for 29.92% of revenue in the first half of 2024, an increase of 21.51 percentage points year-over-year[17] - The company has built an efficient R&D system with a team led by national-level leaders in the UAV industry, focusing on new technologies, applications, and development directions[23] - The company has mastered a complete set of core technologies for large fixed-wing long-endurance UAV system design, including short takeoff and landing capabilities, long-endurance and long-range flight capabilities, and mission payload carrying and expansion capabilities[24] - The company has accumulated and mastered 29 core technologies in areas such as large fixed-wing long-endurance UAV platform design, intelligent autonomous and command technologies, and UAV manufacturing integration[25] - The company's R&D investment in the first half of 2024 was RMB 81.38 million, a decrease of 18.89% compared to the same period last year[39] - R&D investment accounted for 29.92% of the company's revenue, an increase of 21.52 percentage points year-on-year[39] - The company obtained 16 new intellectual property rights in the first half of 2024, including 2 invention patents and 5 software copyrights[38] - The company developed a UAV navigation deception recognition technology to improve the reliability of navigation signals and flight safety[21] - The company implemented a digital process design technology based on MBD, enabling integrated process management and visual assembly[22] - The company established an intelligent production control system for UAVs, achieving paperless production and precise material matching[23] - The company mastered UAV flight test technology, enabling comprehensive parameter analysis and design optimization[25] - The company developed a remote support technology for UAVs, enabling rapid technical support and fault resolution[26] - The company achieved a significant extension of the service life of the Wing Loong-2 UAV system to tens of thousands of flight hours/decades[27] - The company designed a convenient packaging and transportation system for large UAVs, improving deployment speed and mobility[28] - The company's R&D personnel increased to 248, accounting for 36.68% of the total workforce, with a total R&D salary of 31.23 million yuan[43] - The R&D team is highly educated, with 62.90% holding master's degrees and 32.26% holding bachelor's degrees[43] - The majority of R&D personnel are under 40 years old, with 49.19% under 30 and 32.66% between 30-40 years old[44] Market and Industry Trends - The company operates in the aviation equipment manufacturing industry, classified under C3741 according to the National Economic Industry Classification[21] - Global military UAV procurement expenditure is projected to increase from $12.1 billion in 2023 to $16.4 billion by 2032, with a total market size of $162.2 billion over the next decade[22] - The global commercial UAV market size was $30 billion in 2022, with a projected CAGR of over 15% from 2023 to 2032[22] - The company achieved a main business revenue of 2,720.141 million yuan in the reporting period[23] - The company's main products include the Wing Loong series of large fixed-wing long-endurance UAV systems, with models such as Wing Loong-1, Wing Loong-1D, Wing Loong-1E, Wing Loong-2, Wing Loong-2D, Wing Loong-2H, and Wing Loong-3[23] - The company participated in emergency missions in 2024, including the Sichuan Yajiang mountain fire rescue and the middle and lower reaches of the Yangtze River flood rescue[23] - The company has established a mature market development, product R&D, supply chain management, production delivery, and service guarantee system[23] - The company focuses on expanding both domestic and international markets, with sales divided into military trade and domestic markets[23] - The company is developing multiple advanced drone systems, including the Wing Loong-3, which aims to achieve international advanced levels[41] - The Wing Loong-2D drone system is in the research and test flight phase, focusing on improving flight duration, range, and mission capabilities[41] - The company is working on a new power system for drones, aiming to significantly reduce energy consumption[42] - A new command and control system for drones has completed appraisal, targeting multi-scenario applications in both military and civilian fields[41] - The company is researching intelligent human-machine interaction technologies for urban operations, aiming to enhance drone control precision and user experience[42] - The company is exploring innovative applications of drones in industrial, agricultural, security, and transportation sectors to promote low-altitude economic development[42] - The company has established seven core competencies, including market development and rapid R&D capabilities, positioning itself as a leader in the drone industry[45] Financial Position and Assets - Total assets as of the end of the reporting period were RMB 7.51 billion, an increase of 1.98% compared to the end of the previous year[14] - Shareholders' equity as of June 2024 was RMB 5.70 billion, a decrease of 2.52% year-over-year[16] - Total assets as of June 30, 2024, amounted to 7,508,142,005.26, compared to 7,362,397,641.85 as of December 31, 2023[163] - Current assets totaled 7,214,854,033.73, with cash and cash equivalents at 4,452,362,585.70[163] - Accounts receivable decreased to 1,149,553,068.15 from 1,365,409,203.53 year-over-year[163] - Inventory increased significantly to 1,497,181,087.11 from 988,692,877.26[163] - Total liabilities stood at 1,809,218,749.38, with current liabilities at 1,672,460,425.48[164] - Shareholders' equity remained stable at 5,698,923,255.88, with share capital unchanged at 675,000,000.00[164] - Prepayments increased to 49,247,857.51 from 15,116,943.68, indicating higher advance payments[163] - Contract liabilities rose to 243,588,130.65 from 81,325,617.07, reflecting increased customer prepayments[164] - Fixed assets grew to 95,873,154.71 from 90,976,729.55, showing ongoing capital investments[163] - Cash and cash equivalents at the end of the first half of 2024 stood at 4,382,163,159.26 RMB, down from 4,642,718,560.24 RMB at the beginning of the period[168] - Total owner's equity decreased by RMB 147.33 million (-2.52%) to RMB 5.70 billion in H1 2024 compared to the end of 2023[169][171] - Comprehensive income for H1 2024 showed a loss of RMB 38.39 million[169] - Capital reserve increased by RMB 5.99 million due to share-based payments[169][170] - Special reserve increased by RMB 4.55 million, with RMB 4.69 million extracted and RMB 138,526 used[170] - Retained earnings decreased by RMB 157.87 million, mainly due to profit distribution of RMB 119.47 million to shareholders[169][170] - Total issued share capital remained unchanged at 675 million shares[174] Shareholder and Management Commitments - The company has committed to a 36-month lock-up period for shares held by various entities, including Aviation Industry Corporation of China (AVIC) and its subsidiaries, following the company's IPO[73][74][75] - The company's senior management and core technical personnel are subject to a 60-month lock-up period for shares held through employee持股 platforms, starting from the date of their capital contribution[74][75] - The company has long-term commitments related to shareholding and other obligations from its major shareholders, including AVIC and its subsidiaries[75] - The company has established a comprehensive set of commitments related to its IPO, including share lock-up periods and long-term obligations for its directors, senior management, and core technical personnel[75] - Aviation Industry Chengfei commits not to transfer or entrust others to manage its directly and indirectly held shares within 36 months after the company's stock listing[77] - Aviation Industry Group promises not to transfer or entrust others to manage its shares within 36 months after the company's stock listing and 36 months after acquiring the shares[80] - Aviation Industry Chengdu Institute commits not to transfer or entrust others to manage its shares within 36 months after the company's stock listing[80] - Aviation Industry Chengfei's shares will not be sold below the issue price within two years after the lock-up period expires[77] - Aviation Industry Group's shares will not be sold below the issue price within two years after the lock-up period expires[80] - Aviation Industry Chengdu Institute's shares will not be sold below the issue price within two years after the lock-up period expires[80] - If the stock price is below the issue price for 20 consecutive trading days within 6 months of listing, the lock-up period for Aviation Industry Chengfei's shares will be extended by 6 months[77] - If the stock price is below the issue price for 20 consecutive trading days within 6 months of listing, the lock-up period for Aviation Industry Group's shares will be extended by 6 months[80] - If the stock price is below the issue price for 20 consecutive trading days within 6 months of listing, the lock-up period for Aviation Industry Chengdu Institute's shares will be extended by 6 months[80] - Any violation of the share transfer commitments by Aviation Industry Chengfei, Aviation Industry Group, or Aviation Industry Chengdu Institute will result in the proceeds from the violation being returned to the company[77][80] - The company's major shareholders, including Aviation Industry Corporation of China (AVIC) Industrial Fund and AVIC Securities Innovation, have committed not to transfer or entrust others to manage their shares for 36 months after the company's stock listing and 36 months after acquiring the shares[82][83][84] - Shareholders such as Chengdu Jianguo and National Industrial Investment Fund have pledged not to transfer or entrust others to manage their shares for 12 months after the stock listing and 36 months after acquiring the shares[82][84] - Senior executives and core technical personnel, including Li Yidong and Liu Hong, have committed not to transfer or entrust others to manage their shares for 60 months after contributing to Chengdu Yitongren and 36 months after the stock listing, with additional restrictions post-resignation[86][87] - The company's directors and senior executives, such as Zeng Qiang and Li Yongguang, have agreed to limit their annual share transfers to no more than 25% of their total holdings during their tenure and for 6 months after leaving their positions[85][86] - In the event of a violation of the share transfer commitments, the proceeds from any unauthorized share sales will be returned to the company[82][83][84][85][86][87] - Senior executive Mark commits to not transferring or entrusting management of pre-IPO shares for 60 months after capital contribution and 36 months after listing, with a minimum selling price not lower than the IPO price[88] - Core technical personnel commit to not transferring pre-IPO shares for 60 months after capital contribution and 12 months after listing, with a maximum annual transfer of 25% of pre-IPO shares for 4 years after the lock-up period[89] - Major shareholders (Chengdu Fei, Chengdu Institute, Chengdu Industrial Investment, Chengdu Jianguo) plan to hold company shares long-term and limit annual transfers to no more than 25% of their holdings within 2 years after the lock-up period[90] - Major shareholder AVIC Technology commits to holding company shares long-term and limiting annual transfers to no more than 25% of their holdings within 2 years after the lock-up period[91] - The company and its controlling shareholders, directors, and senior executives commit to stabilizing stock prices by initiating buybacks if the stock price falls below the net asset value per share for 20 consecutive trading days within 3 years of listing[92] - The company will hold a board meeting within 10 days and a shareholders' meeting within 30 days to approve stock buyback plans if stock price stabilization measures are triggered[93] - The company will repurchase shares within 6 months after the shareholders' meeting resolution, with the repurchase amount not exceeding 2% of the total shares before repurchase[95] - The controlling shareholder will increase holdings within 6 months after the announcement of the increase plan, with the increase amount not exceeding 2% of the total shares[95] - Directors and senior management will increase holdings within 90 days after the controlling shareholder's increase plan is completed, with the funds used not less than 10% of their after-tax salary from the previous year[96] - The company will repurchase all newly issued shares within 5 working days if the issuance is found to be fraudulent[99] - The company will return the raised funds with interest to investors if the issuance is found to be fraudulent before the new shares are listed[97] - The company will accept supervision from regulatory authorities and bear legal responsibility for the formulation and implementation of the share repurchase plan[98] - The company will compensate investors for losses caused by failure to fulfill commitments[99] - The company will strengthen the management of raised funds[100] - The company will focus on enhancing the core competitiveness of the drone industry, expanding market share and brand influence to improve overall profitability[101] - The company plans to accelerate the progress of fundraising projects to achieve expected benefits and enhance profitability[101] - The company will implement an active profit distribution policy, prioritizing cash dividends to protect shareholders' rights[101] - The company commits to maintaining a stable and continuous profit distribution policy, ensuring long-term interests and sustainable development[103] - Cash dividends will be distributed if the company's distributable profit is positive and cash flow is sufficient, with a minimum of 10% of annual distributable profit or 30% over three years[105] - The company will adjust cash dividend policies based on industry characteristics, development stage, and capital expenditure plans, with minimum cash dividend ratios ranging from 20% to 80% depending on the stage[105] - The company may issue stock dividends if revenue grows rapidly and the board deems the stock price and share capital size mismatched[105] - The company commits to ensuring the accuracy and completeness of its IPO prospectus and will compensate investors for losses due to false statements or omissions[106] - The company ensures the accuracy and completeness of the IPO prospectus and related documents, and will compensate investors for direct losses if any false statements or omissions are identified[107] - The company and its controlling entities commit to not engaging in any business activities that compete with the main business of AVIC UAV, both domestically and internationally[109][111][112] - The company and its controlling entities will not occupy funds of AVIC UAV and will strictly comply with relevant laws and regulations regarding corporate governance[109] - In case of any breach of commitments, the company will publicly explain the reasons, apologize to shareholders and investors, and take measures to protect investor interests[109] - The company will adjust or suspend the compensation of responsible directors, supervisors, and senior management if commitments are not fulfilled[109] - The company will not transfer shares of the issuer except in cases of inheritance, enforcement, restructuring, or to protect investor interests[109] - The company will propose supplementary or alternative commitments to protect investor rights and submit them for shareholder approval[109] - The company will compensate investors for any losses caused by the breach of commitments and continue to fulfill the commitments if possible[109] - The company will promptly disclose

中航（成都）无人机系统股份有限公司 2024 年度"提质增效重回报"行动方案 半年度评估报告 公司重视投资者利益，牢固树立以投资者为本的理念，基于对未来发展的坚 定信心，本着对投资者高度负责的精神，为推动经营发展质量、投资价值及可持 续发展水平的提升，积极维护市场稳定，公司制定了 2024 年度"提质增效重回 报"行动方案（以下简称"行动方案"）。 2024 年上半年，行动方案主要举措进展及成效如下： 一、"聚焦主责主业，促进高质量发展"方面 公司围绕战略方向，持续加强研发投入，大力推动募投项目建设。2024 年上 半年，翼龙-3、翼龙-2D、翼龙-1E、1000kg 以下级无人机等项目研制有序推进， 自贡产业基地基本建成，形成较为完整的零部件生产、总装集成、试验试飞、产 品交付、客户培训、飞行服务等能力布局，具备年产 200 架机生产能力。 公司积极把握市场机遇，大力拓展市场。持续加强开展海外市场推介活动， 常态化开展公司高层、产品营销团组国际走访研讨，高质量完成新产品推介及多 国飞行演示活动。不断加强和客户的沟通交流，加深对于市场需求的理解，为新 产品的完善、产品推介和市场订单线索的落地奠定良好基础。民用 ...

Group 1: Market Demand and Trends - The demand for small drones has increased due to the role they play in modern warfare, particularly highlighted by the Russia-Ukraine conflict [1] - Domestic policies promoting low-altitude economy are expanding the application scenarios for small drones [1] - The international market is seeing a growing demand for small drones, prompting the company to develop multiple models under 1 ton [1] Group 2: Competitive Advantages - The company has advantages in performance, controllability, and reliability compared to larger drones, which face more intense competition [2] - Rich experience in military and civilian applications provides a solid foundation for research in combat scenarios and low-altitude economic applications [2] Group 3: Military Trade Market Insights - The military trade market is under pressure due to increasing competition and geopolitical uncertainties, leading to high unpredictability [2] - The company has already established a significant presence overseas, with expectations for stable short-term demand [2] - Continuous communication with existing and potential customers is helping to understand market needs better and improve product offerings [2] Group 4: Service Revenue and Domestic Market Progress - The company has seen an increase in contracts for flight and technical services, which have high profit margins but represent a small percentage of total revenue [2] - Recent progress includes winning national bond projects in Guangdong and Tibet, as well as a project with the National Meteorological Administration [2] Group 5: Future Product Development - Future foreign trade products will include the Wing Loong-1E, Wing Loong-2, Wing Loong-3, and Wing Loong-10 series [2] - The Wing Loong-3, showcased at the 2022 Zhuhai Airshow, is expected to attract significant attention from domestic and international customers [3] Group 6: Production and Operational Efficiency - The company is advancing the construction of its Zizhong base, which is expected to meet an annual production task of 200 aircraft [3] - Measures for cost reduction and efficiency enhancement include sustainable development plans and improved supply chain management [4] - The company is focusing on designing low-cost drones and enhancing product competitiveness through modular options [4]

Investment Rating - The report gives an "Accumulate" rating for the company, with a target price range of 35.03-37.95 CNY per share, corresponding to a PE valuation of 72-78x for 2024 [5][34]. Core Insights - The company is a leading enterprise in large fixed-wing long-endurance drone systems, focusing on both domestic and international markets, and has developed a comprehensive range of products under the "Wing Loong" series [1][11]. - The military drone market is experiencing steady growth, with a projected global market value of 14.798 billion USD by 2028, reflecting a compound annual growth rate of approximately 5.36% from 2019 to 2028 [2][29]. - The company is actively promoting a dual circulation development model, enhancing its presence in both domestic and international markets, and is expected to benefit from military modernization efforts and civil applications in meteorology and emergency response [3][31]. Summary by Sections 1. Company Overview - The company, known as AVIC Chengdu UAV Systems Co., Ltd., specializes in the design, research and development, manufacturing, sales, and service of drone systems, particularly large fixed-wing long-endurance drones [1][11]. - The Wing Loong series has been widely recognized and utilized in various applications both domestically and internationally, achieving significant operational success [1][11]. 2. Military Drone Market Growth - The demand for military drones is increasing, with a focus on multi-purpose drones that can perform reconnaissance and strike missions, which are becoming essential in modern warfare [2][26]. - The report highlights the strategic importance of drone technology in military applications, with countries worldwide investing in these capabilities to enhance their operational effectiveness [2][26]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 29.36 billion CNY, 36.76 billion CNY, and 47.43 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 3.28 billion CNY, 4.23 billion CNY, and 5.56 billion CNY [3][31]. - The report anticipates a gradual improvement in gross margins as the company continues to deliver products and enhance manufacturing processes [31][34].

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]