Financial Performance - In 2024, the company achieved a total revenue of 2.567 billion RMB, a decrease of 10.45% year-on-year [3] - The net profit attributable to shareholders was 88 million RMB, down 42.54% compared to the previous year [3] - The total profit for the year was 128 million RMB, reflecting a decline of approximately 34% year-on-year [3] - The company maintained stable operating expenses, with sales, R&D, and management costs at 37.78 million RMB, 131 million RMB, and 256 million RMB respectively [3] Business Development - The company successfully expanded its international market, achieving a record high of 1.365 billion RMB in overseas drone revenue [3] - Two new user countries were added, and the company received export approval for CH-9 and CH-3D drones, laying a solid foundation for future exports [3] - The company completed 40 flight projects, flying over 3,300 aircraft with a total flight time of 13,500 hours [3] Strategic Initiatives - The company is focusing on high-quality development and has made significant progress in governance and brand building, receiving an "A" rating for information disclosure from the Shenzhen Stock Exchange [4] - A total of 89 patents were applied for, with R&D investment reaching 516 million RMB, exceeding 20% of revenue [3] - The company is exploring new business models in after-sales service and has established a spare parts library in user countries [3] Market Outlook - The export revenue of drones is approximately 1.3 billion RMB, while domestic revenue is around 400 million RMB, with an export gross margin of about 36% and a comprehensive gross margin of 28% [4] - The market outlook for the next 3-5 years is optimistic, particularly for low-cost drones and high-altitude, high-speed drones [4] - The company anticipates a balanced revenue structure between domestic and international markets, with foreign military trade expected to contribute more significantly to profits [7] Challenges and Responses - The company faces challenges such as increased operating costs and changes in product structure, which have led to a decline in gross margins [5] - To maintain competitiveness, the company is enhancing customer engagement and rapidly responding to user needs [5] - The company is also addressing the competitive landscape in the drone market by improving product design and optimizing costs [7]

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

Financial Performance - In 2024, the company achieved a total revenue of 2.567 billion RMB, a decrease of 10.45% year-on-year [3] - The net profit attributable to shareholders was 88 million RMB, down 42.54% compared to the previous year [3] - The total profit for the year was 128 million RMB, reflecting a decline of approximately 34% year-on-year [3] - The company’s foreign drone business revenue reached 1.365 billion RMB, marking a historical high [3] Cost and Expenses - Sales expenses amounted to 37.78 million RMB, while R&D and management expenses were 131 million RMB and 256 million RMB, respectively, maintaining overall stability [3] - Financial expenses were recorded at -27.5 million RMB, primarily due to exchange rate fluctuations [3] Business Development - The company successfully expanded its military trade market, securing multiple contracts and delivering products for operational use [3] - Two new user countries were added, and the company achieved breakthroughs in the Central Asian market [3] - The company completed 40 flight projects, totaling over 3,300 flights and 13,500 flight hours [3] R&D and Innovation - The company invested a total of 516 million RMB in R&D, achieving a research intensity exceeding 20% [3] - A total of 89 patents were applied for during the year [3] - The company is exploring new materials and has initiated the trial production of carbon fiber prepreg materials [3] Market Outlook - The company anticipates a balanced revenue structure between domestic and international markets, with foreign military trade expected to contribute more significantly to profits [7] - The demand for low-cost drones is expected to grow, particularly in certain regions [4] - The company is actively developing AI applications for drone technology, focusing on both single-unit and swarm intelligence [4] Investor Relations - The company has established a multi-dimensional communication channel with investors, including cloud meetings and on-site visits [4] - The company received an "A" rating for information disclosure from the Shenzhen Stock Exchange for two consecutive years [3]

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [2]. Core Insights - The report emphasizes that the aerospace sector is experiencing short-term fluctuations in fundamentals, with expectations for demand to be released during the 14th Five-Year Plan, potentially leading to a new cycle of prosperity [7][24]. - The drone segment is becoming an indispensable force in modern warfare, driven by the rapid development of AI, which is facilitating intelligent and autonomous upgrades [7][3]. - The report highlights the importance of selecting companies that can enhance product capabilities, increase penetration rates, and improve average transaction values as the 14th Five-Year Plan concludes [7][4]. Summary by Sections Section 1: Tariff Friction and National Security - The report discusses the perspective of offensive realism in understanding tariff friction, asserting that great power competition necessitates safeguarding national security [9][18]. Section 2: Aerospace and Engine Sector - The aerospace sector's performance in 2024 is under pressure, with revenue and profit growth rates of -4.69% and -15.41%, respectively, indicating a further slowdown compared to 2023 [27][30]. - The main engine manufacturers showed slight revenue declines, while the intermediate and upstream segments experienced significant fluctuations [27][30]. - The report notes that the main engine manufacturers have maintained strong profitability, while the intermediate segment has faced notable volatility due to price reductions [30][34]. Section 3: Company-Specific Insights - **AVIC Shenyang Aircraft Corporation**: Achieved a record high in quarterly profitability, with a 50.99% year-on-year increase in Q4 revenue to 17.54 billion yuan, despite an overall annual revenue decline of 7.37% [39][43]. - **AVIC Xi'an Aircraft Industry Group**: Reported a 21.09% increase in Q4 revenue, with a 39.14% rise in net profit, although the gross margin decreased [59][63]. - **AVIC Optical-Electrical Technology**: Demonstrated strong growth in defense and civil sectors, with a focus on high-quality delivery and market expansion [69][73]. Section 4: Engine Sector Performance - The engine sector maintained stable revenue growth, with a 9.48% increase in revenue for AVIC Engine, although profitability was impacted by rising costs and increased R&D expenses [92][97]. - The report highlights the growth potential in the civil aviation engine market, with significant contracts signed at the Zhuhai Airshow [102][104]. Section 5: Material Supply Sector - The material supply sector showed steady revenue growth, with a focus on increasing R&D investments for future development [105].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [2][10] - In Q4 2024, the company achieved a revenue of 1.277 billion yuan, an increase of 11% year-on-year and a significant increase of 371% quarter-on-quarter, with a net profit of 82 million yuan, up 607% year-on-year and 237% quarter-on-quarter [2] - The company has made significant breakthroughs in domestic drone projects and continues to see positive trends in military trade business, with two new user countries added in the drone military trade market [4] Financial Summary - The company expects net profits for 2025-2027 to be 270 million, 347 million, and 433 million yuan, representing year-on-year growth of 207%, 28%, and 25% respectively, with P/E ratios of 72, 56, and 45 [5][6] - The forecasted revenue for 2025 is 4.624 billion yuan, reflecting an 80% increase from 2024 [6] - The company’s overseas business revenue reached 1.365 billion yuan in 2024, a year-on-year increase of 15%, with a gross margin of 36.04% [3]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected growth in net profit for 2025-2027 [6]. Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [4][5]. - The international market for the company's drone military trade is expanding, with foreign revenue increasing by 15.33% to 1.365 billion yuan in 2024 [5]. - Domestic demand for drones is gradually recovering, with an increase in bidding projects indicating a potential turning point for the market [6]. Summary by Sections Company Overview - Latest closing price: 20.28 yuan - Total shares: 994 million, circulating shares: 991 million - Total market value: 20.2 billion yuan, circulating market value: 20.1 billion yuan - 52-week high/low: 24.19/12.34 yuan - Debt-to-asset ratio: 24.9% - Price-to-earnings ratio: 225.33 [3]. Financial Performance - In 2024, the company achieved a revenue of 2.567 billion yuan, with a gross margin of 21.34%, down 3.29 percentage points year-on-year [5]. - The revenue from drones and related products was 1.514 billion yuan, a decline of 9.54% year-on-year, with a gross margin of 27.17%, down 4.94 percentage points [5]. - The company expects net profits of 357 million yuan, 477 million yuan, and 599 million yuan for 2025, 2026, and 2027, respectively, indicating significant growth rates [6][9]. Market Outlook - The report highlights a steady growth in the international drone military trade, with successful delivery and operational readiness of products [5]. - The domestic market is showing signs of recovery, with an increase in bidding for drone and missile projects, suggesting a positive trend in procurement demand [6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected growth in net profit for 2025-2027 [6]. Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [4][5]. - The international market is showing continuous breakthroughs, with foreign business revenue increasing by 15.33% to 1.365 billion yuan in 2024, driven by rising demand for drone exports and military trade products [5][6]. - Domestic demand for drones is gradually recovering, with an increase in the number of bidding projects for domestic drones and airborne weapons, indicating a potential turning point for the company [6]. Financial Performance - The company’s gross margin for 2024 was 21.34%, a decline of 3.29 percentage points year-on-year, with drone-related product revenue at 1.514 billion yuan, down 9.54% [5]. - The projected net profits for 2025, 2026, and 2027 are 357 million, 477 million, and 599 million yuan respectively, reflecting significant growth rates of 304.97%, 33.55%, and 25.68% [6][9]. - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are projected to be 56, 42, and 34 respectively [6][9].

Core Viewpoint - In 2024, Aerospace Rainbow reported a revenue of 2.567 billion yuan, a year-on-year decrease of 10.45%, and a net profit attributable to shareholders of 88 million yuan, down 42.54% [2] Group 1: Financial Performance - The company's aerospace product manufacturing revenue slightly decreased by 3.79% year-on-year [3] - Revenue from drone and related products was 1.514 billion yuan, down 9.54% year-on-year, while drone technical services saw a significant increase of 96.74%, reaching 188 million yuan [3][4] - The new materials segment faced challenges, with plastic film manufacturing revenue declining by 21.23% and the backing film and insulation materials business dropping by 40.92% to 383 million yuan [4] Group 2: Industry Trends - The domestic demand for drone equipment is expected to accelerate, entering a new procurement cycle for military drones [4] - The low-altitude economy is anticipated to start in 2024, although the current report does not reflect significant benefits from this trend [2][4] - The company is focusing on expanding its civil drone applications in various sectors, including emergency management and geological exploration, leveraging the growth potential in the low-altitude economy [5][6] Group 3: Strategic Initiatives - Aerospace Rainbow aims to enhance the application integration capabilities of its drone systems, collaborating with relevant departments to promote systematic application in various scenarios [7] - The company is actively participating in the formulation of industry standards and management for drones, positioning itself to secure valuable airspace and resources [6]

航天彩虹无人机股份有限公司 航天彩虹无人机股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第六届董事会第二十五次会议审议通过了《关于确认 2024 年度日 常关联交易执行情况暨 2025 年度日常关联交易预计的议案》，关联董事 胡梅晓先生、王献雨先生、马志强先生、秦永明先生、张尚彬先生、赵伯 培先生。本议案尚需提交公司股东会审议。具体情况公告如下： 证券代码：002389 证券简称：航天彩虹 公告编号：2025-011 关于确认2024年度日常关联交易执行情况暨2025年度日常关联 交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、2024 年度日常关联交易预计与执行情况 （一）2024 年度日常关联交易预计情况 因日常业务发展的需要，公司及其子公司与中国航天科技集团有限公 司（以下简称"航天科技集团"）内部成员单位和航天科技财务有限责任公 司（以下简称"航天财务"）等关联方之间存在部分必要且合理的关联交易， 公司 2024 年度日常关联交易预计金额为 362,500 万元。 公司于 2024 年 1 月 30 日召开第 ...