透视低空经济产业链半年报：拼交付、拼落地和拼场景

Core Insights - The low-altitude economy is still in its early stages despite breakthroughs in infrastructure, industrial chains, and commercialization [1][13] - The low-altitude economy index has increased by 15.78% year-to-date as of September 5, indicating growing interest [1] - The revenue of 70 component stocks in the low-altitude economy reached 173.14 billion yuan, a year-on-year increase of 2.4%, while net profit decreased by 16.72% to 8.49 billion yuan [1] Infrastructure Development - Infrastructure is crucial for the low-altitude economy, with complexities that differ from traditional aviation [2] - Companies like Zhongke Xingtu and Sichuan Jiuzhou are expanding into low-altitude infrastructure, with revenues of 6.38 million yuan and 1.85 billion yuan respectively [2][3] - Sichuan Jiuzhou plans to invest 260 million yuan in technological upgrades to enhance production capacity [3] Industry Chain Progress - The low-altitude economy has seen significant advancements in airworthiness certification, with key milestones achieved in 2023 [5][6] - Companies like Yingboer are collaborating with leading eVTOL firms, enhancing their capabilities in the low-altitude sector [7] - Wan Feng Aowei, a major player in general aviation, reported a revenue increase of 12.09% to 1.44 billion yuan in its aircraft manufacturing business [9] Commercialization Challenges - Despite progress in the industry chain, commercialization remains a challenge, with companies needing to demonstrate viable business models [10][11] - EHang's revenue guidance was lowered from 900 million yuan to approximately 500 million yuan, focusing on expanding commercial eVTOL operations [11] - A landmark case involving the transportation of materials to an offshore oil platform has been recognized as a benchmark for low-altitude commercialization [12] Overall Industry Outlook - The low-altitude economy is transitioning from conceptual discussions to practical applications, but uncertainties in infrastructure development and commercialization timelines persist [13]