好盈科技IPO：无人机业务快速增长但毛利率偏低 关税对海外业务拓展影响大

Core Viewpoint - The low-altitude economy is emerging, and Shenzhen Haoying Technology Co., Ltd. is preparing to list on the Sci-Tech Innovation Board, focusing on the research, production, and sales of drone power systems [1] Group 1: Business Performance - Haoying Technology has shown strong growth in operating performance, with projected revenues of approximately 468 million yuan, 546 million yuan, 738 million yuan, and 580 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Net profits for the same periods are expected to be 81.89 million yuan, 94.18 million yuan, 152 million yuan, and 139 million yuan [2] - The company holds a leading position in the drone power system industry, with a global market share of 4.12% projected for 2024, and a remarkable 23.09% share in the competitive model power system market, ranking first worldwide [2] Group 2: Business Structure and Risks - The company's reliance on the drone power system business is increasing, with its revenue share rising from 39.94% in 2022 to 75.57% in the first half of 2025, indicating a potential imbalance in business structure [3] - The traditional competitive model power system's revenue share has decreased from 43.19% in 2022 to below 20% in the first half of 2025, highlighting the risk of over-dependence on the drone sector [3] Group 3: Profitability and Competition - Haoying Technology faces volatility in gross margins, which fluctuated between 44.85% and 47.41% during the reporting period, influenced by sales prices, production costs, and product mix [4] - The gross margin for the drone power system in the first half of 2025 is significantly lower at 43.31% compared to a comparable company, indicating competitive disadvantages [4] - The company primarily serves domestic clients, with 85.59% of its revenue coming from domestic sales, making it sensitive to price fluctuations [4] Group 4: International Market Challenges - The company is exposed to uncertainties in expanding overseas markets due to international trade policy changes, with recent tariff uncertainties impacting sales [5] - The competitive model power system sales saw a slight decline in the first half of 2025, attributed to decreased export revenue from tariff impacts [5] - Haoying Technology's late entry into the overseas drone power market has resulted in a low revenue share from international operations, posing a competitive disadvantage [5]