低空经济万亿赛道待破局

Core Viewpoint - The low-altitude economy sector, once anticipated to be a "trillion-level track," is currently underperforming compared to other sectors like artificial intelligence and chips, despite ongoing positive policy signals [2][3]. Industry Overview - The low-altitude economy sector has seen a decline in market interest, with stocks like CITIC Heli and Shenzhen Urban Transport experiencing price drops after last year's hype [3]. - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries, including low-altitude economy, which could lead to the creation of large-scale markets [3][4]. - The industry is at a critical stage of quantitative accumulation, requiring more policy and business catalysts to drive growth [5]. Company Performance - Wan Feng Ao Wei, a key player in the low-altitude economy, reported a revenue of 11.42 billion yuan for the first three quarters, a slight increase of 0.4%, with a net profit of 729 million yuan, up 29.4% year-on-year [7]. - Yingboer achieved a revenue growth of 46.7% year-on-year, with a net profit of 149 million yuan, marking a significant increase of 191.2% [9]. - CITIC Heli reported a revenue of 1.63 billion yuan, up 9.05%, and a net profit of 245 million yuan, up 25.53% [12]. Infrastructure Development - Infrastructure development, crucial for the low-altitude economy, has slowed this year, impacting the performance of companies like Sujiao Science and Shenzhen Urban Transport, both of which saw revenue declines [13][14]. - Zhongke Xingtu has made progress in low-altitude economic infrastructure, with a revenue of 2.008 billion yuan, a 10.02% increase, and is actively expanding its market presence [15]. Future Outlook - The low-altitude economy has the potential to become a trillion-level market, but further policy support is needed to catalyze infrastructure development and scale up operational scenarios [16][17].