中无人机(688297)：重大合同持续签订 支撑公司业绩未来持续提升

Group 1 - The company signed a significant daily contract on January 8, 2026, with a total amount exceeding 50% of the audited revenue from the last fiscal year, amounting to over 1 billion RMB, which is expected to support future performance growth [1] - The new contract follows a previous contract with AVIC Technology, valued at 615 million RMB, indicating a positive outlook for the company's performance [1] Group 2 - For Q3 2025, the company reported a substantial revenue increase, achieving 1.109 billion RMB in a single quarter, representing a year-on-year growth of 1039.20% and a quarter-on-quarter growth of 446.46% [2] - The company turned a profit with a net profit of 20.665 million RMB in Q3 2025, a significant improvement from a loss of 82.7492 million RMB in the same period of 2024 [2] - The gross margin for Q3 2025 was 4.99%, showing a year-on-year decrease of 18.18 percentage points and a quarter-on-quarter decrease of 20.44 percentage points, while the net margin improved by 45.75 percentage points year-on-year [2] - The company effectively controlled expenses, with a total expense ratio of 5.32% for the first three quarters of 2025, a decrease of 4.66 percentage points year-on-year [2] Group 3 - The company announced a share buyback plan, intending to repurchase shares worth between 100 million and 200 million RMB, reflecting confidence in future development and recognition of company value [3] - The buyback shares are intended for employee stock ownership plans or equity incentives, with a maximum repurchase price of 60.52 RMB per share [3] - Profit forecasts for 2025, 2026, and 2027 are projected at 136 million, 186 million, and 242 million RMB respectively, with corresponding PE ratios of 251, 183, and 141 times [3]