中无人机：大型固定翼长航时无人机系统领军企业，国内外业务双轮驱动

Investment Rating - The report gives an "Accumulate" rating for the company, with a target price range of 35.03-37.95 CNY per share, corresponding to a PE valuation of 72-78x for 2024 [5][34]. Core Insights - The company is a leading enterprise in large fixed-wing long-endurance drone systems, focusing on both domestic and international markets, and has developed a comprehensive range of products under the "Wing Loong" series [1][11]. - The military drone market is experiencing steady growth, with a projected global market value of 14.798 billion USD by 2028, reflecting a compound annual growth rate of approximately 5.36% from 2019 to 2028 [2][29]. - The company is actively promoting a dual circulation development model, enhancing its presence in both domestic and international markets, and is expected to benefit from military modernization efforts and civil applications in meteorology and emergency response [3][31]. Summary by Sections 1. Company Overview - The company, known as AVIC Chengdu UAV Systems Co., Ltd., specializes in the design, research and development, manufacturing, sales, and service of drone systems, particularly large fixed-wing long-endurance drones [1][11]. - The Wing Loong series has been widely recognized and utilized in various applications both domestically and internationally, achieving significant operational success [1][11]. 2. Military Drone Market Growth - The demand for military drones is increasing, with a focus on multi-purpose drones that can perform reconnaissance and strike missions, which are becoming essential in modern warfare [2][26]. - The report highlights the strategic importance of drone technology in military applications, with countries worldwide investing in these capabilities to enhance their operational effectiveness [2][26]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 29.36 billion CNY, 36.76 billion CNY, and 47.43 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 3.28 billion CNY, 4.23 billion CNY, and 5.56 billion CNY [3][31]. - The report anticipates a gradual improvement in gross margins as the company continues to deliver products and enhance manufacturing processes [31][34].