四川九洲：上半年业绩承压，低空业务搭建商业闭环

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [2][18]. Core Views - The company is positioned as a leader in the domestic air traffic control system sector and is expected to benefit from the development of the low-altitude economy. The growth prospects for smart terminal products and microwave radio frequency are also promising. It is projected that the company will achieve a net profit attributable to shareholders of 199 million, 243 million, and 292 million yuan for 2024-2026, with year-on-year changes of -1%, +22%, and +20% respectively, corresponding to price-to-earnings ratios of 46, 38, and 32 times [2][12]. Summary by Sections Company Performance - In the first half of 2024, the company reported revenue of 1.757 billion yuan, a year-on-year decrease of 8.3%, and a net profit attributable to shareholders of 68 million yuan, down 20.8% year-on-year. In Q2 2024, revenue was 872 million yuan, a decrease of 12.2% year-on-year and 1.5% quarter-on-quarter, with a net profit of 31 million yuan, down 31.5% year-on-year and 14.3% quarter-on-quarter [1][8][10]. Profitability Indicators - The gross margin for the first half of 2024 was 21.6%, a decrease of 1.1 percentage points year-on-year, while the net profit margin was 3.9%, down 0.6 percentage points year-on-year. In Q2 2024, the gross margin was 22.3%, an increase of 0.2 percentage points year-on-year and 1.3 percentage points quarter-on-quarter, with a net profit margin of 3.6%, down 1.0 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [1][8][9]. Business Segments - Revenue from smart terminal products in the first half of 2024 was 1.140 billion yuan, accounting for 64.87% of total revenue, down 1.42% year-on-year. Revenue from air traffic control products was 418 million yuan, accounting for 23.81%, down 24.58% year-on-year. Microwave radio frequency revenue was 170 million yuan, accounting for 9.68%, up 40.16% year-on-year. Property management revenue was 19.65 million yuan, accounting for 1.12%, up 12.16% year-on-year [1][8][10]. Asset and Capacity Development - As of the end of Q2 2024, the company's fixed assets amounted to 724 million yuan, an increase of 96.95% from the beginning of the period. The construction in progress was 90 million yuan, a decrease of 80.90%, primarily due to the transfer of certain properties of the Chengdu Innovation Center to fixed assets. Inventory was 685 million yuan, an increase of 5.28% from the beginning of the period [1][8][12]. Strategic Initiatives - The company is actively developing its low-altitude business by establishing the Sichuan Jiuzhou Yongchang Testing Technology Service Company, focusing on low-altitude testing and other value-added services to strengthen its low-altitude industry chain testing capabilities [1][8].