AVIC (CHENGDU) UAS CO.(688297) 民生证券·2024-09-01 06:30Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 267 million yuan for the first half of 2024, a year-on-year increase of 77.2%, but a net profit attributable to shareholders of -40 million yuan, down from 210 million yuan in the same period last year [1]. - The decline in revenue is attributed to market fluctuations and a decrease in the number of products delivered [1]. - The company has a growing product portfolio and its Sichuan base has the capacity to produce 200 drones annually [1]. - Inventory increased by 51% compared to the beginning of the year, with expectations of higher product deliveries in the second half of the year [1]. - The company is positioned as a leading enterprise in China's large drone systems, benefiting from both domestic and international market demands [1]. Financial Summary - For 1H24, the company experienced a gross margin of 27.4%, a decrease of 2.68 percentage points year-on-year [1]. - The company’s management expenses increased to 17.6% of revenue, up 13.96 percentage points year-on-year, while R&D expenses accounted for 29.9% of revenue, an increase of 21.51 percentage points [1]. - As of the end of Q2 2024, accounts receivable decreased by 15.8% to 1.15 billion yuan, while inventory rose to 1.5 billion yuan [1]. - The company expects to deliver a significant number of products in the second half of the year, which may improve cash flow [1]. - The projected net profits for 2024, 2025, and 2026 are 228 million yuan, 316 million yuan, and 432 million yuan respectively, with corresponding PE ratios of 91x, 66x, and 48x [2][5].