航天彩虹：无人机业务稳定增长，新材料业务短期承压

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue for the first half of 2024 was 1.019 billion yuan, a year-on-year decrease of 10.37%, with a net profit attributable to the parent company of 66 million yuan, down 42.11% year-on-year [4] - The drone business is experiencing stable growth, while the new materials business is under short-term pressure [4] - The company is actively advancing the research and development of advanced model technologies and is progressing well with its capital increase projects [5] Summary by Sections Financial Performance - In 2024, the company expects revenue of 3.026 billion yuan, a growth rate of 6% year-on-year, and a net profit of 170 million yuan, with an expected growth rate of 11% [3][6] - The company reported a revenue of 2.866 billion yuan in 2023, with a year-on-year decrease of 26% [3] - The gross profit margin for the first half of 2024 was 24.76%, an increase of 0.12 percentage points year-on-year [4] Business Segments - The drone and related products achieved revenue of 548 million yuan in the first half of 2024, with a year-on-year increase of 10.2% [4] - The new materials segment generated revenue of 248 million yuan, a year-on-year decrease of 36.03% [4] - The company is focusing on the development of new high-altitude long-endurance drones and tilt-rotor drones, which are in the assembly and adjustment phase [5] Market Outlook - The international business demand is increasing, with more product demonstrations and military trade product updates [4] - The company is expected to benefit from the acceleration of domestic military drone deployments and the expansion into multiple military branches [5] - The company aims to optimize its asset structure and focus on its core business, which is expected to improve its fundamentals [5]