卧龙电驱：减值致盈利承压，低空经济铸就成长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.4 CNY, indicating an expected upside of over 20% in the next six months [3][11]. Core Views - The company reported a revenue of 7.978 billion CNY in the first half of 2024, a year-on-year increase of 2.09%, while the net profit attributable to shareholders was 393 million CNY, down 35.09% year-on-year [1]. - The decline in profitability is attributed to asset impairment losses of 70 million CNY, primarily from long-term equity investments [1]. - The company is actively expanding into renewable energy sectors and has seen growth in various traditional industries, including oil and gas, chemicals, and steel [1]. - The low-altitude economy is highlighted as a significant growth driver, with government policies supporting the development of low-altitude flight infrastructure [1]. Financial Performance Summary - Revenue for 2023 is projected at 15.567 billion CNY, with a growth rate of 9% [2]. - The net profit for 2023 is estimated at 530 million CNY, reflecting a decline of 34% year-on-year [2]. - The company expects a recovery in net profit with projections of 911 million CNY in 2024, 1.19 billion CNY in 2025, and 1.409 billion CNY in 2026, indicating growth rates of 72%, 31%, and 18% respectively [2][5]. - The earnings per share (EPS) is forecasted to be 0.70 CNY in 2024, increasing to 1.08 CNY by 2026 [2][9]. Business Segment Development - The industrial motor and drive segment is expanding into renewable energy, with stable growth in oil and gas production and recovery in the steel industry [1]. - The consumer electrical motor segment is focusing on the home appliance market, with significant growth in production and exports [1]. - The electric transportation segment is capitalizing on the growth of the new energy vehicle industry and is exploring opportunities in electric shipping and aviation [1]. Market Outlook - The report emphasizes the potential of the low-altitude economy, with local policies aiming to establish numerous low-altitude flight facilities by 2025 [1]. - The company is positioned as a leader in the eVTOL (electric Vertical Take-Off and Landing) market, collaborating with key industry players to enhance its market presence [1].