中无人机：二季度多指标改善，积极备货支撑全年业绩

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a significant decline in revenue for H1 2024, with a total revenue of 272 million yuan, down 77.22% year-on-year, primarily due to market fluctuations and a decrease in product deliveries [1]. - Despite the challenges in the first half of 2024, there was a notable improvement in Q2, with revenue of 211 million yuan, a decrease of 70.64% year-on-year but an increase of 243.8% quarter-on-quarter [1]. - The company is actively increasing inventory to support future product deliveries, with inventory rising to 1.497 billion yuan, up 51.43% from the previous year [2]. - R&D investment accounted for 29.92% of revenue in H1 2024, reflecting a year-on-year increase of 21.51 percentage points, indicating a strong commitment to innovation [3]. Financial Performance Summary - For H1 2024, the company reported a gross margin of 27.44%, down 2.68 percentage points year-on-year, and a net margin of 14.11%, down 32.01 percentage points year-on-year [2]. - The company’s operating expenses for H1 2024 were 102 million yuan, a decrease of 13.56% year-on-year, with an expense ratio of 37.5%, up 27.62 percentage points year-on-year [2]. - The forecast for revenue from 2024 to 2026 has been adjusted downwards, with expected revenues of 2.744 billion yuan, 3.279 billion yuan, and 3.869 billion yuan respectively [3]. Inventory and Cash Flow - The company has increased its cash reserves to 4.452 billion yuan, a decrease of 5.12% from the previous year, while prepayments rose significantly by 206.89% to 46 million yuan [2]. - The total liabilities increased to 2.38 billion yuan for 2024E, indicating a strategic increase in inventory and prepayments to support future operations [9]. R&D and Production Capacity - The company has made significant progress in R&D, with ongoing projects for various drone models and a production capacity of 200 units per year at its new facility [3]. - The company has developed 29 core technologies in drone control and integration, enhancing its competitive edge in the market [3].