低空经济2024半年报综述：政策持续催化，上游及应用环节业绩降幅收窄

Industry Investment Rating - The report maintains a "Leading the Market-A" rating for the industry [4] Core Views - The low-altitude economy sector is seen as a thematic investment opportunity driven by policy catalysts, with short-term performance pressure due to a high proportion of military-related companies and slowing demand [1] - The midstream sector (power, energy, radar, and airborne systems) performed best in H1 2024, while the upstream and application sectors saw narrowed declines in Q2 2024 [1] - The industry has reached a policy inflection point, and future performance contributions from the low-altitude economy are expected to accelerate [1] Market Performance - The low-altitude economy index experienced a maximum increase of 56.21% from February 5 to May 9, 2024, driven by policy changes and increased government support [10] - The index underperformed the CSI 300, declining 13.82% from the beginning of 2024 to September 20, 2024 [10] Financial Performance - In H1 2024, the 62 sample companies in the low-altitude economy sector reported combined revenue of 172.781 billion yuan, down 5.57% YoY, and combined net profit of 11.158 billion yuan, down 10.82% YoY [1][15] - The midstream sector's net profit grew by 2.86% YoY, while the upstream, downstream, and application sectors saw declines of 13.15%, 19.71%, and 43.37% respectively [1][16] - The net profit margin for the sector was 6.83% in H1 2024, down 0.61 percentage points YoY [1] R&D and Profitability - R&D expense ratio reached its highest level since H1 2019 at 5.64% in H1 2024, indicating increased investment in technology to meet market demands [1][26] - Profitability declined due to intensified competition and price reductions, particularly in the upstream and downstream sectors [22][23] Cash Flow - Operating cash flow was under pressure in H1 2024, with a net outflow of 25.086 billion yuan, compared to 10.486 billion yuan in the same period last year [4][26] - The number of companies with a net cash flow ratio greater than 1 increased to 26 in H1 2024 from 21 in H1 2023, suggesting improved cash management [26] Future Outlook - The low-altitude economy is expected to develop in a "point-line-plane" model, expanding from pilot zones like the Greater Bay Area to nationwide coverage [5][31] - Infrastructure construction and commercialization models are key areas to watch for future growth [31]