国防军工低空经济系列报告一一反无人机系统：低空经济繁荣的基础，低空安全防御的屏障

Industry Investment Rating - The report maintains an Overweight rating for the defense and military industry, specifically focusing on the anti-drone systems sector [1] Core Viewpoints - The report highlights the growing threat of drones in both military and civilian sectors, driven by the increasing use of unmanned aerial vehicles (UAVs) in various applications [1] - Anti-drone systems are seen as a critical barrier for the development of the low-altitude economy, ensuring safety and security in both civilian and military domains [1][23] - The report emphasizes the significant growth potential of the anti-drone systems market, particularly in China, where demand is expected to outpace the global average [4][5] Industry Overview - The anti-drone systems industry is still in its early stages, with relatively low market concentration and intense competition in low-end products [3][68] - The industry is vertically integrated, with midstream system integrators playing a dominant role in the supply chain [61][65] - The report identifies key players in the industry, including both state-owned enterprises (SOEs) and private companies, with SOEs dominating the military sector and private companies leading in civilian applications [4][68] Market Demand and Growth - The demand for anti-drone systems is expanding rapidly in both military and civilian sectors, with government procurement increasing significantly from 211 times in 2019 to 807 times in 2022, representing a compound annual growth rate (CAGR) of 39.85% [5] - The domestic market for anti-drone systems is projected to reach 24.15 billion yuan by 2024, with further growth expected to reach 48.3 billion yuan by 2027 [5] Technological Development - The report discusses the technological advancements in anti-drone systems, including the use of radar, infrared, and laser technologies for detection and neutralization [30][31][37] - Soft-kill methods, such as signal jamming and GPS spoofing, are widely used in civilian applications, while hard-kill methods, including laser and microwave weapons, are more common in military applications [34][37][38] Competitive Landscape - The competitive landscape is characterized by low market concentration, with 10 SOEs and 15 private companies offering mature anti-drone products [68] - In the military sector, SOEs dominate due to their established technological advantages and stable customer bases, while in the civilian sector, private companies face intense competition due to lower technical barriers and product homogeneity [68] Key Companies - The report lists several key companies involved in the anti-drone systems industry, including Aerospace Electronics, Les Information, Lianchuang Optoelectronics, and Sichuan Jiuzhou in the listed sector, and Shanghai Tejin, Ligong Quansheng, and Lizheng Technology in the unlisted sector [4][8]