中无人机：2024年三季报点评：存货较年初增长89%；受益装备和低空经济发展

Investment Rating - The investment rating for the company is adjusted to "Cautious Recommendation" [4]. Core Views - The company reported a revenue of 370 million yuan for the first three quarters of 2024, a year-on-year decrease of 72.0%, with a net profit attributable to shareholders of -80 million yuan, compared to 240 million yuan in the same period last year. The performance slightly missed market expectations due to a decrease in product delivery and increased R&D expenses [2][3]. - The company is experiencing fluctuations in profitability, with a gross margin of 23.2% in Q3 2024, down 3.53 percentage points year-on-year. The cumulative gross margin for the first three quarters of 2024 is 26.3%, also down 3.49 percentage points year-on-year [2]. - R&D investment continues to increase, with total expenses for the first three quarters of 2024 amounting to 180 million yuan, a year-on-year increase of 30.7%. R&D expenses alone reached 140 million yuan, up 16.5% year-on-year, resulting in an R&D expense ratio of 39.2%, an increase of 29.79 percentage points year-on-year [2][3]. - The company is expanding its drone production capacity and focusing on domestic and international equipment and low-altitude economic demands. The company has made progress in developing various drone models and has established a production base capable of producing 200 drones annually [2][3]. - The company is positioned as a leading enterprise in large drone systems in China, benefiting from the growth in equipment exports and domestic special field demands, alongside the low-altitude economy [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 370 million yuan, with a year-on-year growth rate of -72.0%. The net profit attributable to shareholders was -80 million yuan, compared to 240 million yuan in the previous year [2][3]. - The projected net profits for 2024, 2025, and 2026 are 105 million yuan, 263 million yuan, and 354 million yuan, respectively, with corresponding PE ratios of 303x, 121x, and 90x [2][3][5].