国防军工低空经济系列报告——安全应急产业中的无人航空器：风好正扬帆

Investment Rating - The report maintains a rating of "Increase" for the defense and military industry, particularly focusing on the safety emergency industry and unmanned aerial vehicles (UAVs) [2]. Core Insights - The safety emergency industry has become a strategic emerging industry, gaining importance in economic and social development, especially with the integration of information technology and the development of unmanned and intelligent emergency equipment [1][32]. - UAVs are increasingly recognized as essential equipment in the safety emergency industry, with significant growth potential and economic benefits expected in the future [1][32]. - The industry is characterized by high barriers to entry and stable growth, which has historically limited market attention, but it is now seen as having counter-cyclical properties similar to the military industry [1][33]. Summary by Sections 1. Necessity and Inevitability of Safety Emergency Industry Development - The safety emergency industry is crucial for addressing natural disasters and public safety events, reflecting a growing societal demand for safety [34][36]. - The increasing frequency of natural disasters in China necessitates enhanced emergency management capabilities, making the development of this industry a pressing need [36][37]. 2. Development History and Characteristics of the Safety Emergency Industry - The industry has evolved through several stages, from a fragmented approach to a more integrated emergency management system, officially recognized as a strategic industry since 2020 [71][72]. 3. Industry Chain and Value Chain - The UAV industry within the safety emergency sector has a long value chain, emphasizing both manufacturing and application, which are interdependent [2][6]. 4. Industry Scale and Market Space - The market for civil UAVs in emergency rescue is projected to grow significantly, with estimates suggesting a market size of 50.64 billion yuan in 2024 and reaching 87.51 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 20% [7][8]. 5. Investment Recommendations - The report suggests focusing on companies that can achieve airworthiness certification, as this will become a competitive necessity in the industry [8]. - Fixed-wing UAVs are expected to find differentiated opportunities as demand for higher capability projects increases [8][12]. - UAVs with vertical take-off and landing capabilities are anticipated to be the most widely used in future applications due to their operational advantages [12][12].