Aerospace CH UAV (002389) 中邮证券·2025-04-02 10:23Investment Rating - The report maintains a "Buy" rating for the company, with an expected growth in net profit for 2025-2027 [6]. Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [4][5]. - The international market for the company's drone military trade is expanding, with foreign revenue increasing by 15.33% to 1.365 billion yuan in 2024 [5]. - Domestic demand for drones is gradually recovering, with an increase in bidding projects indicating a potential turning point for the market [6]. Summary by Sections Company Overview - Latest closing price: 20.28 yuan - Total shares: 994 million, circulating shares: 991 million - Total market value: 20.2 billion yuan, circulating market value: 20.1 billion yuan - 52-week high/low: 24.19/12.34 yuan - Debt-to-asset ratio: 24.9% - Price-to-earnings ratio: 225.33 [3]. Financial Performance - In 2024, the company achieved a revenue of 2.567 billion yuan, with a gross margin of 21.34%, down 3.29 percentage points year-on-year [5]. - The revenue from drones and related products was 1.514 billion yuan, a decline of 9.54% year-on-year, with a gross margin of 27.17%, down 4.94 percentage points [5]. - The company expects net profits of 357 million yuan, 477 million yuan, and 599 million yuan for 2025, 2026, and 2027, respectively, indicating significant growth rates [6][9]. Market Outlook - The report highlights a steady growth in the international drone military trade, with successful delivery and operational readiness of products [5]. - The domestic market is showing signs of recovery, with an increase in bidding for drone and missile projects, suggesting a positive trend in procurement demand [6].