中无人机（688297）：业绩短期承压，行业景气度持续复苏

Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company experienced a significant decline in revenue and net profit in 2024, with total revenue dropping to 685 million yuan, a year-on-year decrease of 74.3%, and a net profit attributable to shareholders of -54 million yuan, a decrease of 117.8% [2][3] - The company is focusing on expanding its market presence and enhancing its research and development capabilities, particularly in the military drone sector, which has substantial growth potential [4][11] Financial Summary - Revenue projections show a recovery trend, with expected revenues of 1,508 million yuan in 2025, 1,786 million yuan in 2026, and 2,081 million yuan in 2027, reflecting growth rates of 120.0%, 18.5%, and 16.5% respectively [2] - The net profit is projected to rebound to 112 million yuan in 2025, 134 million yuan in 2026, and 159 million yuan in 2027, with corresponding growth rates of 307.0%, 20.5%, and 18.0% [2][11] - The company's return on equity (ROE) is expected to improve from -0.9% in 2024 to 2.7% in 2027 [2] Market and Product Insights - The military drone market is projected to grow, with the company's products holding a 48% market share in the medium and high-altitude long-endurance drone systems [4] - The company is advancing towards more intelligent and integrated drone systems, focusing on automation and smart decision-making capabilities in combat scenarios [4][10]