中无人机（688297）：Q1收入大增285%实现开门红，需求拐点已现

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.69 CNY [5] Core Views - The company reported a significant revenue increase of 284.6% year-on-year in Q1 2025, achieving 240 million CNY in revenue and a net profit of 17 million CNY, up 162.4% year-on-year, indicating a strong start to the year [1][3] - The company is positioned as a leading player in the drone system market, with a comprehensive product lineup that includes various models ranging from 10 kg to 6 tons, enhancing its market competitiveness [2][3] - The anticipated recovery in demand for 2025 is expected to be substantial, driven by the company's focus on high-quality development and operational efficiency [3] Financial Performance Summary - In Q1 2025, the gross margin was 27.5%, an increase of 0.36 percentage points year-on-year, while the net profit margin improved to 7.1% from a negative figure in Q1 2024 [1] - The company’s operating expenses significantly decreased, with the expense ratio dropping from 74.1% in Q1 2024 to 19.9% in Q1 2025, showcasing improved cost control [1] - The forecasted net profits for 2025, 2026, and 2027 are projected to be 299 million CNY, 398 million CNY, and 489 million CNY respectively, with corresponding P/E ratios of 82.85, 62.22, and 50.62 [3][4] Product Development and Market Position - The company plans to achieve the first flight of six types of seven aircraft models within 2024, expanding its product range and enhancing its capabilities in various operational scenarios [2] - The integration of unmanned and manned systems is being advanced, with the development of a general command and control station, indicating a strategic move towards comprehensive system applications [2] Industry Outlook - The company is expected to benefit from the broader recovery in the drone industry as part of the national defense and aerospace equipment sector, with a focus on high-quality development and investor returns [3][5]