海格通信（002465）：九天无人机将发布，低空航母启程

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8]. Core Views - The company is expected to benefit significantly from the "Jiutian" drone's broad application prospects, as it is involved in the development and production of this drone through its subsidiary, Chida Aircraft [5][8]. - The low-altitude economy is continuously developing, with policies and commercial applications evolving, indicating a promising future for the drone's civil market [5][8]. - Geopolitical events have validated the tactical advantages of drones, establishing a trend for special applications in emergency and military contexts [6][8]. Financial Summary - The company’s projected revenues for 2025-2027 are estimated at 62.14 billion, 76.24 billion, and 90.71 billion yuan, respectively, with corresponding net profits of 4.26 billion, 6.30 billion, and 8.52 billion yuan [8][9]. - The earnings per share (EPS) for the same period are expected to be 0.17, 0.25, and 0.34 yuan, with price-to-earnings (PE) ratios of 66.87, 45.22, and 33.45 times [8][9]. - The company’s total assets are reported at 20,017.26 million yuan, with a total market capitalization of 28,789.27 million yuan [7][8].