华创交运|低空经济周报（第40期）：西锐一季度交付同比翻倍超预期，工业无人机产业链标的全梳理

Investment Rating - The report maintains a "Buy" recommendation for the company Westair, highlighting its undervaluation in the global general aviation manufacturing sector [1][12]. Core Insights - Westair's aircraft deliveries in Q1 have doubled year-on-year, exceeding expectations, with a total of 150 aircraft delivered, capturing a 23.9% market share globally [1][11]. - The report emphasizes the potential for growth in the industrial drone sector, particularly in emergency response, logistics, and inspection applications, driven by recent government policies [2][16]. - The report identifies key players in the industrial drone supply chain, including manufacturers, suppliers, and operational service providers, and highlights their strategic importance in the low-altitude economy [3][21]. Summary by Sections Westair Performance - In Q1, Westair delivered 150 aircraft, a 100% increase from the previous year, and is projected to maintain a significant market share in the upcoming quarters [1][11]. - The average selling price of Westair's SR2X series has increased by 26% compared to 2021, indicating a shift towards higher-end consumer attributes [1][12]. Industrial Drone Market - The industrial drone sector has seen increased market attention, particularly after recent government initiatives aimed at promoting low-altitude economic applications [2][16]. - The report outlines various applications for industrial drones, including emergency firefighting, logistics, and inspection, which are expected to yield significant economic benefits [18][21]. Supply Chain Analysis - Key manufacturers identified include Green Energy Huichong and Zongheng Co., focusing on heavy-lift drones and a comprehensive range of industrial drones [3][22]. - The supply chain also includes critical components such as propulsion systems and flight control systems, with companies like Zongshen Power and Zongheng Communication highlighted for their strategic roles [4][40][46]. Application and Market Opportunities - The report discusses the integration of drones in various sectors, including emergency response, logistics, and agriculture, emphasizing the potential for operational efficiencies and cost reductions [50][58]. - Companies like Zhongxin Haizhi and Sichuan Jiuzhou are noted for their collaborative efforts in establishing low-altitude logistics networks and emergency response systems [50][58]. Market Performance Indicators - The Huachuang Transportation Low Altitude 60 Index has shown a weekly increase of 3.8%, indicating positive market sentiment towards the low-altitude economy [10][64]. - Individual stock performances reveal significant gains for companies like Zongheng Co. and Westair, with increases of 26% and 25% respectively in the recent week [10][68].