Yuekai Securities·2025-06-16 09:51Investment Rating - The report indicates a strong focus on high-value segments within the low-altitude economy, particularly in manufacturing, with an emphasis on power systems, avionics, and energy systems as key areas for investment [3][8]. Core Insights - The low-altitude manufacturing segment accounts for over 50% of the total output value, with high-value segments such as power and avionics systems being particularly scarce and highly valued [3][15]. - The domestic supply chain for avionics and power systems is still in its early stages, with significant opportunities for growth as domestic manufacturers begin to establish themselves [4][23]. - The report highlights the importance of solid-state batteries and advanced composite materials, such as carbon fiber, in enhancing the performance and capabilities of low-altitude aircraft [7][8]. Summary by Sections Low-altitude Manufacturing - Low-altitude manufacturing constitutes 50-80% of the overall output value, with power, avionics, and energy systems making up 50-66% of the total cost of low-altitude aircraft [3][15]. - The average PE for leading companies in the power system segment is 214, while for avionics, it is 69, indicating a high valuation for these segments [18][19]. Avionics Systems - The avionics sector is experiencing significant advancements due to the development of the C919 aircraft and the Beidou navigation system, which are fostering domestic capabilities [4][23]. - The avionics systems are moving towards integration, modularization, and standardization, with domestic suppliers gradually gaining market share [4][23][39]. Power Systems - The power systems for consumer and industrial drones, as well as eVTOLs, predominantly utilize electric drives, with a focus on high-efficiency, high-torque electric motors [5][43]. - The report notes that the average efficiency of fuel engines is around 40%, while electric propulsion systems exceed 70% efficiency [44]. Energy Systems - Solid-state batteries are highlighted as a key innovation, with energy densities reaching 400-500 Wh/kg, which is crucial for long-range and high-load applications [6][8]. - Several battery companies are in the process of sample testing and certification for aviation-grade batteries [6][8]. Composite Materials - The demand for advanced composite materials, particularly carbon fiber, is increasing in the low-altitude economy, with domestic production capabilities being established [7][8].