航天彩虹（002389）：国内外需求向好，全年业绩有望高增

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to benefit from increasing domestic and international demand for unmanned aerial vehicles (UAVs) and related equipment, leading to a significant growth in annual performance [1][2] - The company's revenue for H1 2025 was reported at 811 million RMB, a year-over-year decrease of 20.43%, with a net profit attributable to the parent company of -489,600 RMB, reflecting a year-over-year decline of 100.74% [1][7] - The UAV business is anticipated to recover in the second half of the year, with a strong demand outlook for both domestic and international markets [2] Summary by Sections Financial Performance - In H1 2025, the company's UAV and related products generated revenue of 305 million RMB, down 44.39% year-over-year, while technical services saw revenue growth of 13,622.60% to 122 million RMB [2] - The company reported a significant increase in contract liabilities, up 350.52% year-over-year, indicating strong future revenue potential [3] Product Development - The company has been enhancing its product lineup, establishing a comprehensive UAV application system that includes various types of drones and missile systems, with several products already approved for export [4] - Ongoing research and development efforts include advanced UAV models that are expected to reach international leading standards [4] Profitability Forecast - The profit forecast for the company has been adjusted downward for 2025-2027, with expected net profits of 235 million RMB, 366 million RMB, and 521 million RMB respectively, reflecting a decrease in gross margin due to a higher proportion of lower-margin domestic UAV business [5] - The target price for the company's stock has been raised to 33.78 RMB, based on a price-to-earnings (PE) ratio of 91 for 2026 [5][8]