Aerospace CH UAV (SZ:002389) Guotou Securities·2025-08-27 08:13Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 32.50 CNY [7]. Core Views - The company experienced a revenue decline of 20.43% year-on-year in H1 2025, with total revenue of 811 million CNY and a net profit of -0.49 million CNY [1]. - The drone-related business faced significant short-term pressure, with revenues dropping 44.39% to 305 million CNY in H1 2025, while technical service revenue saw a substantial increase [2]. - There is an anticipated demand turning point in the domestic and international drone markets, with expectations of recovery in the second half of the year [3]. - The company has significantly increased its contract liabilities by 392% to 169 million CNY, indicating proactive inventory buildup in anticipation of demand recovery [4]. Financial Summary - The company forecasts net profits of 268 million CNY, 379 million CNY, and 457 million CNY for 2025, 2026, and 2027, respectively, with growth rates of 204%, 41.5%, and 20.6% [5]. - The projected revenue for 2025 is 4.24 billion CNY, with a net profit margin of 6.3% [11]. - The company’s average PE ratio for comparable companies is projected at 138 and 85 for 2025 and 2026, respectively, with the company being valued at 85 times PE for 2026 [5][10].