Zhiyang Innovation Technology (SH:688191) NORTHEAST SECURITIES·2025-09-26 07:20Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Insights - The company launched the new "SF-X1" satellite-denial embodied intelligent drone at the Huawei Connect Conference, showcasing its wide application scenarios [1]. - The SF-X1 drone features seamless indoor and outdoor positioning, autonomous flight path planning, and real-time decision-making capabilities, even in environments where satellite signals are disrupted [2]. - The drone is equipped with advanced technologies such as a full-range obstacle avoidance system, high-definition imaging capabilities, and robust physical protection, making it suitable for complex industrial environments [3]. Financial Summary - The company is projected to achieve a net profit attributable to the parent company of 0.81 billion, 1.24 billion, and 1.83 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - Revenue forecasts indicate growth from 798 million yuan in 2023 to 2.12 billion yuan in 2027, reflecting a compound annual growth rate of approximately 22.63% [5]. - The earnings per share are expected to increase from 0.27 yuan in 2023 to 0.79 yuan in 2027, with a significant rise in net profit margin from 5.3% to 8.6% over the same period [5].