Investment Rating - The industry rating is "Overweight" with a maintained rating from the previous assessment [5][40]. Core Insights - The agricultural drone market is rapidly growing, with XAG Technology holding a 17.1% global market share and 20.8% in China as of 2024, indicating a duopoly in the agricultural drone sector [1][2]. - The global agricultural drone market is projected to reach RMB 24.8 billion by 2029, growing at a CAGR of 35.2%, while China's market is expected to grow to RMB 10.9 billion at a CAGR of 30.0% [3][22]. - The penetration of agricultural robots is anticipated to increase due to labor shortages and the demand for precision agriculture, with the global agricultural robot market expected to reach RMB 74.9 billion by 2029, growing at a CAGR of 53.3% [16][17]. Summary by Sections Section 1: Market Growth Projections - The global agricultural drone market is expected to grow from RMB 16 billion in 2019 to RMB 55 billion in 2024, with a CAGR of 28.8% [22][23]. - The Chinese agricultural drone market is projected to grow from RMB 0.8 billion in 2019 to RMB 2.9 billion in 2024, with a CAGR of 29.3% [23]. Section 2: XAG Technology's Market Position - XAG Technology's revenue in 2024 is projected to reach RMB 1.066 billion, a 73.4% increase from the previous year, driven by a 107.81% increase in drone sales [30][34]. - The company's overseas revenue is expected to grow significantly, reaching RMB 371 million in 2024, a 128% increase year-on-year [30][39]. Section 3: Technological Advancements - XAG Technology has developed advanced technologies such as RTK navigation and AI, which differentiate its products from consumer drones and create barriers for new entrants [2][12]. - The integration of automation and AI in agricultural robots is expected to enhance efficiency and reduce labor costs in agricultural production [12][14].
低空经济行业动态点评：农业无人机巨头极飞科技IPO申报，低空经济正当时
Western Securities·2025-10-13 15:26