中无人机（688297）：3Q25迎收入拐点，备产备货静候需求复苏

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 59.27 CNY [5][7]. Core Insights - The company experienced a significant revenue increase of 319.0% year-on-year, achieving 1.548 billion CNY in revenue for the first three quarters of 2025, with a net profit of 34 million CNY compared to a loss of 83 million CNY in the same period last year [1]. - In Q3 2025, the company reached a revenue turning point with a year-on-year growth of 1039%, totaling 1.109 billion CNY, and a net profit of 2.07 million CNY, reversing a loss of 44.36 million CNY from the previous year [2]. - The company successfully completed the maiden flight of a warning-type drone and is continuously enhancing its full-spectrum drone system, covering a range from 10 kg to 6 tons, thus establishing a comprehensive product lineup [3]. - As of the end of Q3 2025, the company's inventory increased by 22.88% to 3.219 billion CNY, indicating proactive production and stockpiling in anticipation of demand recovery [4]. Financial Projections - The projected net profits for the company are 225 million CNY, 324 million CNY, and 427 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of turning profitable, 43.98%, and 31.91% [5]. - The company is expected to achieve a revenue of 2.015 billion CNY in 2025, with a significant increase to 2.946 billion CNY in 2026 and 3.864 billion CNY in 2027 [10].