Chengdu JOUAV(SH:688070) Huachuang Securities·2026-02-12 13:06Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Viewpoints - The company is a leading player in the industrial drone sector, focusing on a comprehensive range of drone solutions and deepening its involvement in the low-altitude digital economy [5][6]. - The company is expected to turn profitable in 2025, with significant revenue growth projected in the coming years [5][8]. - The company is actively expanding its product ecosystem, integrating AI applications and providing comprehensive solutions for various industries [7][8]. Financial Summary - Total revenue projections for 2024A to 2027E are as follows: 474 million, 618 million, 794 million, and 955 million respectively, with year-on-year growth rates of 57.1%, 30.4%, 28.4%, and 20.3% [1]. - The net profit attributable to shareholders is expected to shift from a loss of 36 million in 2024A to a profit of 100 million by 2027E, with growth rates of 44.5%, 129.1%, 430.1%, and 80.3% respectively [1]. - Earnings per share are projected to improve from -0.41 yuan in 2024A to 1.14 yuan in 2027E [1]. Company Overview - The company, established in 2010, is recognized as a pioneer in the industrial drone industry, having launched the first vertical take-off and landing fixed-wing drones in China [12][13]. - The company has developed a comprehensive matrix of drone products, including vertical take-off and landing fixed-wing drones, multi-rotor drones, and large fixed-wing drones [5][21]. Product and Ecosystem Development - The company is enhancing its product offerings by integrating AI and providing end-to-end solutions across various sectors, including emergency response, smart cities, and logistics [5][7]. - The "Smart Bazhong" project exemplifies the company's approach to creating replicable urban-level applications in the low-altitude digital economy [6][7]. Investment Recommendations - The report forecasts net profits of 0.1 billion, 0.6 billion, and 1.0 billion for the years 2025 to 2027, with corresponding price-to-earnings ratios of 93 and 51 for 2026 and 2027 respectively [8]. - The company is well-positioned to capitalize on the low-altitude digital economy and is expected to see significant growth, especially if it successfully expands into international markets [8].