利润端短期承压，主营业务增长潜力较大

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [11]. Core Views - The company experienced a decline in revenue and net profit in 2023, primarily due to market demand impacts, with total revenue at 2.664 billion yuan, down 3.94% year-on-year, and net profit at 303 million yuan, down 18.27% year-on-year [1][2]. - Despite short-term profit pressure, the company has significant growth potential in its main business, particularly in the drone sector, with projected revenue growth rates of 31.2%, 29.5%, and 29.1% for 2024, 2025, and 2026 respectively [1][6]. - The company focuses on enhancing its core technologies and innovation capabilities, aiming to become a leading player in the drone industry, with a strong emphasis on research and development [6]. Financial Summary - In 2023, the company reported total revenue of 2.664 billion yuan, with a year-on-year growth rate of -3.9%. The net profit attributable to shareholders was 303 million yuan, reflecting a decline of 18.3% year-on-year [1]. - The company's earnings per share (EPS) for 2023 was 0.45 yuan, down 26.23% from the previous year. The projected EPS for 2024, 2025, and 2026 are 0.57 yuan, 0.66 yuan, and 0.81 yuan respectively [1][6]. - The return on equity (ROE) for 2023 was 5.2%, with expectations of recovery to 6.2%, 7.0%, and 8.0% in the following years [1][6]. Business Performance - The main business revenue, primarily from aerospace product manufacturing and related services, accounted for 100% of total revenue, with a gross margin decline of 5.32 percentage points due to changes in product delivery structure and market demand [2][6]. - The company’s drone systems and related products generated revenue of approximately 255.8 million yuan, a decrease of 6.24% year-on-year, while drone technology services saw a significant increase of 136.37% [2][6]. Market Position - The company is recognized for its leading technology and continuous innovation in the drone sector, with a focus on product design, manufacturing, and customer service [6]. - The company has accumulated 25 core technologies and holds 65 authorized patents, including 36 invention patents, indicating a strong commitment to R&D and technological advancement [6].