Aerospace CH UAV (002389) 民生证券·2024-04-29 00:00Investment Rating - The report maintains a "Recommended" rating for the company [1][6]. Core Views - The company is expected to benefit from the continuous growth in domestic and international demand for drones, as well as favorable policies for the low-altitude economy, leading to an anticipated increase in performance over the next few years [6]. - The drone industry is projected to be a vital sector in the development of the low-altitude economy, with the industrial drone market in China expected to reach 155.5 billion yuan by 2025 [6]. - The company has shown strong growth in its drone business, with significant increases in net profit in previous quarters, indicating robust demand [1][6]. Financial Forecasts and Key Indicators - The company is projected to achieve net profits of 381 million yuan, 508 million yuan, and 677 million yuan for the years 2024, 2025, and 2026 respectively [6]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 44x for 2024, 33x for 2025, and 25x for 2026 [6]. - Revenue forecasts for the company are 2.866 billion yuan for 2024, 3.859 billion yuan for 2025, and 5.033 billion yuan for 2026, with growth rates of -25.7%, 34.6%, and 30.4% respectively [20].