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航天南湖:持续开拓国内国际市场,设立低空事业部培育新业务

Investment Rating - The report maintains an "Accumulate" rating for the company [4][28]. Core Viewpoints - The company is actively expanding into new business areas, including the establishment of a low-altitude division to explore low-altitude economic opportunities [5][26]. - The company aims to accelerate model export projects and continuously expand its international market presence, with military trade revenue expected to increase significantly due to China's growing international influence [6][28]. - The company's performance is projected to grow rapidly, with net profits expected to reach 177 million, 236 million, and 289 million yuan from 2024 to 2026, reflecting year-on-year growth rates of 72%, 34%, and 23% respectively [28]. Summary by Sections Company Overview - The company has established a low-altitude division and is collaborating with local investment groups to foster low-altitude economic development [5][26]. - The company is positioned among the top three in the industry, with a bid success rate exceeding 50% for new model tenders, indicating a strong market presence [27]. Financial Projections - Revenue is projected to grow from 726 million yuan in 2023 to 1.58 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 24.6% [8]. - The company's EBITDA is expected to increase from 84.54 million yuan in 2023 to 296.24 million yuan in 2026, reflecting a strong upward trend [8]. - The projected earnings per share (EPS) are expected to rise from 0.30 yuan in 2023 to 0.86 yuan in 2026, indicating a positive outlook for shareholder returns [8].