低空经济万亿赛道待破局

Core Viewpoint - The low-altitude economy sector, once anticipated to be a "trillion-level track," is currently experiencing a decline in market interest, despite positive policy signals and potential for significant market growth [1][4]. Group 1: Market Performance - Low-altitude economy stocks have seen a decrease in popularity this year, with previously hot stocks like CITIC Heli and Shenzhen Urban Transport experiencing price declines [1]. - The third-quarter financial disclosures of low-altitude economy companies show that while front-end manufacturers and operators are achieving performance growth, infrastructure construction is lagging, hindering industry transformation [1][4]. Group 2: Company Performance - Wan Feng Ao Wei reported a revenue of 11.42 billion yuan for the first three quarters, a slight increase of 0.4%, with a net profit of 729 million yuan, up 29.4% year-on-year [4]. - EHang Intelligent launched a new eVTOL model, VT35, with a market price of 6.5 million yuan, and reported a revenue growth of 46.7% and a net profit increase of 191.2% for the first three quarters [6][7]. - CITIC Heli achieved a revenue of 1.63 billion yuan, a 9.05% increase, and a net profit of 245 million yuan, up 25.53% year-on-year [7]. Group 3: Infrastructure Development - The progress of low-altitude infrastructure construction has slowed compared to last year, impacting the performance of companies like Sujiao Science and Technology and Shenzhen Urban Transport, both of which reported significant revenue declines [8][9]. - Zhongke Xingtu has made strides in low-altitude digital infrastructure, completing contracts in over 10 cities and achieving a revenue of 2.008 billion yuan, a 10.02% increase [10][11]. Group 4: Future Outlook - The low-altitude economy is at a critical stage of "quantitative accumulation," with potential for becoming a trillion-level market as indicated in the "14th Five-Year Plan," but requires further policy support for infrastructure and scalable scene replication [11].