Group 1 - The RX1E-S, the world's first floating two-seat electric aircraft, successfully completed its maiden flight, enhancing aerial capabilities for fishery patrol and ecological monitoring in the Juyuan River area [1] - The aircraft features a dual float support takeoff and landing system and retractable water rudder, allowing for flexible takeoff and landing in narrow water areas within 200 meters, with a 40% reduction in noise compared to traditional fuel aircraft [1] - The design incorporates biomimicry principles, reducing wave resistance by 30%, which protects aquatic habitats while improving operational efficiency [1] Group 2 - The Beijing Hydrogen Energy General Aviation Innovation Research Institute, led by Yang Fengtian, has significant advantages in the design of new energy general aircraft, composite material forming, and hydrogen testing [2] - The RX4E four-seat electric aircraft, developed by the same team, is the first electric model in China and globally to apply for CCAR-23 normal category aircraft airworthiness certification, featuring energy-saving, environmentally friendly, and low-cost characteristics [2] - The RX1E-S will significantly improve efficiency in fishery law enforcement, reducing the time for water area inspections from at least two days to immediate checks upon landing [2]

Core Viewpoint - The RX1E-S, the world's first floating two-seat electric seaplane, has successfully completed its first flight in Beijing's Yanqing District, marking a significant advancement in electric aviation technology and its application in ecological monitoring and fisheries law enforcement [1][3]. Group 1: Product Features and Innovations - The RX1E-S is equipped with a dual-float support takeoff and landing system and retractable water rudders, allowing for flexible takeoff and landing in narrow water areas within 200 meters and precise docking at docks [3]. - The seaplane operates with a noise reduction of 40% compared to traditional fuel aircraft and features zero emissions, making it an ideal tool for monitoring in ecologically sensitive areas [3]. - The design incorporates biomimicry principles, reducing wave resistance by 30%, which protects aquatic habitats while enhancing operational efficiency [3]. Group 2: Applications and Benefits - The RX1E-S will be tested in fisheries law enforcement, significantly improving efficiency by enabling immediate inspections, reducing the time required for waterway patrols from two days to a much shorter duration [5]. - The Beijing Hydrogen Energy General Aviation Innovation Research Institute, led by academician Yang Fengtian, has notable advantages in the design of new energy general aircraft, composite material forming, and hydrogen testing [5]. - The RX4E, another aircraft developed by the same team, is the first electric model in China and globally to apply for CCAR-23 certification, showcasing high efficiency and low operational costs suitable for flight training and tourism [5]. Group 3: Industry Development and Support - Yanqing District is recognized as one of the first national "Civil Unmanned Aerial Vehicle Test Zones," leveraging favorable airspace conditions and focusing on the development of low-altitude technology industries, including drones and counter-drone technologies [6]. - The district is actively expanding application scenarios and optimizing the industrial ecosystem to support the growth of low-altitude technology, including the deployment of 5G-A integrated sensing networks and drone detection and control technology [6].

Core Viewpoint - The company reported its 2024 performance with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 16.247 billion, 793 million, and 635 million yuan respectively, showing year-on-year growth of 4.4%, 49.6%, and 33.1% [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 4.053 billion, 155 million, and 64 million yuan respectively, with year-on-year growth of 15.8% but a quarter-on-quarter decline of 3.9%, 37.0%, and 71.6% [1] - The company's industrial motor business revenue for 2024 was 9.066 billion yuan, down 6% year-on-year, attributed to weak downstream industrial demand and project delays, while maintaining a gross margin of 29.9%, up 0.3 percentage points year-on-year [2] - The daily-use motor business saw a revenue increase of 2.934 billion yuan, up 26.5% year-on-year, driven by overseas expansion and domestic appliance replacement subsidies, with a gross margin of 16.8%, up 0.2 percentage points year-on-year [2] Group 2: Business Development - The robotics sector generated over 400 million yuan in revenue in 2024, focusing on industrial robot solutions and bionic robot joint power systems, with partnerships established to enhance long-term growth [3] - In the electric aviation sector, the company is advancing collaborations with clients, expecting revenue growth to double in 2024, with potential for increased orders in cargo and manned drones by 2026-2027 [3] Group 3: Cost Management and R&D - The overall period expense ratio decreased by 0.3 percentage points in 2024, with management and R&D expense ratios changing by -0.4 percentage points and +0.4 percentage points respectively, reflecting improved cost control and increased investment in new fields [3] Group 4: Profit Forecast and Valuation - The company maintains a profit forecast of 1.125 billion yuan for 2025 and introduces a forecast of 1.263 billion yuan for 2026, with a target price raised by 74.2% to 27.0 yuan, indicating a potential upside of 13.8% based on current stock prices [4]