Investment Rating - The report maintains an "Add" rating for the company [3] Core Views - The company experienced significant revenue decline in 2024, with total revenue of 685 million yuan, a year-on-year decrease of 74.28%, primarily due to market demand fluctuations and delays in key customer procurement plans [1][7] - The company is expected to recover significantly in 2025, with projected revenue of 3.375 billion yuan, representing a year-on-year growth of 393% [8] - The company is focusing on technological innovation and increasing R&D investment to maintain its industry position despite the challenges faced in 2024 [7] Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -539.16 million yuan, a year-on-year decrease of 117.82% [1][8] - The gross margin improved by 13.10 percentage points to 32.05% in 2024, benefiting from product delivery structure adjustments and cost reduction efforts [7] - The company’s inventory reached a historical high of 2.62 billion yuan by the end of 2024, an increase of 164.91% from the beginning of the year [7] Future Projections - The forecast for net profit attributable to shareholders for 2025 is 290 million yuan, with a corresponding PE ratio of 91 [7][8] - The company anticipates a significant increase in military trade deliveries in 2025, with expected sales to related parties reaching 1.4 billion yuan, accounting for 45% of similar business [7] - The company is actively preparing for production and inventory buildup to meet future demand [7] Market Position and Product Development - The company showcased new models at the 15th China International Aviation and Aerospace Exhibition, enhancing its drone collaborative system [7] - The "Wing Loong" and "Cloud Shadow" series drones have been integrated into a comprehensive operational system, demonstrating improved combat effectiveness [2][7]