Core Viewpoint - The article highlights the growing opportunities in the low-altitude economy, particularly in the drone sector, showcased at the third China International Supply Chain Promotion Expo, with a focus on innovation and international expansion [1][4]. Group 1: Low-altitude Economy Development - The low-altitude economy is projected to create a trillion-level industrial ecosystem, with estimates suggesting a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 according to the Civil Aviation Administration of China [8]. - Guangdong province aims to achieve a low-altitude economy industry chain scale of 300 billion yuan by 2026 [9]. Group 2: Drone Industry Innovations - The newly established Advanced Manufacturing Chain Innovation Integration Exhibition Area at the expo showcased the latest technologies and applications in the drone field, including multifunctional drones capable of delivering over 1 ton of supplies [3]. - The drone industry is experiencing significant growth, with each 100 million yuan in core industry output potentially driving an additional 500 million yuan in related industry growth [3]. Group 3: International Market Expansion - Chinese drones are gaining traction in international markets, with companies like Zongheng covering over 40 countries, primarily in Asia, Africa, and Latin America [4]. - Companies expressed a desire to "team up" for overseas expansion, enhancing bargaining power and risk resilience by collaborating with upstream suppliers and downstream service providers [5]. Group 4: Challenges and Opportunities - Despite the initial formation of the low-altitude economy industry chain, there are still challenges in achieving sustainable commercialization, with many applications currently in demonstration phases [9]. - The overseas market is viewed as a blue ocean opportunity, with companies aiming to showcase high-value applications of large drones in emergency rescue, meteorological services, and logistics [9].

头豹研究院此前发布的中国无人机行业概览显示，无人机产业链的延伸效应显著，每1亿元无人机核心 产业产值可带动约5亿元的关联产业增长，包括零部件制造、应用服务、基础设施建设等上下游环节。 中国无人机出海版图 不断扩大 第三届中国国际供应链促进博览会（简称"链博会"）上，企业争相捕捉低空经济的发展机会。新设的先 进制造链创新融合展区，集中呈现了无人机领域的最新技术成果与创新应用范例；智能汽车链展区，小 鹏汽车、亿航智能也带来了eVTOL（电动垂直起降飞行器）的最新产品。低空经济这片天空，划过越 来越多"中国制造"的弧线。 一家带动"300+" 今年新设的先进制造链创新融合展区，集中展示了无人机在制造、物流、农业、安防等多个行业领域应 用实践。 踏入展区，众多无人机展现出的超强多功能性令人眼前一亮。"公司这款双尾蝎A无人机具备连续飞行 40小时的续航能力，单机单次可以投送1吨以上的救援物资。"腾盾科创北京公司总经理许华伟向证券时 报记者介绍，除了前述能力，该款无人机通过全网通空中基站还能帮助受灾地区恢复通信信号。 "大型无人机的供应链长、产业链广。"许华伟表示，据粗略估算，仅直接为腾盾提供配套的产品与服务 供应商就超 ...

公司研究 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 30 日收盘价 航空 2025 年 05 月 02 日 当前价：22.19 元 华创证券研究所 证券分析师：吴一凡 证 券 研 究 报 告 中信海直（000099）2025 年一季报点评 推荐（维持） 最佳一季度业绩表现，与中信金租、峰飞航空展开 eVTOL 领域合作 [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,163 | 2,378 | 2,634 | 2,923 | | 同比增速(%) | 9.8% | 9.9% | 10.8% | 11.0% | | 归母净利润(百万) | 303 | 360 | 400 | 436 | | 同比增速(%) | 26.8% | 18.7% | 11.1% | 9.0% | | 每股盈利(元) | 0.39 | 0.46 | 0.52 | 0.56 | | 市盈率(倍) | 57 | 48 | 43 | 39 | ...