2025亚洲通用航空展将于11月27日至30日在珠海国际航展中心举行。本届展会国际化水平显著提升，共 吸引来自中国、美国、加拿大、德国、英国、法国等21个国家和地区的超300家企业参展。本届亚洲通 航展以"通航新纪元，探索低空无限可能"为主题，创新打造"展览+会议+赛事+活动"四位一体的全方位 新平台，进一步夯实珠海"双航展"品牌。 安达维尔：为民用航空与防务领域的高端装备制造企业，持续为客户提供系统与设备级的产品、服务及 解决方案。 四川九洲：整合聚力低空产业抢滩占位，推出全国首个无人机混合物流运营系统，突破多元感知避让、 智能化测试等低空关键核心技术，服务保障多个地区低空能力建设。 *免责声明：文章内容仅供参考，不构成投资建议 国金证券认为，低空经济市场规模空间巨大，基础设施和飞行器制造两大领域将核心受益。目前低空经 济整体处于发展初期，所需要的基础设施建设既脱胎于传统的通用航空基础设施，又在其基础上对信息 感知和信息处理能力做了较大的提升。 无人机是低空经济主导产业，eVTOL是低空经济重要载体，新型飞行器场景快速拓展空间广阔。技术 成熟度提升下产品研发及取证周期有望缩短，多款产品有望迎来取证，商业化运 ...

Core Viewpoint - Sichuan Jiuzhou is a leading domestic research and production base for military and civil air traffic control systems and equipment, with a strong market share in smart terminal products and comprehensive product and system solution capabilities [1] Group 1: Business Performance - In Q3 2025, Sichuan Jiuzhou achieved a revenue of 2.83 billion yuan, ranking 2nd in the industry, with the top competitor, Skyworth Digital, generating 6.456 billion yuan [2] - The main business composition includes smart terminal products at 1.182 billion yuan (63.76%), air traffic control products at 461 million yuan (24.84%), and microwave RF at 172 million yuan (9.25%) [2] - The net profit for the same period was 126 million yuan, also ranking 2nd in the industry, with the leading competitor, Tongzhou Electronics, at 230 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's asset-liability ratio was 55.30%, higher than the industry average of 51.32% [3] - The gross profit margin for Q3 2025 was 20.27%, lower than the industry average of 23.05% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 26.67% to 71,500 [5] - The average number of circulating A-shares held per shareholder increased by 36.38% to 14,300 [5] Group 4: Management and Compensation - The chairman, Gu Yu, has not disclosed salary data, while the general manager, Chen Xingde, received a salary of 670,000 yuan in 2024, down from 750,000 yuan in 2023 [4] Group 5: Market Outlook and Growth - The company is recognized as the largest domestic base for military and civil air traffic control systems, with significant growth in revenue and net profit in H1 2025 [6] - The smart terminal business saw a year-on-year revenue increase, and the air traffic control equipment business also experienced growth, with improved gross margins [6] - Future revenue projections for 2025-2027 are 4.392 billion, 5.473 billion, and 6.118 billion yuan, with net profits of 221 million, 304 million, and 368 million yuan respectively [6]

Core Viewpoint - The Sichuan Province is actively promoting the development of the low-altitude economy as a key industry, aiming to establish a comprehensive ecosystem that supports infrastructure, application scenarios, and standard systems, thereby facilitating the industry's growth and transformation [3][4]. Policy Measures - Sichuan has introduced 16 policy measures to support the low-altitude economy, focusing on infrastructure, application scenarios, technological advancements, low-altitude manufacturing, and special funds [4][5]. - The maximum subsidy for the construction of general airports can reach 35 million yuan, while support for low-altitude equipment and key payload research can go up to 20 million yuan [5]. Product Launches - Seven "Sichuan-made" low-altitude products were unveiled, including the AE200 flying car, which is the first passenger transport flying car in the country, with an annual production capacity planned at 50 units [8][9]. - Other notable products include the Wing Loong-2 drone for emergency rescue, the large modular drone "Double-tail Scorpion D," and various unmanned aerial vehicle (UAV) systems designed for logistics and security [8][9]. Application Scenarios - Sichuan has developed various application scenarios for low-altitude economy, including urban transportation solutions that integrate civil aviation and low-altitude travel, as well as emergency response capabilities demonstrated during natural disasters [10][11]. - The province has also implemented drone delivery services to address logistical challenges in remote areas, significantly reducing delivery times [12]. Low-altitude Flight Routes - Eight low-altitude flight routes have been announced to enhance the application scenarios, including four manned routes and two cargo transport routes, facilitating convenient travel and logistics [13].