出品：新浪财经上市公司研究院 作者：君 2026年1月1日，广东导远科技股份有限公司（下称"导远科技"或"公司"）向联交所主板提交上市申请，中金公司、中信建投国际为联席保荐人。 2025年前三季度，随着与比亚迪的合作加深、销售额增长，导远科技的收入同比激增97.29%，超过2024年全年。但事物都具有两面性，导远科技向比亚迪 销售的产品主要为模组，2025年前三季度，模组销售毛利率同比暴跌33.8个百分点，在导远科技产品组合中垫底，进而导致整体毛利率下降15.4个百分点。 同时，导远科技话语权较弱，产品可替代性强，只能被迫接受迪链结算。截至2025年9月底，导远科技应收账款余额较2024年底增加1.75亿元，增幅达到 61.03%；经营性现金流出额同比扩大7.7倍，与收入增长及亏损收窄趋势"背道而驰"。 应收账款过多，现金收入少，说明导远科技采取的是市场扩张的战略，侧重在市场份额的增长上。但这种方式要求公司有很强的融资能力，否则后续发展会 出现一系列连锁反应。经营现金流为负带来应收账款回收慢、存货大量囤积，进而影响短期偿债能力造成独立融资能力存疑，影响非常规贷款、关联方资金 拆借甚至内控制度存在缺陷。 事实上 ...

Core Viewpoint - The low-altitude economy is not just a trend but a new generation of transportation infrastructure, with a focus on making flight a sustainable and affordable service [3][10]. Group 1: Industry Development - The strategic cooperation between Guangdong Gaoyu Technology Co., Ltd. and Shenzhen Bianjie Zhikong Technology Co., Ltd. aims to achieve mass delivery of the GAC-A6 manned autonomous flying vehicle by 2026 [2]. - The term "low-altitude economy" has gained traction in high-level policy discussions, indicating a growing recognition of the eVTOL market's potential [3][10]. - The eVTOL market has seen a significant influx of new players from various industries, enhancing the diversity of thought and innovation within the sector [11]. Group 2: Technical Challenges - eVTOL must adhere to civil aviation safety standards, which necessitates a complex certification process from the development stage [3][14]. - The eVTOL flight control system is critical and must meet stringent safety requirements, which differ significantly from those in the automotive and drone industries [11][13]. - The industry consensus is that achieving "airworthiness certification" is essential for eVTOL development, with expectations for the first certifications to be obtained between 2026 and 2027 [15]. Group 3: Market Dynamics - The eVTOL market has experienced low growth from 2021 to 2023, but the situation began to change significantly by the end of 2023, with government support and strategic initiatives emerging [10][12]. - The influx of resources into the eVTOL sector has raised industry expectations, necessitating careful management of these expectations by leading companies [12][16]. - The industry is transitioning from a focus on complete aircraft competition to an ecosystem competition based on core subsystems, reflecting a shift in competitive dynamics [12].

Core Insights - Guangdong Gaoyu Technology Co., Ltd. and Shenzhen Bianjie Zhikong Technology Co., Ltd. signed a strategic cooperation agreement to advance the airworthiness certification and mass production of the GAC-A6 manned autonomous flying vehicle, aiming for bulk delivery by 2026 [2] - The collaboration began in 2021, during a time when the "low-altitude economy" was not yet a prominent concept, but has since gained traction with increased interest from various industries [2][3] - The CEO of Bianjie Zhikong, Weng Haimin, emphasizes the complexity and high safety requirements of eVTOL (electric vertical takeoff and landing) vehicles, which must adhere to civil aviation safety standards from the development stage [2][3] Industry Development - The concept of "low-altitude economy" is now recognized as a next-generation transportation infrastructure, with a persistent demand for aerial mobility [3] - The eVTOL market has seen a shift from low growth to increased interest, particularly after the Chinese government recognized it as a strategic emerging industry in 2023 [6][8] - New entrants from various sectors have brought diverse perspectives and ideas to the eVTOL industry, although some innovations may not align with aviation safety standards [7][8] Company Strategy - Bianjie Zhikong focuses on developing flight control systems, which are critical for eVTOL vehicles, and has built a team with experience from traditional aviation and other industries [4][8] - The company has successfully secured significant funding, allowing it to expand its research and development team and broaden its business scope to include electric business jets and AI products [8] - The company aims to achieve high safety standards through a rigorous development process, ensuring that all systems are well-defined, traceable, and validated [10][12] Regulatory Environment - The eVTOL industry is moving towards a clear regulatory framework, requiring compliance with civil aviation safety standards and the acquisition of three airworthiness certificates [9][12] - The process for obtaining these certifications is lengthy and complex, typically taking two to three years from design to certification [11][12] - Industry consensus is forming around the necessity of achieving civil aviation-level safety as a baseline for eVTOL development [12][13] Future Outlook - The timeline for large-scale commercialization of eVTOL vehicles may extend beyond 2026, as companies work towards obtaining necessary certifications [13][14] - The industry is expected to experience rational development, with companies needing to manage external expectations effectively [8][14] - Weng Haimin believes that the future of the eVTOL industry will belong to companies that have clear goals and can navigate through cyclical challenges [15]

Core Viewpoint - The recent financial report of Beijing Ligong Navigation Control Technology Co., Ltd. shows significant revenue growth and improving profitability metrics, despite still reporting a net loss. The company is focusing on both military and civilian markets, leveraging its strong technical capabilities and research background from Beijing Institute of Technology [1][5]. Financial Performance - The total revenue for the first half of 2025 reached 35.76 million yuan, a year-on-year increase of 170.36% [1] - The net profit attributable to shareholders was -16.81 million yuan, improving by 45.06% year-on-year [1] - In Q2 2025, total revenue was 31.42 million yuan, showing a remarkable year-on-year increase of 1545.36% [1] - The gross margin improved to 30.82%, with a year-on-year increase of 112.05% [1] - The net margin was -53.04%, reflecting a year-on-year improvement of 78% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 14.10 million yuan, accounting for 39.42% of revenue, a decrease of 53.22% year-on-year [1] - The company reported a significant reduction in financial expenses relative to its operating cash flow, indicating improved cost management [3] Asset and Liability Management - Cash and cash equivalents decreased by 34.60% to 387 million yuan [1] - Accounts receivable increased by 22.98% to 251 million yuan [1] - Interest-bearing liabilities decreased by 43.96% to 22.98 million yuan [1] Market Position and Future Outlook - The company has a median ROIC of 19.84% since its listing, indicating strong investment returns historically [3] - Analysts expect the company's performance in 2025 to reach 52 million yuan, with an average earnings per share of 0.59 yuan [3] - The company is actively expanding into civilian markets while maintaining a strong foothold in military applications, enhancing its overall competitiveness [5] Fund Holdings - Notable funds have recently increased their holdings in the company, including Changcheng Industry Rotation Mixed A and Huatai-PineBridge Innovation Vitality Mixed A, indicating growing institutional interest [4]