【招商汽车&军工】重视低空物流场景和无人机及低空反制 事件1： 5月30日，《国家邮政局关于加快邮政业科技发展的意见》明确提出，加强支线运输、末端配送等寄递无人机研 制，因地制宜开展低空寄递服务，促进邮政快递低空经济发展。 探索开展跨省、城际无人机运输，推动无人机末端配送规模化应用，提升寄递服务时效和体验。 点评： 5月30日，《国家邮政局关于加快邮政业科技发展的意见》明确提出，加强支线运输、末端配送等寄递无人机研 制，因地制宜开展低空寄递服务，促进邮政快递低空经济发展。 探索开展跨省、城际无人机运输，推动无人机末端配送规模化应用，提升寄递服务时效和体验。 点评： 低空无人物流是无人物流的场景之一。 低空物流可分为末端物流（20km以内）和支线物流（50-500km），末端物流多采用小型多旋翼无人机，满足快 递、生鲜的最后一公里配送；支线物流采用复合翼或固定翼无人机，用于跨城、跨海等长距离、较大载重运输。 24年3月，四部门《通用航空装备创新应用实施方案》明确要求建设"干-支-末"无人机配送网络。 25年4月，美团获得全国首张低空物流全境覆盖OC。 相关标的： 低空无人物流是无人物流的场景之一。 【招商汽车& ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [9][21]. Core Insights - The company reported a significant year-on-year revenue increase of 39.1% in Q1 2025, reaching 3.24 billion yuan, with a net profit of 230 million yuan, reflecting an 88.3% growth [2]. - The report highlights three key growth areas for the company: aviation power systems, motorcycle engines, and general machinery, with expectations for continued strong performance in these segments [3][4]. - The company has adjusted its profit forecasts for 2025-2027 upwards due to better-than-expected business growth and investment income from a joint venture, projecting net profits of 713 million yuan, 834 million yuan, and 949 million yuan respectively [9]. Financial Performance Summary - In Q1 2025, the company achieved a net profit of 230 million yuan, a year-on-year increase of 88.3%, and a non-recurring net profit of 220 million yuan, up 87.2% [2]. - The company's revenue from motorcycle engine sales reached 3.82 billion yuan in 2024, with a year-on-year growth of 13.8% and a net profit of 153 million yuan, reflecting an 18.84% increase [3]. - The general machinery segment reported a revenue of 5.22 billion yuan in 2024, with a net profit of 359 million yuan, marking a 39.33% increase [4]. - The financial projections for the company indicate a total revenue of 12.69 billion yuan in 2025, with a year-on-year growth rate of 20.8% and a net profit of 713 million yuan, representing a 54.5% increase [5].