Core Insights - Nanjing Tianqing Aerospace Technology Co., Ltd. has established a drone research and development base in Pukou High-tech Zone, accelerating the development of the low-altitude economy in the region [1][2] - Pukou District is recognized as a core area for civil unmanned aerial vehicle testing in China, contributing significantly to Nanjing's low-altitude economic growth [1][3] - The Pukou High-tech Zone has attracted over 50 key enterprises across the entire low-altitude economy value chain, establishing a comprehensive ecosystem for technology research, manufacturing, and operational services [1][2] Group 1 - The establishment of the drone base aligns with national strategies for low-altitude economic development, enhancing the region's industrial transformation [2] - The project encompasses various drone types, including fixed-wing, swarm, and vertical take-off and landing models, facilitating research, testing, and core component manufacturing [2] - Pukou High-tech Zone has signed 42 new projects this year, focusing on high-energy and leading projects to strengthen its industrial capabilities [3] Group 2 - The Nanjing Low-altitude Comprehensive Flight Base has become a key training ground for drone pilot certification, with over 8,000 training and examination participants this year [4] - The base features extensive facilities, including a runway, multiple take-off and landing areas, and a large hangar, making it a premier location in the Yangtze River Delta for aviation equipment testing [4][5] - Pukou has opened four drone flight zones covering 630 square kilometers, providing ample testing and operational conditions for drone operators [5] Group 3 - Pukou High-tech Zone is developing a modern technology industrial city with a focus on low-altitude economy, integrated circuits, and atomic-level manufacturing [6] - The region is also advancing in satellite manufacturing, aiming to create a comprehensive ecosystem that integrates research, manufacturing, and application [7] - The establishment of the Nanjing Atomic Manufacturing Research Institute in collaboration with Nanjing University aims to promote advanced technology in atomic-level manufacturing [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][10]. Core Views - The company is transitioning to an IDM model, integrating chip design and wafer manufacturing, which will enhance its product offerings in high-demand sectors such as AI, automotive electronics, and IoT [3][4]. - The acquisition of a majority stake in Zhongxin Ningbo will enable the company to expand its capabilities in high-end filter and MEMS manufacturing, addressing the growing demand for RF front-end components in 5G devices [4]. Summary by Sections Performance Review - On June 5, 2025, the company announced a plan to acquire 94.366% of Zhongxin Ningbo's shares through a combination of stock issuance and cash payment, along with raising supporting funds from up to 35 qualified investors [2]. Operational Analysis - The company previously operated under a Fabless model, focusing on providing chip solutions for various applications. The acquisition will allow it to produce specialized components, thereby broadening its market reach [3]. Acquisition Strategy - Zhongxin Ningbo is recognized as a leading domestic semiconductor foundry with unique capabilities in filter manufacturing and MEMS technology, which will significantly enhance the company's product portfolio and market position [4]. Financial Forecast and Valuation - The projected net profits for 2025-2027 are 129 million, 221 million, and 309 million RMB, respectively, with corresponding EPS of 0.60, 1.02, and 1.42 RMB [5][7].