2026年1月4日，《中国经营报》记者从御风未来方面获悉，该公司旗下中小型eVTOL品牌福昆航空自主研发的中 型eVTOL E40H日前已获得由中国民用航空中南地区管理局（以下简称"民航中南局"）颁发的TC。 据了解，TC是飞行器的行业准入门槛。此次获发TC的E40H是全球范围内中型复合翼以及混合动力eVTOL中率先 满足适航要求的首款无人驾驶航空产品，也是新版《民用航空法》颁布后我国首个取得TC的无人驾驶航空产 品。 | | | | 国内民用无人驾驶航空器获证 (TC) 情况 | | | | --- | --- | --- | --- | --- | --- | | 序号 | 持证企业 | 팬음 | TC证件号 | TC首次颁发时间 | 类别及主要用途 | | 1 | 中山福昆航空科技有限公司 | E40H | TC0105A-ZN | 2025-12-30 | 混动复合翼,应急救援 | | 2 | 江西丰羽顺途科技有限公司 | ARK80 | TC0104A-HD | 2025-11-25 | 多旋翼, 运载 | | 3 | 江西直升机有限公司 | JH-1A | TC0103A-HD | 2025-10 ...

Core Insights - DJI is expanding its business beyond consumer drones, focusing on industrial drone solutions that enhance efficiency in sectors like agriculture, power inspection, and firefighting [1][4] - The low-altitude economy in China is projected to grow significantly, reaching 3 trillion yuan by 2035, with the drone delivery market potentially exceeding 500 billion USD by 2040 [3][4] - Global policies are becoming favorable for drone operations, with China aiming for a low-altitude economy exceeding 1 trillion yuan by 2025, and the U.S. and Europe moving towards commercial drone logistics [4][12] Industrial Drone Solutions - DJI's industrial drones, such as the T30, T40, T50, and T60, have significantly improved operational efficiency in agriculture, with one operator increasing daily transport capacity from 2000 pounds to 400 pounds [5][6] - The FC30 drone achieved a record for the highest elevation delivery at 6191.8 meters, showcasing its capabilities in challenging environments [5] - The FC100 model has doubled its payload capacity from 30 kg to 65 kg, with a 35% reduction in costs, enhancing its market competitiveness [6][12] Market Dynamics - The demand for drone logistics is surging, particularly in remote areas where traditional transport methods are inefficient, such as in Sichuan's mountainous regions [7][10] - The industry is experiencing a training boom, with monthly certification numbers in Sichuan increasing fivefold, indicating a growing workforce to support the expanding drone market [11] - DJI's agricultural drone service network has over 1300 service points, yet there remains a shortage of skilled personnel, highlighting the increasing demand for drone technology [11] Competitive Landscape - Compared to international players like Zipline and Wing, DJI's drones offer superior payload capacity, charging speed, and safety features, positioning the company as a leader in the logistics drone market [12][13] - The comprehensive capabilities of DJI's drones are expected to reshape global logistics systems, marking a significant evolution in the industry [13]

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by government subsidies and expanding overseas markets [1][2][3][4]. Financial Performance - In 2024, the company achieved revenue of 16.54 billion, a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 810 million, up 31.7% [1][3]. - Q4 2024 revenue reached 6.32 billion, growing 27.1% year-on-year, with a net profit of 190 million, a staggering increase of 2178.0% [1][3]. - For Q1 2025, revenue was 3.86 billion, reflecting an 11.1% year-on-year growth, and net profit was 470 million, up 59.4% [1][3]. Profitability Improvement - The company's gross margin improved by 1.9 percentage points to 46.5% in 2024, attributed to supply chain optimization and strong sales of high-margin products [3]. - In Q1 2025, gross and net profit margins increased by 2.5 and 3.7 percentage points to 49.7% and 12.3%, respectively, driven by the higher proportion of new products [3][4]. Market Dynamics - The government subsidy policy significantly boosted domestic demand, with the cleaning appliance sector seeing online sales growth of 43.9% in Q4 2024 [2][4]. - The company is well-positioned in both domestic and international markets, with European revenues growing by 51.6% and 64.0% for its brands in 2024 [4]. Future Outlook - The company is expected to continue its operational improvement, with strong domestic demand and ongoing international expansion [4]. - The company has committed to distributing at least 30% of its annual distributable profits in cash from 2025 to 2027, indicating strong investment value [4].