Aerospace CH UAV (002389)2025-04-11 08:02Financial Performance - In 2024, the company achieved a total revenue of 2.567 billion RMB, a decrease of 10.45% year-on-year [3] - The net profit attributable to shareholders was 88 million RMB, down 42.54% compared to the previous year [3] - The total profit for the year was 128 million RMB, reflecting a decline of approximately 34% year-on-year [3] - The company maintained stable operating expenses, with sales, R&D, and management costs at 37.78 million RMB, 131 million RMB, and 256 million RMB respectively [3] Business Development - The company successfully expanded its international market, achieving a record high of 1.365 billion RMB in overseas drone revenue [3] - Two new user countries were added, and the company received export approval for CH-9 and CH-3D drones, laying a solid foundation for future exports [3] - The company completed 40 flight projects, flying over 3,300 aircraft with a total flight time of 13,500 hours [3] Strategic Initiatives - The company is focusing on high-quality development and has made significant progress in governance and brand building, receiving an "A" rating for information disclosure from the Shenzhen Stock Exchange [4] - A total of 89 patents were applied for, with R&D investment reaching 516 million RMB, exceeding 20% of revenue [3] - The company is exploring new business models in after-sales service and has established a spare parts library in user countries [3] Market Outlook - The export revenue of drones is approximately 1.3 billion RMB, while domestic revenue is around 400 million RMB, with an export gross margin of about 36% and a comprehensive gross margin of 28% [4] - The market outlook for the next 3-5 years is optimistic, particularly for low-cost drones and high-altitude, high-speed drones [4] - The company anticipates a balanced revenue structure between domestic and international markets, with foreign military trade expected to contribute more significantly to profits [7] Challenges and Responses - The company faces challenges such as increased operating costs and changes in product structure, which have led to a decline in gross margins [5] - To maintain competitiveness, the company is enhancing customer engagement and rapidly responding to user needs [5] - The company is also addressing the competitive landscape in the drone market by improving product design and optimizing costs [7]