低空经济行业研究：产业支持政策频出，低空经济商业进程提速

请阅读最后评级说明和重要声明 -30%-20%-10%0%10%20%30%40%000300.SH886067.TI投资要点 ➢ ➢ ➢ ➢ ➢ 2 一、政策端持续发力，低空经济商业化有望加速 .......................................................................... 3 1.低空经济是以低空飞行器为载体，辐射延伸出的新兴经济 ......................................................................... 3 2.顶层政策密集出台，地方政府积极响应 ...................................................................................................... 4 3.产业端新型飞行器成熟度提升，商业化有望加速 ........................................................................................ 6 二、低空经济应用场景丰富，市场空间广阔 ................................................................................. 7 1.应用场景丰富多样，涵盖多领域、多行业 ................................................................................................... 7 2.低空飞行器具备多重优势，低空经济大有可为............................................................................................ 8 3.低空经济市场规模庞大，发展潜力巨大 ...................................................................................................... 9 三、投资建议 ............................................................................................................................. 11 1.莱斯信息 .................................................................................................................................................... 11 2.四川九洲 .................................................................................................................................................... 12 3.万丰奥威 .................................................................................................................................................... 12 四、风险提示 ............................................................................................................................. 14 .................................................................................................................................... 3 ...................................................................................................................................................... 3 ................................................................................................................................................... 3 .................................................................................................................................... 7 ............................................................................................ 8 ....................................................... 9 ............................................................................................................... 9 .......................................................................................................... 10 .................................................................................................. 11 ............................................................................................ 11 .............................................................................................................. 12 .......................................................................................................... 12 ................................................................................................ 13 ............................................................................................ 13 ......................................................................................................................... 4 ......................................................................................................................... 4 ............................................................................................................................................... 6 3 4 5 6 7 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ 8 ⚫ ⚫ ⚫ 9 ⚫ 10 11 -5%0%5%10%15%20%25%30%35%02468101214161820192020202120222023Q1-3营业收入YOY-200%0%200%400%600%800%1000%1200%0.00.20.40.60.81.01.220192020202120222023Q1-3净利润YOY 12 -25%-20%-15%-10%-5%0%5%10%15%05101520253035404520192020202120222023营业收入YOY-80%-60%-40%-20%0%20%40%60%80%100%120%0.00.51.01.52.02.520192020202120222023净利润YOY 13 -20%-10%0%10%20%30%40%02040608010012014016018020192020202120222023Q1-3营业收入YOY-100%-50%0%50%100%150%200%0.01.02.03.04.05.06.07.08.09.020192020202120222023Q1-3净利润YOY 14 15