Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [2][10] - In Q4 2024, the company achieved a revenue of 1.277 billion yuan, an increase of 11% year-on-year and a significant increase of 371% quarter-on-quarter, with a net profit of 82 million yuan, up 607% year-on-year and 237% quarter-on-quarter [2] - The company has made significant breakthroughs in domestic drone projects and continues to see positive trends in military trade business, with two new user countries added in the drone military trade market [4] Financial Summary - The company expects net profits for 2025-2027 to be 270 million, 347 million, and 433 million yuan, representing year-on-year growth of 207%, 28%, and 25% respectively, with P/E ratios of 72, 56, and 45 [5][6] - The forecasted revenue for 2025 is 4.624 billion yuan, reflecting an 80% increase from 2024 [6] - The company’s overseas business revenue reached 1.365 billion yuan in 2024, a year-on-year increase of 15%, with a gross margin of 36.04% [3]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected growth in net profit for 2025-2027 [6]. Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [4][5]. - The international market for the company's drone military trade is expanding, with foreign revenue increasing by 15.33% to 1.365 billion yuan in 2024 [5]. - Domestic demand for drones is gradually recovering, with an increase in bidding projects indicating a potential turning point for the market [6]. Summary by Sections Company Overview - Latest closing price: 20.28 yuan - Total shares: 994 million, circulating shares: 991 million - Total market value: 20.2 billion yuan, circulating market value: 20.1 billion yuan - 52-week high/low: 24.19/12.34 yuan - Debt-to-asset ratio: 24.9% - Price-to-earnings ratio: 225.33 [3]. Financial Performance - In 2024, the company achieved a revenue of 2.567 billion yuan, with a gross margin of 21.34%, down 3.29 percentage points year-on-year [5]. - The revenue from drones and related products was 1.514 billion yuan, a decline of 9.54% year-on-year, with a gross margin of 27.17%, down 4.94 percentage points [5]. - The company expects net profits of 357 million yuan, 477 million yuan, and 599 million yuan for 2025, 2026, and 2027, respectively, indicating significant growth rates [6][9]. Market Outlook - The report highlights a steady growth in the international drone military trade, with successful delivery and operational readiness of products [5]. - The domestic market is showing signs of recovery, with an increase in bidding for drone and missile projects, suggesting a positive trend in procurement demand [6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected growth in net profit for 2025-2027 [6]. Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [4][5]. - The international market is showing continuous breakthroughs, with foreign business revenue increasing by 15.33% to 1.365 billion yuan in 2024, driven by rising demand for drone exports and military trade products [5][6]. - Domestic demand for drones is gradually recovering, with an increase in the number of bidding projects for domestic drones and airborne weapons, indicating a potential turning point for the company [6]. Financial Performance - The company’s gross margin for 2024 was 21.34%, a decline of 3.29 percentage points year-on-year, with drone-related product revenue at 1.514 billion yuan, down 9.54% [5]. - The projected net profits for 2025, 2026, and 2027 are 357 million, 477 million, and 599 million yuan respectively, reflecting significant growth rates of 304.97%, 33.55%, and 25.68% [6][9]. - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are projected to be 56, 42, and 34 respectively [6][9].

Core Viewpoint - In 2024, Aerospace Rainbow reported a revenue of 2.567 billion yuan, a year-on-year decrease of 10.45%, and a net profit attributable to shareholders of 88 million yuan, down 42.54% [2] Group 1: Financial Performance - The company's aerospace product manufacturing revenue slightly decreased by 3.79% year-on-year [3] - Revenue from drone and related products was 1.514 billion yuan, down 9.54% year-on-year, while drone technical services saw a significant increase of 96.74%, reaching 188 million yuan [3][4] - The new materials segment faced challenges, with plastic film manufacturing revenue declining by 21.23% and the backing film and insulation materials business dropping by 40.92% to 383 million yuan [4] Group 2: Industry Trends - The domestic demand for drone equipment is expected to accelerate, entering a new procurement cycle for military drones [4] - The low-altitude economy is anticipated to start in 2024, although the current report does not reflect significant benefits from this trend [2][4] - The company is focusing on expanding its civil drone applications in various sectors, including emergency management and geological exploration, leveraging the growth potential in the low-altitude economy [5][6] Group 3: Strategic Initiatives - Aerospace Rainbow aims to enhance the application integration capabilities of its drone systems, collaborating with relevant departments to promote systematic application in various scenarios [7] - The company is actively participating in the formulation of industry standards and management for drones, positioning itself to secure valuable airspace and resources [6]

证券代码：002389 证券简称：航天彩虹 公告编号：2025-015 航天彩虹无人机股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 航天彩虹无人机股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开了第六届董事会第二十五次会议和第六届监事会第二十三次会 议，审议通过了《关于会计政策变更的议案》。根据《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》及《公司章程》等有关规定，本次会计政策变更无需提 交公司股东会审议。现将具体情况公告如下： 一、会计政策变更概述 （一）会计政策变更的原因 财政部于 2023 年 10 月发布了《企业会计准则解释第 17 号》（财会 〔2023〕1 号），对"流动负债与非流动负债的划分"等内容进一步规范 及明确，该解释自 2024 年 1 月 1 日起施行。 财政部于 2024 年 12 月发布了《企业会计准则解释第 18 号》（财会 〔2024〕24 号），明确对不属于单项履约义务的保证类质量保证的会计处 理规定，该解 ...

航天彩虹无人机股份有限公司 航天彩虹无人机股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第六届董事会第二十五次会议审议通过了《关于确认 2024 年度日 常关联交易执行情况暨 2025 年度日常关联交易预计的议案》，关联董事 胡梅晓先生、王献雨先生、马志强先生、秦永明先生、张尚彬先生、赵伯 培先生。本议案尚需提交公司股东会审议。具体情况公告如下： 证券代码：002389 证券简称：航天彩虹 公告编号：2025-011 关于确认2024年度日常关联交易执行情况暨2025年度日常关联 交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、2024 年度日常关联交易预计与执行情况 （一）2024 年度日常关联交易预计情况 因日常业务发展的需要，公司及其子公司与中国航天科技集团有限公 司（以下简称"航天科技集团"）内部成员单位和航天科技财务有限责任公 司（以下简称"航天财务"）等关联方之间存在部分必要且合理的关联交易， 公司 2024 年度日常关联交易预计金额为 362,500 万元。 公司于 2024 年 1 月 30 日召开第 ...

一、2024年年审会计师事务所基本情况 航天彩虹无人机股份有限公司审计委员会对会 计师事务所2024年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《 上市公司治理准则》《国有企业、上市公司选聘会计师事务所管理 办法》《深圳证券交易所上市公司自律监管指引第1号—主板上市 公司规范运作》和航天彩虹无人机股份有限公司（以下简称"公司" ）《公司章程》《董事会专门委员会议事规则》等规定和要求，董 事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将 董事会审计委员会对会计师事务所2024年度履职评估及履行监督职 责的情况汇报如下： | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | --- | --- | --- | | 成立日期 | 2011年7月18日 组织形式 | 特殊普通合伙 | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路128号 | | | 首席合伙人 | 钟建国 上年末合伙人数量 | 241人 | | 上年末执业人 员数量 | 注册会计师 | 2,356人 904人 | | | 签署过证券服务业务审计报告的注册会计师 | | | 2023年（经审 ...