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

40% 30% 20% 10% 0% -10% -20% -30% 000300.SH 886067.TI 投资要点      请阅读最后评级说明和重要声明 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 2             18 16 14 12 10 8 6 4 2 0 2019 20202021 35% 30% 25% 20% 15% 10% 5% 0% -5% 20222023Q1-3 营业收入 YOY 1.2 1.0 0.8 0.6 0.4 0.2 0.0 1200% 1000% 800% 600% 400% 200% 0% -200% 20192020202120222023Q1-3 净利润 YOY 45 40 35 30 25 20 15 10 5 0 2019 20202021 2022 15% 10% 5% 0% -5% -10% -15% -20% -25% 2023 营业收入 YOY 2.5 2.0 1.5 1.0 0.5 0.0 2019 20202021 2022 120% 100% 80% 60% 40% 20% 0% -20% -40% -60% -80% 2023 净利润 YOY 180 160 140 120 100 80 60 40 20 0 40% 30% 20% 10% 0% -10% -20% 20192020202120222023Q1-3 营业收入 YOY 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 200% 150% 100% 50% 0% -50% -100% 20192020202120222023Q1-3 净利润 YOY