Aerospace Ch Uav Co.Ltd(002389)
Record of investor relations activities
No.: 2022006
□ specific object research □ analyst meeting
□ media interview □ performance description
Other □ press conference □ Roadshow
□ site visit
▇ others (teleconference)
Secretary of the board of directors of the listed company: Du Zhixi
List of personnel securities affairs representative: Guo Jingrui
Huatai Securities Co.Ltd(601688) , Baixi assets, Wells Fargo fund, ChuangJin Hexin fund, Morgan Huaxin, participating institutions Hua’an fund, corner asset management, Xinyan venture capital, Shenzhen greenpal, mutual capital, liming investment and other 11 institutional investors, with a total of 15 people.
Time: April 1, 2022
Location: Beijing office area
Formal teleconference
1. Please analyze the sales and gross profit margin of various models of UAVs from the Chinese and foreign markets, as well as the future demand outlook
A: medium and large UAVs are one of the strategic areas of the game between countries in the future, with large foreign market capacity and sufficient development potential; With the good background of the military industry in the 14th Five Year Plan period, the demand of Chinese users has surged and gradually become the focus of procurement. The Chinese market may have greater development opportunities. The main models sold by the company are CH-4 and a small amount of ch-5. The company has been deeply engaged in foreign markets for decades, and the gross profit margin is relatively stable; For China business, since the breakthrough in the content of exchange and specific questions at the end of the third five year plan, the gross profit margin is temporarily lower than that in the foreign market. In the future, the company will continue to optimize its competitive strategy and hope to strive to form a product premium in Chinese projects and increase the gross profit at the sales end through customer inspection and market positive feedback; Starting from the aspect of cost control, we will strive to build a high-quality UAV ecological chain, cooperate with upstream suppliers of the industrial chain, optimize and improve production links, strengthen supply chain management and control, make overall layout, and realize cost reduction and efficiency increase. We hope that the gross profit margin of the Chinese market will be steadily improved in the future. 2. The company develops international business market. Does the company take the initiative to contact foreign markets, or only rely on military trading companies?
A: the military trading company is qualified and has strong market development ability. The development of international business market mainly depends on the military trading company. In order to actively respond to the adverse impact of the epidemic, the company actively pays attention to the market demand dynamics, introduces professional marketing talents, deepens the cooperation with military trading companies, actively guides military trading companies to explore the market and establish an active marketing mechanism on the premise of complying with relevant national laws and regulations. 3. Under the situation of international war, analyze the demand for UAVs in the international market? A: in this Russian Ukrainian conflict, the use of surveillance and combat integrated UAVs on both sides is relatively small, which is mainly subject to the limited number of UAV equipment on both sides, the applicable scenarios and use ideas of mainstream surveillance and combat integrated UAVs in the market and other factors. At present, the mature observation combat integrated UAV is mainly suitable for low-intensity war environments such as reconnaissance, surveillance and asymmetric operations. At the same time, this conflict also confirms the necessity and urgency of accelerating the research and development of high-end UAVs suitable for modern war scenes. The company will focus on accelerating the research and development progress of high-altitude, high-speed, stealth and other high-end UAVs, and continue to expand the product type spectrum in order to adapt to the changes of market demand faster and better. 4. What is the company’s current capacity and capacity utilization? When will the raised investment project reach the production capacity? A: the company’s current production capacity is 300 medium and large UAVs per year, which is not fully utilized. The specific production capacity release is subject to the customer’s demand. The company’s R & D projects mostly start from the needs of customers and tackle key technical problems. On the one hand, the specific progress of the raised investment project is related to the R & D progress, and on the other hand, it also needs to match the needs of users. According to the raised investment project plan, the development cycle of the new concept UAV R & D project is 24-36 months, and the CH-4 enhanced UAV R & D project is faster; The planned development cycle of airborne weapon scientific research and industrialization project is about 24 months, and the construction cycle of industrialization plan is about 9 months. All raised and invested projects are steadily advancing according to the planned R & D cycle. 5. With the opening of Hunan low altitude airspace, what is the entry point of the company’s civil UAV? What are the competitive advantages? A: according to the prediction of several research institutions outside China, the compound growth rate of demand for UAV civil market in the next 5-10 years can reach more than 30%, which is worth looking forward to, depending on the openness of airspace. The company will continue to adhere to the development mode of “equal emphasis on international and China, military and civil coordination” and strengthen investment in civil field. There are more than 1000 civil UAV enterprises in China. In the civil field of industrial medium and large UAVs, the company started early,
Independently developed civil technology, explored and applied in many fields, and successively completed the development and flight test of UAV application systems such as aerial geophysical prospecting, environmental monitoring, satellite communication, emergency mapping, agricultural and forestry protection and disaster rescue. Among them, UAV has entered the industrialization stage and occupied a leading position in the fields of aerial geophysical prospecting and emergency mapping. For more than ten years in the civil service field, the company ranks among the best in the demonstration application industry, the number of projects undertaken and the number of platforms.
6. The selling price and gross profit margin of ch-5, and its advantages over CH-4?
A: compared with CH-4, ch-5 has larger payload, higher ceiling, significantly improved cruise capability, strong attack power and extremely high reconnaissance capability, and has greater advantages for military and civil use. At present, ch-5 has been sold in small quantities, and the unit price has increased by multiple compared with CH-4. The raw material cost of Rainbow series UAVs accounts for a relatively high proportion. The gross profit margin has not been calculated compared with CH-4. With the increase of output in the future, the gross profit margin may increase.
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