news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

At present, the top-level planning and local policies of the low-altitude economy are working together to accelerate the realization of the "Sky City". From technological innovation at the point, to large-scale application online, to industrial development on the surface, the low-altitude economy is flying in the "wind".

Relevant data show that the market size of my country's low-altitude economy has exceeded 500 billion yuan in 2023, and is expected to reach 2 trillion yuan by 2030.

Tianhe Defense (300397.SZ), which started its low-altitude economy-related business 20 years ago, has recently received great attention from investment institutions, including Dan Shuiquan Investment, CICC, and Zheshang Securities.

Tianhe Defense said in an interview that the company has been committed to promoting the construction of low-altitude air control capabilities, constantly improving various technologies and products, and has now formed a business layout of integrated development of military and civilian products. With the development of the low-altitude economy, Tianhe Defense, which has a first-mover advantage, is expected to continue to benefit.

Continue to promote the layout of low-altitude areas

Tianhe Defense, located in Xi'an Hi-Tech Industrial Development Zone, is a new high-tech listed company with dual-use key technology innovation and product development as its core support. It is understood that Tianhe Defense started technical research and development in low-altitude related fields as early as 20 years ago. The company has accumulated profound technical and scientific research strength in the low-altitude field, and its first-mover advantage is very obvious, which has also become the focus of institutional investors.

When Tianhe Defense was interviewed by an institution, it stated that since its establishment, the company has been based on low-altitude and close-range defense to promote the construction of low-altitude air supremacy capabilities, with the informationized command of portable air defense missiles as the focus. Through military guidance, main business integration, transformation and upgrading, it has continuously improved various technologies and products, and has now formed a situation of integrated development of military and civilian products.

According to reports, Tianhe Defense's military equipment business includes five major business directions: low-altitude close defense (anti-cruise missiles, anti-UAVs and swarms, etc.), border and coastal defense, digital military camps, 5G military applications, and military supporting services. Its core product, the "Portable Air Defense Missile Intelligence Command System", has been equipped in the army and has been widely recognized by customers in the segmented field.

Tianhe Defense's subsidiary Tianwei Electronics has previously signed the second batch of contracts for the "Upgrade and Reconstruction of a Certain Type of Portable Air Defense Missile Intelligence Command System" project, with a fulfillment amount of approximately 260 million yuan. The contract project is progressing as planned, and the project is expected to bring continued orders to the company.

Tianhe Defense believes that the development of the low-altitude economy will have a positive impact on the company's business. With the opening of low-altitude airspace and the increase in aircraft such as drones, the market demand for low-altitude flight service support and safety monitoring will continue to increase. Tianhe Defense takes urban air defense and key point air defense as its main responsibilities, and strives to contribute to my country's low-altitude safety in low-altitude air defense operations.

Tianhe Defense also has clear plans and goals for the future development of low-altitude related businesses. Based on the current products such as field air defense, urban air defense and key point air defense, Tianhe Defense will continue to increase the research and development of new generation low-altitude and ultra-low-altitude defense products such as urban distributed low-altitude perception systems, low-altitude safety big data platforms, and "low-altitude defense AI large models". At the same time, it will participate in the construction of the national low-altitude airspace reform pilot, integrate into the regional low-altitude economic development plan, and jointly explore with low-altitude industry chain ecological partners to implement the transformation of new quality productivity into new quality combat effectiveness.

Provide good low-altitude air traffic control support and help the low-altitude economy take off

It should be noted that low-altitude infrastructure is the foundation for the development of the low-altitude economy, and the air traffic control system is a strategic infrastructure for the country to implement airspace management, ensure flight safety, and achieve efficient operation of air transportation. Tianhe Defense, with a forward-looking strategic vision, has also made some arrangements in the direction of low-altitude air traffic control support business.

The low-altitude air traffic control support business deployed by Tianhe Defense is aimed at the midstream market of the low-altitude economy, and is also the only way for the development of the low-altitude economy. With the continuous release of favorable policies by the central and local governments, the low-altitude air traffic control support business deployed by Tianhe Defense is also expected to achieve rapid development.

After years of accumulation, Tianhe Defense has software and hardware products that can meet the needs of low-altitude flight services. Based on the needs of aviation emergency rescue, it has focused on the application of new technologies such as cloud platforms, big data, and 5G, and formed a dual-use, air-ground collaborative, and practical aviation emergency rescue platform consisting of Beidou/ADS-B/4G airborne terminals, aviation emergency mobile tower vehicles, and aviation emergency service platforms. It solves the command and control problems of aviation emergencies and effectively improves the air-ground integration capabilities of emergency rescue.

During the research activities, Tianhe Defense revealed that the company's general airport mobile tower vehicles, aviation emergency mobile tower vehicles, low-altitude flight service (station) systems, portable ADS-B/BD/4G transmitters and other products have sales or lease contracts; the aviation emergency flight service support platform and 5G air traffic control business communication access platform have completed verification in the application environment, and the relevant systems operate stably and reliably; the low-altitude surveillance radar and surface surveillance radar are respectively the innovative results of the projects of the Ministry of Science and Technology of China and the Civil Aviation Administration of China, and have completed the general aviation airport verification.

With the rapid development of my country's low-altitude economy, Tianhe Defense will, based on its own technological advantages, continuously refine its own products, absorb emerging technologies from outside, enhance its R&D capabilities internally, focus on efficient collaboration and new-quality combat capabilities, and provide services and guarantees for low-altitude flight safety.

Operating performance may reach a turning point and is expected to continue to improve in the future

Lanfu Finance noted that in the first quarter of 2024, Tianhe Defense's military trade, marine series products and other military products were delivered and accepted, its operating income increased year-on-year, and its net profit turned from loss to profit year-on-year. The company's operating performance may have reached a turning point.

At present, Tianhe Defense is in the investment period of scientific research strategy and capacity building, the improvement period of core technology research and development, and the accelerated promotion period of scale and industrialization. The company continues to deepen and innovate around the three major business directions of military equipment, 5G radio frequency, and new generation of integrated electronic information (Tianrong Engineering), and has made new breakthroughs in key technology research and development, forming new products with great market competitiveness.

Overall, all businesses of Tianhe Defense are progressing steadily. Among them, the company continues to explore the military business, continuously launches new products, and improves service quality, laying a solid foundation for the company's long-term development; 5G radio frequency products are continuously optimized and upgraded, strengthening the leading position in key areas, and further consolidating market advantages; Tianrong Engineering Business deepens the core business and development layout, and the business demonstration results are remarkable.

Driven by multiple factors such as the continued advancement of the 14th Five-Year Plan, expected growth in military spending, innovative applications of 5G, and the accelerated development of the digital economy and low-altitude economy, Tianhe Defense, which is making continuous breakthroughs in key technologies and scaling and industrializing its core products, is expected to continue to improve its operating performance and accelerate its exit from the trough.

Looking ahead, Tianhe Defense will continue to strengthen the research and development of core technologies, accelerate the industrialization process, actively expand market share, speed up the development of new businesses and new products and the pace of market development, continuously enhance core competitiveness and profitability, and achieve long-term stable and healthy development.

In its latest research report, Yuanda Securities pointed out that Tianhe Defense is expected to turn losses into profits in 2024. Considering the large growth space for the company's low-altitude economy-related businesses, it is given an "overweight" rating.