According to the "Implementation Plan for the Innovative Application of General Aviation Equipment (2024-2030)" jointly issued by the Ministry of Industry and Information Technology and other four departments, by 2030, general aviation equipment will become a powerful driving force for low-altitude economic growth and will form a trillion-level market scale. Recently, the Ministry of Industry and Information Technology has once again emphasized the promotion of low-altitude economic development, and all localities have also seized strategic opportunities. With the help of a series of policies, low-altitude economic concept stocks have taken off again, and the sector as a whole has risen for 3 consecutive trading days.
Jindun shares (300411.SZ) is one of the more prominent stocks in the low-altitude economic sector, although its performance in the first three quarters of 2023 has declined sharply, and received a letter of concern at the end of March this year, but the market enthusiasm is still high. After a sharp rise in March, it has risen for three consecutive trading days since April 17, and has gained two 20% price limits. What is the reason behind this?
All localities seize the strategic opportunity of low-altitude economy
The Ministry of Industry and Information Technology announced at the press conference of the State Council Information Office on April 18 that in order to promote the development of low-altitude economy, it will focus on strengthening work in four aspects, especially focusing on achieving a balance between high-quality development and high-level safety. In addition, it will deepen departmental coordination and central and local linkage, and accelerate the construction of a new growth engine for the low-altitude economy.
Under the guidance of top-level design, all localities are actively grasping the development opportunities of low-altitude economic industries.
For example, Shenzhen has taken the lead in formulating and implementing the country's first local regulations on low-altitude economy - "Regulations on the Promotion of Low-altitude Economic Industries in Shenzhen Special Economic Zone", and at the same time launched "Several Measures to Support the High-quality Development of Low-altitude Economy in Shenzhen" to provide assistance for the growth of low-altitude economic industries.
Suzhou held a low-altitude economic development promotion conference on April 18. At the meeting, 49 representative projects involving strategic cooperation, industrial funds, key enterprises of low-altitude economy, low-altitude economic operators and other types were signed, aiming to firmly grasp the strategic opportunities of low-altitude economy.
According to statistics, at present, 17 provinces and cities in the country have clearly laid out the low-altitude economy. The industry believes that with the continuous promotion of policy support and airworthiness certification, it is expected that the first batch of commercial eVTOL projects will be launched by 2025, and the low-altitude economic industry is expected to achieve rapid growth in 2026.
Jindun shares issued a series of risk warnings, but the stock price is still rising
Recently, with the frequent occurrence of a series of hot events, low-altitude economic concept stocks have shown an obvious upward trend. According to Choice data, the low-altitude economic concept index has risen for three consecutive days since April 17, with a cumulative increase of more than 7%. This performance fully reflects the market's optimistic expectations for the future development of the low-altitude economy, and related stocks have risen amazingly.
Jindun shares is one of the stocks sought after by the market in the concept of low-altitude economy, the stock rose by 200% in March this year and the stock price hit a new high since October 2020, and on April 17-18, it was 20% for two consecutive days, and the performance was very strong.
Because the stock price has risen too fast, Jindun shares have issued a number of risk warning announcements of stock price changes in March. On April 18, with the daily limit for two consecutive days, the risk warning announcement of abnormal movement was issued again after the market. The company made it clear that "flying car ducted fans are currently in the research and development stage and have not yet been applied". But this still could not stop the enthusiasm of the market, and the stock price continued to rise on April 19 and hit the previous high.
The deviation between the performance and the stock price is concerned by the exchange
According to the data, Jindun Co., Ltd. is a national high-tech enterprise focusing on the manufacture of high-end intelligent ventilation system equipment, and it is also a specialized and special new enterprise. The ventilation system produced by the company is characterized by intelligence, high efficiency and energy saving, and has been widely used in key national supporting projects such as subways, tunnels, military industry and nuclear power.
Although the stock price has risen amazingly due to the concept of low-altitude economy recently, the performance of Jindun shares is not good from the results that have been announced.
According to the third quarter report of Jindun Co., Ltd. in 2023, the company's net profit attributable to the parent company decreased by 39.14% year-on-year in the first three quarters of last year, and the net profit attributable to the parent company decreased by 53.90% year-on-year.
In response to the divergence between stock price and performance, Jindun shares have attracted the attention of the exchange. On March 29, according to the company's announcement, it received a letter of concern from the Shenzhen Stock Exchange, requiring the company to explain the reasons for the sharp decline in performance in the first three quarters of 2023, and explain whether the factors affecting the decline in performance are sustainable.
Jindun Co., Ltd. explained in the announcement of the reply to the letter of concern on April 03 that the net profit attributable to the parent company in the first three quarters of last year declined year-on-year, mainly due to the good recovery of long-aged accounts receivable in the first three quarters of 2022 and the reversal of credit impairment provisions, rather than the decline in net profit caused by changes in operating conditions and market conditions. The decline in net profit after deducting non-attributable to the parent company was due to the increase in government subsidies received in the first three quarters of last year compared with the same period last year.
Jindun shares in the announcement particularly emphasized that at present, the company's accounts receivable collection situation is still in a good state, and at the same time, thanks to the implementation of the advanced manufacturing enterprises value-added tax input tax deduction policy, will continue to increase the company's performance.