Low altitude track differentiation: rapid development of industrial drones, temporary slowdown in commercialization of eVTOL

The low altitude economy shows significant differentiation in the first half of 2024. The revenue of unmanned aerial vehicles, Aerospace Rainbow, and Zongheng Shares in industrial unmanned aerial vehicle enterprises increased by 272.48%, 9.87%, and 31.22% respectively year-on-year, and the military and civilian markets expanded synchronously. In the eVTOL field, Yihang Intelligence incurred a loss of 254 million yuan in the first half of the year and withdrew its annual revenue guidance of 600 million yuan. During the same period, China's drone exports increased by 27.6% year-on-year, but exports to the United States decreased by 54.1% year-on-year, and the market share in Europe and America continued to decline.