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CASC subsidiary developing the 'Rainbow' (CH) series of military and civil unmanned aerial vehicles.
CASC subsidiary developing the 'Rainbow' (CH) series of military and civil unmanned aerial vehicles.
Sells drones, mainly military ones, under government and export contracts, so revenue follows defence procurement and approvals for foreign sales rather than consumer demand. The CASC group, China's state-owned space and defence contractor, controls it.
In one line: A Chinese state drone maker, akin to a Chinese General Atomics (Predator/Reaper maker).
Moat: narrow (regulatory licence, IP / patents). State-backed CASC group licensing and export approval give a protected position in China's military drone market.
Headquarters: Beijing, China · Employees: 2,096
Size Aerospace CH UAV (002389.SZ) is a China Industrials company (Aerospace & Defense) with a market value of $2.64B, the 983rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥18.13 on 6 Nov 2026.
Performance Over six months the shares fell 17.5%, against -12.6% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median -0.7%); the operating margin is -0.3% (peer median 1.2%).
Valuation It trades at 54.9× forward earnings against a peer median of 33.9× (7th most expensive of 16).
Capital Return on invested capital runs 5.8 points below its cost of capital (8.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.90B | CN¥2.93B | CN¥2.56B | CN¥2.86B | CN¥3.85B |
| Revenue growth | — | +14% | -10% | -26% | — |
| Gross profit | CN¥705M | CN¥405M | CN¥402M | CN¥575M | CN¥684M |
| EBITDA | n/a | CN¥359M | CN¥304M | CN¥485M | CN¥529M |
| Net income | CN¥19.1M | CN¥26.9M | CN¥88.2M | CN¥153M | CN¥307M |
| Free cash flow | -CN¥299M | -CN¥486M | -CN¥359M | CN¥77.7M | CN¥120M |
| Capital expenditure | CN¥257M | CN¥224M | CN¥267M | CN¥323M | CN¥361M |
| Total debt | CN¥994M | CN¥958M | CN¥1.05B | CN¥878M | CN¥523M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aerospace CH UAV 002389.SZ | $2.64B | -17% | +3% | 0% | 54.9× | n/a |
| Avic (Chengdu) UAS 688297.SS | $3.93B | -15% | +74% | 0% | 106.5× | n/a |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
| AeroVironment AVAV | $5.73B | -33% | +84% | 1% | 33.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002389.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | 0.0% | 10th lowest of 20 |
| 6-month return | -17.5% | -12.6% | 9th lowest of 20 |
| Distance from 52-week high | -39.3% | -37.8% | 11th highest of 21 |
| Revenue growth (TTM) | +3.5% | -0.7% | 7th highest of 19 |
| Operating margin | -0.3% | 1.2% | 9th lowest of 21 |
| Forward P/E | 54.9× | 33.9× | 7th most expensive of 16 |
| ROIC minus cost of capital | -5.8 pp | -4.8 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aerospace CH UAV 002389.SZ | China | $2.64B | -17% | +3% | 0% | 54.9× | n/a | n/a |
| North Navigation Control Technology 600435.SS | China | $2.65B | -19% | -32% | -5% | 97.4× | 17.1% | +6.8% |
| Sai MicroElectronics 300456.SZ | China | $2.75B | -45% | -59% | -99% | 65.9× | 41.7% | +1.5% |
| North Industries Group Red Arrow 000519.SZ | China | $2.88B | -22% | +100% | 1% | 57.5× | 23.0% | +7.5% |
| Intuitive Machines LUNR | United States | $2.40B | -64% | +117% | -20% | n/a | n/a | n/a |
| Exail Technologies EXA.PA | France | $2.37B | +10% | +24% | -2% | 62.9× | 42.5% | +26.0% |
| Astronics ATRO | United States | $2.36B | -13% | +14% | 14% | 18.6× | 17.3% | +11.4% |
| AviChina Industry & Technology 2357.HK | Hong Kong | $3.11B | -13% | +2% | 5% | 8.1× | n/a | n/a |
| Hunan Aerospace Huanyu Communication Technology 688523.SS | China | $2.19B | -45% | -30% | -8% | 100.3× | n/a | n/a |
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | n/a | n/a | n/a |
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% | -5.4% |
| AECC Aero Science And Technology 600391.SS | China | $2.13B | +16% | -15% | 4% | 253.6× | 29.7% | +9.7% |
| Lisi FII.PA | France | $3.27B | 0% | -8% | 10% | 22.5× | 20.4% | +7.3% |
| Bodycote BOY.L | United Kingdom | $2.09B | +35% | +2% | 15% | 18.1× | 22.6% | +4.0% |
| Ducommun DCO | United States | $2.04B | -1% | +9% | 10% | 27.6× | n/a | n/a |
| Archer Aviation ACHR | United States | $3.42B | -31% | n/a | -13,570% | n/a | n/a | n/a |
| Firefly Aerospace FLY | United States | $3.48B | -48% | +179% | -116% | n/a | n/a | n/a |
| QinetiQ QQ..L | United Kingdom | $3.51B | +26% | 0% | 10% | 15.3× | 0.1% | +8.5% |
| Baimtec Material 688563.SS | China | $3.53B | -12% | -1% | 15% | 38.2× | 22.7% | +14.4% |
| Avicopter 600038.SS | China | $3.54B | -8% | -6% | 1% | 33.9× | 9.1% | +8.1% |
| Sensofusion SENSO.HE | Finland | $1.97B | n/a | n/a | 64% | n/a | n/a | n/a |