ONDS 基本面深度分析 2026-06-10

            ROE --> NPM
            ROE --> ATO
            ROE --> FL
        ```
    *   **6.4 Profitability Dashboard (Mermaid graph TD)**:
        ```mermaid
        graph TD
            P["Profitability Drivers"]
            P --> GM["Gross Margin: 44.8%"]
            P --> OM["Operating Margin: -85.1%"]
            P --> NM["Net Margin: 251.9%"]
            GM --> GM1["High-margin software & SaaS integration in OAS"]
            OM --> OM1["Heavy SG&A (103.13M) & R&D (30.94M) drag"]
            NM --> NM1["One-time non-operating gain (394.99M) in Q1 2026"]
        ```

*   **Chapter 7: 估值深度分析 (Valuation Analysis)**:
    *   **7.1 Peer Valuation Comparison (Table)**:
        *   ONDS vs DroneShield (DRO.AX / DRSHF), AeroVironment (AVAV), and Kratos Defense (KTOS).
        *   Compare Trailing P/E, Forward P/E, P/S, EV/Revenue, Market Cap.
    *   **7.2 Historical Valuation Range (ASCII)**:
        *   P/S Ratio has ranged from 5x to 60x. Currently