Introduction to this report:
The company is a leader in civil aviation management. Air traffic control+airport “two wings fly together”. It has the triple deterministic logic of “8+N” capacity expansion+localization+internationalization, and has a deep grasp of the low-altitude economy industry. The pace of subsequent low-altitude landing may exceed expectations.
Key points of investment:
The first coverage gives an “gain” rating. As a leader in civil aviation management, the company expects revenue of 2024-2026 to be 2,022/24.36/2,932 billion yuan, respectively, and EPS of 1.04/1.31/1.66 yuan, respectively, with a target price of 94.65 yuan, corresponding to 91.13 times PE in 2024.
State-owned civil aviation management leader, advanced technical strength in fund-raising projects. The company is a listing platform in the field of command and control within the China Telecom Group. The three major businesses account for a balanced share of revenue. Among them, the air traffic control business accounts for a significant increase, and gross margin is significantly higher, driving high performance growth. The company accounts for a relatively high proportion of the TOG business. It carries out production and operation on a project basis, and actively explores the transformation to new models of product sales and operation services. After listing on the Science and Technology Innovation Board, the fund-raising project will further refine its technical strength.
Air traffic control+airport “fly on both wings” and will lead low-altitude development. The company's air traffic control business has the triple deterministic logic of “8+N” air traffic control layout system expansion+localization/innovation and internationalization expansion, which has great potential in the long term. The number of small and medium-sized airports in the country accounts for about 80%. The company has formed an overall smart airport solution that can be replicated and promoted, and promoted nationwide using Huai'an Airport as a model.
The low-altitude economy has risen to a strategic height, and may set off a climax of demonstration, investment and construction. The company has a deep grasp of how the industry knows how and strives to become the main force in the development of the national low-altitude intelligent service system construction industry. Major typical projects have verified the company's leading strength in the low-altitude field.
Major urban businesses can also provide low-altitude collaboration, and the potential value of data elements is huge. Air traffic management will develop to the base of space and extend to the ground, forming an “integration of space and earth.” The company's strategic layout of the highway and highway business can provide a global road network foundation and a full-chain customer environment for the low-altitude economy. The company relies on a data element governance platform, and the potential value of data elements is huge.
Risk warning: technology iteration risk, policy progress falling short of expectations, project acquisition and repayment risk