提质增效重回报，彰显企业信心。公司高度重视投资者回报，自上市以来，均进行了高比例现金分红已累计实施现金分红9.71 亿元；近三年内共向股东分配现金股利4.94 亿元，分红金额占当年归属于母公司股东净利润平均超过26%。，2023 年以每10 股派发现金红利3.10 元（含税），现金分红总额为2.1 亿元，现金分红比例超过30%。Incidents:
On July 2, 2024, the company formulated the 2024 “Improve Quality, Increase Efficiency and Value Return” action plan, which aims to protect the interests of all shareholders and enhance investor confidence by continuously strengthening its own value creation capabilities.
Comment:
Improving quality, increasing efficiency, and valuing returns, demonstrating corporate confidence. The company attaches great importance to investor returns. Since its listing, it has paid a high percentage of cash dividends and has accumulated cash dividends of 0.971 billion yuan; in the past three years, a total cash dividend of 0.494 billion yuan was distributed to shareholders, and the dividend amount accounted for an average of more than 26% of the net profit attributable to shareholders of the parent company in the same year. In 2023, a cash dividend of 3.10 yuan (tax included) was distributed for every 10 shares. The total cash dividend was 0.21 billion yuan, and the cash dividend ratio was over 30%.
Develop new quality productivity and actively explore the low-altitude economy. The company has rich experience and deep technical accumulation in the field of low-altitude economy. Relying on the company's industry think tank (Beijing Civil Aviation Institute) +planning and design industry planning (company headquarters) +industry application (China Aviation), the company has formed a low-altitude economy business pattern from industry planning and standard policy research, to general aviation and supporting facilities design consulting, to integrated management and control platform construction and implementation in the drone industry. In 2023, the revenue from the company's civil aviation and low-altitude economy business was about 0.12 billion yuan, of which the low-altitude economy business accounted for about 30%. The company is deeply involved in the construction and service projects of civil drone test flight bases in many cities in the province, and is actively building a provincial government information service platform for the low-altitude navigation industry, relying on the promotion, implementation and application of a series of low-altitude economic integration products such as “Lu Zhi Bao”, “Road Area Bao” and “Hangubao”.
The joint venture lays out vehicle-road collaboration, which is expected to open up new growth space. The company's joint venture, Jiangsu Yuanchao Technology Co., Ltd., is targeting roadside facilities in the main R&D direction. Yuanchang Technology has now completed the development of products such as roadside facilities, V2X software and hardware products and applications, city-level smart parking system solutions and applications, and closed scene autonomous driving kits. Among them, smart parking related software and hardware products such as high-level video all-in-one machines, smart inspection vehicles, and city-level smart parking platforms have been sold and promoted in Chongqing, Suzhou, Nanjing, Tongling, Taizhou, Zhuzhou, etc., and products such as radar video all-in-one machines, roadside sensing, MEC calculation units, V2X protocol stacks and cloud control platforms have already been sold and promoted in Yixing G104 uncontrolled road safety warning systems, etc. State G328 Application promotion in digital highway demonstration projects is expected to fully benefit from the explosion of the vehicle-road collaboration industry.
Profit forecast: The company's net profit for 2024-2026 is expected to be 0.756/0.794/0.856 billion yuan, respectively, and the corresponding PE is 8/7/7 times, respectively. First coverage, giving a “buy” rating.
Risk warning: profit forecasts and valuation judgments fall short of expectations, new business development falls short of expectations
