低空规划及基建订单密集落地，全国化布局稳步推进Recently, the company held a technical exchange meeting and transportation pioneer forum to release various cutting-edge low-altitude hardware products and introduce low-altitude operation business plans. We believe that as a leading benchmark for the low-altitude economy, the company's expansion in the hardware and operation fields is expected to further open up the company's future market space in the low-altitude economy, provide support for medium- to long-term sustainable development, and maintain “increased holdings”.
Expanding the field of low-altitude ventilation equipment is expected to further open up market space and competitive strength
According to Fanfan Biao, on February 18, the company completed the filing of the “Low-altitude Communication and Sensing Integrated Private Network Equipment Research and Test Private Network Construction” project. We expect the company to develop low-altitude related hardware through independent research and development. According to the company's official account, the company hosted the Lunar New Year Meeting of the Shenzhen Intelligent Connected Transportation Association on February 25. At the conference, a series of innovative hardware related to the low-altitude economy, such as urban health inspection robot dogs, inspection drones, automatic charging robots, and PVTOL, we believe that the strong transformation in the hardware business field is expected to further open up the company's future market space and competitive strength in the low-altitude field.
Low-altitude planning and infrastructure orders are being implemented intensively, and the nationwide layout is progressing steadily
Relying on Shenzhen's pioneering benchmark construction experience, the company actively expanded its low-altitude economy business to the whole country, and won bids for projects in Hefei, Wuxi, Taizhou and other places. According to our statistics, the company won more than 30 low-altitude related orders in 24 years, including planning consulting orders exceeding 40 million, and demonstration platform construction orders exceeding 60 million. We expect that the first phase of the Shenzhen SILAS project jointly undertaken by the company is expected to be launched this year, and subsequent demonstration projects in various districts of Shenzhen are expected to be followed up. Recently, the company has successively won bids for projects such as the Nanshan District Low-Altitude Cooperative Sensing System Test Site Project (0.06 billion). We believe that the intensive implementation of major low-altitude infrastructure projects has verified the company's core competitiveness and laid the foundation for the company's further development in the low-altitude field in the future.
Forward-looking layout of low-altitude operation, focusing on medium- to long-term sustainable development
According to the company's official account, the company established a low-altitude operation company at the end of '24. At the same time, the company has obtained licenses such as a civil unmanned aerial vehicle operation certificate, etc., and will focus on low-altitude cultural tourism and other fields in the future. According to the press conference of the Dapeng District Government and company, construction of the Dapeng New Area drone test site invested and built by the company has already begun. In the future, the company will lay out a network of high-quality low-altitude take-off and landing facilities throughout the Greater Bay Area, and plans to build a municipal hub center, 30+ district-level take-off and landing hubs, and 300+ terminal take-off and landing points. We believe that the forward-looking layout of the company's low-altitude operation is expected to help the company's sustainable development in the medium to long term.
Profit forecasting and valuation
We maintain our forecast 24-26 revenue of 1.72/2.24/2.86 billion yuan and net profit of 0.16/0.21/0.26 billion yuan. Using the segmented valuation method, it can be compared to the average 25-year Wind expectation of smart transportation/planning and design companies of 10XPS/21xPE. We believe that the company has core software and hardware technology and benchmark project experience, giving the company big data software and smart transportation/planning and design business 15 XPS/25xPE for 25 years to maintain the target price 58.15 yuan to maintain “increase in holdings”.
Risk warning: Low-altitude economic development falls short of expectations, project implementation falls short of expectations, and market competition intensifies.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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