Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading player in low-altitude infrastructure planning and design, with a comprehensive service advantage. It aims to transform into a city-level low-altitude flight operator, benefiting from the increasing demand for low-altitude infrastructure [2][22]. - The low-altitude infrastructure construction scale is expected to reach approximately 300 billion by 2025, with the company well-prepared to capitalize on this growth through its integrated service capabilities and strategic partnerships [2][28]. - The company has a strong foundation in traditional business profitability, with improving financial metrics and a focus on digital transformation, which is expected to enhance operational efficiency [2][3][22]. Summary by Sections 1. Low-altitude Infrastructure Planning and Design Leader - The company has established itself as a leader in low-altitude infrastructure planning and design, integrating industry think tanks, planning design, and operational applications into a comprehensive service model [2][22]. - Multiple benchmark projects have been successfully implemented, including the Taicang UAV test flight base, showcasing the company's integrated service capabilities [2][22]. - Strategic partnerships with industry leaders and local governments are being formed to strengthen the company's position in the low-altitude economy [2][22]. 2. Accelerated Development of "Vehicle-Road-Cloud" Construction - The "Vehicle-Road-Cloud" initiative is entering a rapid development phase, with significant infrastructure needs expected to drive business growth [2][22]. - The company is leading the development of national technical guidelines for smart road construction and has undertaken several pilot projects, indicating a robust project pipeline [2][22]. 3. Strong Profitability in Traditional Business - The company has consistently improved its gross margin, significantly outperforming peers, and has maintained strong cash flow [2][3]. - Recent projects, such as the Ganyue Canal pre-feasibility study, are expected to contribute significantly to future revenue, with total investment estimated at 150 billion [2][3][22]. 4. Valuation at Historical Low Levels - The company's current valuation is considered low, presenting a substantial potential for price recovery [2][4]. 5. Earnings Forecast and Investment Recommendations - The report adjusts the earnings forecast for 2024-2026, projecting net profits of 499 million, 544 million, and 590 million respectively, with corresponding EPS of 0.73, 0.80, and 0.86 [3][4].

Investment Rating - The report maintains a rating of "Buy" for the company [3][6]. Core Views - The company is expected to benefit from policy catalysts in the low-altitude economy sector, leveraging its rich experience and technological accumulation to drive future revenue and profit growth [3]. - Due to the cyclical downturn in the infrastructure and engineering design sectors, the earnings per share (EPS) forecasts for 2024-2026 have been revised downwards to 0.93, 1.01, and 1.09 yuan, respectively, reflecting a growth rate of -9%, 9%, and 8% [3]. - The target price has been adjusted to 12.20 yuan, corresponding to a price-to-earnings (PE) ratio of 13.1 times for 2024 [3]. Financial Summary - Revenue for 2022 was 5,839 million yuan, with a forecasted decline to 5,353 million yuan in 2023, followed by a slight recovery to 5,419 million yuan in 2024 [2]. - Net profit attributable to the parent company was 684 million yuan in 2022, with a slight increase to 698 million yuan in 2023, but expected to decrease to 634 million yuan in 2024 [2]. - The earnings per share (EPS) for 2022 was 1.00 yuan, projected to be 1.02 yuan in 2023, and then decrease to 0.93 yuan in 2024 [2]. - The return on equity (ROE) is expected to decline from 15.6% in 2022 to 11.4% in 2024 [2]. - The current PE ratio is 8.62, with projections of 9.29 for 2024 and decreasing to 7.93 by 2026 [2]. Strategic Developments - The company has formed a strategic partnership with WoFei ChangKong to develop comprehensive solutions for low-altitude flight commercialization and a new integrated transportation network [3]. - The company successfully won the bid for the "Guan-Yue Canal Project Pre-Feasibility Study," which spans approximately 316 km [3]. - The low-altitude economy is recognized as a new productive force, with nearly 30 provinces incorporating its development into local government work reports or related policies [3].

华设设计集团股份有限公司（以下简称"公司"）于2024年11月11日（星期 一 ） 14:00-15:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）以网络互动方式召开投资者说明会，现将活动情况 公告如下： 一、本次说明会召开情况 | 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-087 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 关于2024年第三季度业绩说明会情况的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2024年10月30日，公司披露了《关于召开2024年第三季度业绩说明会的公 告》（公告编号：2024-085）。 公司董事、董事会秘书胡安兵先生，副总经理、财务总监侯力纲先生，独 立董事郑国华先生，总规划师、董事会办公室主任、证券代表邓润飞先生出席 了此次说明会，就公司2024年第三季度业绩情况与投资者进行沟 ...

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-086 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 关于回购股份进展情况的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 1 / 2 截至2024年10月31日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份7,040,000股，占公司总股本的比例为1.0296%，成交最 高价为8.88元/股，成交最低价为6.48元/股，已支付的资金总额为人民币 52,534,254元（不含印花税、交易佣金等交易费用）。 上述回购进展符合既定的回购股份方案。 公司将严格按照相关规定实施股份回购并及时履行信息披露义务，敬请投 资者注意投资风险。 特此公告。 华设设计集团股份有限公司董事会 二○二四年十一月四日 华设设计集团股份有限公司（以下简称"公司"）于2024年1月5日召开第五 届董事会第九次会议，审议通过了《关于以集中竞价交易方式回购公司股份方 案的 ...

Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Views - The company's Q3 revenue showed improvement, but profitability remains under pressure [2] - The company is actively expanding into the low-altitude economy and promoting vehicle-road-cloud integration, which could open new growth opportunities [4] - The company is expected to achieve revenues of 4.603 billion, 4.762 billion, and 4.976 billion yuan for 2024-2026, with net profits of 501 million, 520 million, and 554 million yuan, respectively [5] Financial Performance - In Q1-3 2024, the company achieved revenue of 2.692 billion yuan, a year-on-year decrease of 15.66%, and net profit of 232 million yuan, a year-on-year decrease of 33.78% [2] - In Q3 2024, the company achieved revenue of 1.031 billion yuan, a year-on-year increase of 8.18%, and net profit of 78 million yuan, a year-on-year decrease of 11.55% [2] - The gross profit margin for Q1-3 2024 was 37.16%, an increase of 0.38 percentage points year-on-year, while the expense ratio increased by 2.44 percentage points to 20.44% [3] Business Development - The company has successfully secured multiple low-altitude economy projects, including the "Integrated Service Management System Construction for Low-Altitude (UAV) in Jiangsu Transportation Holdings" and the "Development Plan for Low-Altitude Economy in Shaoxing" [4] - The company has full-chain capabilities in planning, design, system integration, and product development for vehicle-road-cloud integration, participating in projects such as the Jiangsu Wufengshan Smart Highway and the Taizhou G328 Digital Highway Demonstration Project [4] Valuation and Forecast - The company's EPS for 2024-2026 is expected to be 0.73, 0.76, and 0.81 yuan per share, with corresponding P/E ratios of 13, 12, and 12 times [5] - The company's ROE is expected to be 9.55%, 9.27%, and 9.20% for 2024-2026 [7] Market Performance - The company's stock price has fluctuated over the past year, with a 52-week high of 10.65 yuan and a low of 6.14 yuan [8] - The company's market capitalization is 6.0037 billion yuan, with a circulating market value of 5.9371 billion yuan [8]

（一）新增关联方情况 华设集团原控股子公司中设设计集团中原建设工程有限公司（以下简称"中 设中原"）于 2024 年 8 月 1 日召开 2024 年第一次股东会，审议通过《关于签订 投资合作补充协议的议案》，约定：原控股股东华设集团将其持有中设中原 11% 股权转让给河南林峰建设集团有限公司（以下简称"河南林峰"）。 核查意见 华泰联合证券有限责任公司 关于华设设计集团股份有限公司新增关联方及增加 2024 年 度日常关联交易预计金额的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为华设设计集团股份有限公司（以下简称"华设集团""公司"）向不特定对象 发行可转换公司债券并在主板上市持续督导阶段的保荐人，根据《证券发行上市 保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等有关规定，对华设集团新增关联方及增 加 2024 年度日常关联交易预计金额的事项进行了核查，核查情况如下： 一、日常关联交易基本情况 上述交易完成后，河南林峰持有中设中原 60%股权，成为中设中原的控股股 东；华设集团继续持有中设中原 40%的股 ...

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-083 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 关于新增关联方及增加2024年度日常关联交易 预计金额的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 华设设计集团股份有限公司（以下简称"公司"或"华设集团"）已分别于 2024年3月27日和2024年5月17日召开第五届董事会第十二次会议和2023年年度 股东大会，审议通过《关于2024年度预计日常关联交易的议案》，具体情况详见 公司在上海证券交易所网站（www.sse.com.cn）披露的《华设设计集团股份有 限公司关于2023年度日常关联交易及2024年度预计日常关联交易的公告》（公告 编号：2024-034）。 （二）新增关联方情况 华设集团原控股子公司中设设计集团中原建设工程有限公司（以下简称 "中设中原"）于2024年8月1日召开202 ...

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-085 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 华设设计集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2024 年 11 月 11 日下午 14:00-15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度第三季度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 11 ...

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-082 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 第五届监事会第十五次会议决议公告 （二）审议通过《关于新增关联方及增加2024年度日常关联交易预计金额 的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 华设设计集团股份有限公司监事会 二○二四年十月三十日 一、监事会会议召开情况 华设设计集团股份有限公司（以下简称"公司"）第五届监事会第十五次会议 于2024年10月30日在公司AB507会议室（南京市秦淮区紫云大道9号）召开，会 议由监事会主席汤蓉召集并主持。本次会议通知于2024年10月20日以书面方式送 达各位监事。本次会议应出席监事3名，实际出席3名。会议采用现场表决方式进 行。会议的召开符合《中华人民共和国公司法》及《华设设计集团股份有限公司 章程》的规定。公司董事会秘书、证券事务代表列席了会议。 二、监事会会议审议情况 （一）审议通过《公司 2024 年第三季度报告》 表决结果：同意 3 票、反对 0 票、弃权 ...

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-081 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 第五届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 华设设计集团股份有限公司（以下简称"本公司"或"公司"）第五届董事 会第十七次会议于 2024 年 10 月 30 日在公司 AB507 会议室（南京市秦淮区紫云 大道 9 号）召开，会议由董事长杨卫东召集并主持。本次会议通知于 2024 年 10 月 20 日以书面和邮件方式送达各位董事。本次会议应出席董事 9 名，实际出席 9 名。会议采用现场与通讯表决方式进行。会议的召开符合《中华人民共和国公 司法》及《华设设计集团股份有限公司章程》的规定。公司监事、董事会秘书和 财务负责人列席了会议。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 华设设计集团股份有限公司董事会 二〇二四年十月三十日 1 二 ...