Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - The company reported a revenue of 322 million yuan for the first three quarters of 2025, representing a year-over-year increase of 57.01%. The net profit attributable to shareholders was -20 million yuan, an improvement from -53 million yuan in the same period last year [1]. - In Q3 2025, the company achieved a revenue of 188 million yuan, a year-over-year growth of 53.79% and a quarter-over-quarter increase of 95.77%. The net profit for the quarter was 17 million yuan, marking a turnaround from losses in both the previous year and the previous quarter [1][2]. - The gross margin for the first three quarters of 2025 improved by 2.20 percentage points to 48.86%, while the net margin increased by 10.30 percentage points to 9.68% [1]. Financial Performance - The company effectively controlled expenses, with the expense ratio decreasing by 13.41 percentage points to 51.70%. The sales expense ratio decreased by 6.27 percentage points to 23.60%, and the management expense ratio decreased by 2.78 percentage points to 15.58% [2]. - Research and development expenses amounted to 36 million yuan, reflecting a year-over-year increase of 20.40% [2]. - As of the end of Q3 2025, accounts receivable and notes totaled 156 million yuan, a decrease of 5.21% from the beginning of the year, while inventory increased by 13.50% to 230 million yuan [2]. Market Strategy - The company is actively expanding both domestic and international markets, focusing on the low-altitude economy. It aims to enhance its drone system applications and develop a low-altitude digital economy market [3]. - The company has initiated projects in various cities, including a 106 million yuan contract for a "Smart Bazhong" low-altitude digital economy unmanned system [3]. Earnings Forecast - The company is projected to achieve net profits of 7 million yuan, 60 million yuan, and 125 million yuan for the years 2025, 2026, and 2027, respectively. The current stock price corresponds to a PE ratio of 659x for 2025, 78x for 2026, and 37x for 2027 [4][5].

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [2] Financial Performance - The company achieved a revenue of 187,705,859.22 yuan in the third quarter of 2025, representing a year-on-year growth of 53.79% [2] - The net profit attributable to shareholders of the listed company was 16,523,660.18 yuan for the same period [2]

Core Insights - The aviation equipment sector experienced a rise of 0.68% on October 27, with Hangxin Technology leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Hangxin Technology (300424) closed at 20.17, with a significant increase of 10.76% and a trading volume of 430,600 shares, amounting to 827 million yuan [1] - Zongheng Co., Ltd. (688070) saw a rise of 7.49%, closing at 53.10, with a trading volume of 27,200 shares and a turnover of 142 million yuan [1] - Western Superconductor (688122) increased by 5.89%, closing at 76.80, with a trading volume of 363,200 shares and a turnover of 2.767 billion yuan [1] - Other notable performers include Yuelida (300696) up 4.34%, Hitec High-tech (002023) up 3.43%, and Parker New Materials (605123) up 3.19% [1] Fund Flow Analysis - The aviation equipment sector saw a net outflow of 90.2583 million yuan from institutional investors, while retail investors contributed a net inflow of 34.4578 million yuan [2] - The overall net inflow from speculative funds was 55.8005 million yuan [2] Individual Stock Fund Flow - Filihua (300395) had a net inflow of 454 million yuan from institutional investors, but a net outflow of 12.8976 million yuan from speculative funds [3] - Western Superconductor (688122) experienced a net inflow of 201 million yuan from institutional investors, with a net outflow of 83.8497 million yuan from speculative funds [3] - Hangxin Technology (300424) had a net inflow of 70.1027 million yuan from institutional investors, but faced a net outflow from both speculative and retail investors [3]

Group 1 - The core viewpoint of the news is that Zongheng Co., Ltd. reported a significant increase in revenue for the first three quarters of 2025, but also faced a net loss attributed to shareholders [1] - For the first three quarters of 2025, Zongheng Co., Ltd. achieved revenue of approximately 322 million yuan, representing a year-on-year increase of 57.01% [1] - The net profit attributable to shareholders was a loss of approximately 19.81 million yuan, with basic earnings per share reflecting a loss of 0.23 yuan [1] Group 2 - As of the report, Zongheng Co., Ltd. has a market capitalization of 4.7 billion yuan [2]

智通财经APP讯，纵横股份(688070.SH)披露2025年第三季度报告，公司前三季度实现营收3.22亿元，同 比增长57.01%;归母净利润亏损1981万元;扣非净利润亏损2191万元;基本每股收益-0.23元。 ...

格隆汇10月27日丨纵横股份(688070.SH)公布，公司第三季度实现营业收入1.88亿元，同比增长 53.79%；归属于上市公司股东的净利润1652.37万元；归属于上市公司股东的扣除非经常性损益的净利 润1544.7万元；基本每股收益0.19元。 ...

证券代码：688070 证券简称：纵横股份 公告编号：2025-050 成都纵横自动化技术股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 31 日 （星期五） 至 11 月 06 日 （星期四） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@jouav.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 成都纵横自动化技术股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布公司 2025 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 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 07 日 （星 期五） 13:00-14:00 举行 2025 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 2025 年第三季度的经 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 ...

成都纵横自动化技术股份有限公司 2025 年第三季度报告 证券代码：688070 证券简称：纵横股份 成都纵横自动化技术股份有限公司 2025 年第三季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告 | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 期末比上年 | | | | 减变动幅度 | | 同期增减变 | | | | (%) | | 动幅度(%) | | 营业收入 | 187,705,859.2 ...

Core Viewpoint - The company is positioned as a leading player in China's industrial drone sector, focusing on the development of drone hardware platforms, flight control systems, and industry application software, while actively exploring new business opportunities in the low-altitude digital economy, which is expected to drive rapid growth in performance due to favorable industry conditions [1][2]. Group 1: Product Development and Market Position - The company has a comprehensive product lineup in the industrial drone market, which serves as a foundation for growth. It has significant technological advantages and a well-coordinated development across the entire drone industry chain [1]. - The CW series of composite wing drones are notable for being the first domestically produced vertical take-off fixed-wing industrial drones, with recent models like CW-40 and CW-100 enhancing application scenarios. The company has secured over 200 million yuan in emergency project bids in 2024, supporting performance growth [1]. - The PH series of rotor drones, primarily the PH-100, has been developed to complement existing composite wing drones, facilitating the establishment of a low-altitude logistics network through successful applications in fresh produce delivery [1]. - The Yunlong series of fixed-wing drones features long endurance, high performance, and low cost, filling a gap in the company's large drone product lineup with promising overseas market prospects [1]. Group 2: Low-altitude Economy and Technological Advancements - The company is advancing the low-altitude economy by launching a new generation of unmanned drone systems in 2024, promoting the integration of "unmanned drone systems + cloud platform + AI" for applications in social governance and other sectors, enabling fully autonomous operations and intelligent data processing [2]. - In 2025, the company won a 106 million yuan bid for the "Smart Bazhong" low-altitude digital economy construction project and is conducting pilot applications in various cities, collaborating with local governments to create low-altitude digital economy scenarios [2]. Group 3: Financial Projections and Incentives - The company has announced a new stock incentive plan in February 2025, granting 1.735 million restricted shares at a price of 21.68 yuan per share to 95 individuals, reflecting confidence in future growth [2]. - Revenue projections for 2025-2027 are estimated at 5.81 billion yuan, 9.39 billion yuan, and 13.52 billion yuan, with year-on-year growth rates of 22.6%, 61.5%, and 44.0% respectively. Net profits are expected to turn positive, reaching 0.09 billion yuan, 0.84 billion yuan, and 1.19 billion yuan during the same period, with significant growth rates [3].

Investment Rating - The report assigns an "Add" rating for the company for the first time, with a target valuation of 50.00 - 58.00 CNY, while the current stock price is 49.4 CNY [2]. Core Insights - The company is a leading player in the industrial drone sector in China, focusing on the development of drone hardware platforms, flight control systems, and industry application software, while actively exploring new business opportunities in the low-altitude digital economy [1]. - The company is expected to benefit from the continuous expansion of the domestic industrial drone market and the accelerated release of low-altitude economic policy dividends, leading to rapid growth in performance [1]. - The company has a comprehensive product line and has established a strong research and development system, which positions it well for future growth [7]. Summary by Sections Company Overview - The company was established in 2010 and specializes in the research, production, sales, and service of industrial drone-related products, becoming the first listed company in China with drones as its main business in February 2021 [13]. Financial Analysis - The company has seen stable revenue growth since its listing, with a significant increase in revenue to 4.74 billion CNY in 2024, a 57.14% increase year-on-year, while losses narrowed to 36 million CNY due to successful emergency project bids exceeding 200 million CNY [17][19]. - The main business segments include drone systems, services, and accessories, with drone systems contributing 76% of revenue in 2024 [19][69]. Low-altitude Economy - The low-altitude economy is identified as a key growth area, with the market expected to reach over 1 trillion CNY by 2026, driven by the rapid growth of the drone and eVTOL sectors [44][49]. - The report highlights the importance of drones as the core carrier and value creator in the low-altitude economy, with the industrial drone market projected to grow significantly [58]. Product Development - The company has a complete product line, including vertical take-off and landing fixed-wing drones, multi-rotor drones, and large fixed-wing systems, which cater to various industry needs [70]. - The company is advancing its "unmanned drone system + cloud platform + AI" solutions, enhancing its capabilities in social governance and digital economy applications [39][71]. Profit Forecast - Revenue forecasts for 2025-2027 are projected at 5.81 billion CNY, 9.39 billion CNY, and 13.52 billion CNY, with year-on-year growth rates of 22.6%, 61.5%, and 44.0% respectively [8].