深城交(301091)：深圳低空经济链主 全面转向产品&运营型科技企业

Core Insights - The company is the first state-owned enterprise to provide comprehensive urban transportation solutions, focusing on smart urban transportation products and technology for construction and operation [1] - The company aims to enhance urban transportation efficiency by 20%-30% and reduce investment costs by over 20% through its services [1] - The company has established a systematic technology product framework centered on intelligent networking, which is expected to play a leading role in the future urban transportation system [1] Company Competitiveness - The company has developed a city-level digital twin platform and the TransPaas platform, which supports over 15 categories and 2100+ traffic twin data connections [2] - The digital twin platform encompasses 15 major categories and over 3000 standardized traffic data assets, enhancing the company's core competitiveness [2] - The company has created a comprehensive digital application platform covering the entire lifecycle from planning to operation, significantly broadening its product range [2] Financial Performance - In 2024, the company reported revenue of 1.316 billion yuan, a decrease of 7.26%, and a net profit of 106 million yuan, down 34.74% [3] - The company signed new contracts worth 2.58 billion yuan in 2024, a year-on-year increase of 49%, with new business accounting for over 67% of total contracts [3] - The company is experiencing a temporary revenue decline during its transformation phase, but losses are narrowing [3] Low-altitude Economy Development - The company is positioned as a key player in Shenzhen's low-altitude economy, with plans for large-scale infrastructure construction expected to begin soon [4] - Shenzhen aims to establish over 1000 low-altitude takeoff and landing points by 2025/2026, supported by national policies and financial backing [3][4] - The company has launched several core products to support the low-altitude economy, enhancing its operational capabilities across the entire value chain [4] New Product Development - The company has established a city-level "Vehicle-Road-Cloud" smart supervision network and is a key technical support unit for integrated pilot city construction [5] - It has developed a management and scheduling platform for functional unmanned vehicles, with over 200 units deployed for urban logistics [5] - The company is also advancing in virtual power plants and computing power construction, with significant projects underway [5] Future Outlook - The company is transitioning to a product-oriented and platform-oriented technology firm, with expected revenue growth from 2.035 billion yuan in 2025 to 3.489 billion yuan in 2027 [6] - The net profit is projected to increase from 227 million yuan in 2025 to 467 million yuan in 2027, with a decreasing price-to-earnings ratio [6] - The company is well-positioned to benefit from the upcoming infrastructure orders in the low-altitude economy sector [6]