CCCCDC(SH:600720) EBSCN·2024-08-09 02:01Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is positioned as a leader in design consulting, actively expanding into "low-altitude economy" and "vehicle-road-cloud integration" sectors, aiming for growth in these new productivity areas [2][3] - The company plans to complete its restructuring and relisting by December 2023, consolidating several design institutes under its umbrella, which enhances its market share in infrastructure design [2] - The "low-altitude economy" initiative includes establishing dedicated research institutions and business units to provide services such as policy consulting and route design, with a focus on expanding into comprehensive planning and operational services [2][3] - The "vehicle-road-cloud integration" project is supported by the Ministry of Transport, with the company leading digital transformation projects across multiple provinces, indicating a strong involvement in smart transportation initiatives [2][3] Summary by Sections Business Overview - The company has a nationwide presence with 119 branches, maintaining good relationships with local governments, which positions it well to secure orders in government-led projects [3] - The company possesses significant design consulting experience and digital capabilities, having participated in national planning and policy research, which enhances its competitive edge [3] Market Potential - The "low-altitude economy" and "vehicle-road-cloud integration" sectors are expected to enter a rapid development phase in 2024, with substantial growth potential projected [2][3] - The report cites that the low-altitude economy in China is expected to exceed 500 billion yuan in 2023 and reach 2 trillion yuan by 2030, while the vehicle-road-cloud integration sector is projected to see significant growth in the coming years [2][3] Financial Projections - The company’s net profit forecasts for 2024 and 2025 have been raised to 1.85 billion yuan and 1.99 billion yuan respectively, reflecting an increase of 121% and 126% [3] - The report anticipates continued growth in overseas projects, with the company actively expanding its international market presence, currently operating in nearly 60 countries [3]