纵横通信深度报告：领先的通信网络技术服务商，收购狮尾智能卡位飞控优质赛道

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][4]. Core Insights - The company is a leading provider of communication network technology services in China, focusing on 5G infrastructure, digital marketing services, and intelligent solutions for government and enterprise sectors. In 2023, the company achieved revenue of 1.359 billion yuan, a year-on-year increase of 19.83%, and a net profit attributable to shareholders of 33 million yuan, up 49.87%, primarily driven by the rapid growth of its digital marketing business [15][17]. - The acquisition of Liontail Intelligent in July 2024 positions the company to expand into the eVTOL and large drone avionics control systems, tapping into emerging markets [15][17]. - The flight control system is a critical component of eVTOL and drones, with a projected global market size for flight control systems expected to grow from approximately 4.5 billion USD in 2023 to 13 billion USD by 2030 [15][22]. Summary by Sections 1. Company Overview - The company is a professional information communication technology service provider, primarily serving major telecom operators and providing comprehensive digital marketing services [15][17]. 2. Acquisition and Market Expansion - The acquisition of Liontail Intelligent allows the company to enter the avionics control market, which has high barriers to entry due to stringent certification requirements [15][22]. 3. Digital Marketing Services - The digital marketing segment has shown significant growth, with revenues increasing from 0.56 billion yuan in 2020 to 5.56 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of approximately 115.3% [17][21]. 4. 5G Infrastructure - The company is well-positioned to benefit from the stable investment in 5G infrastructure, with expectations of steady growth in this segment [15][21]. 5. Profit Forecast and Valuation - The report forecasts net profits for 2024-2026 to be 45 million, 66 million, and 84 million yuan, respectively, with corresponding earnings per share (EPS) of 0.22, 0.32, and 0.41 yuan per share [4][3]. 6. Market Comparisons - The company's price-to-earnings (P/E) ratio is projected to be higher than the industry average but lower than its historical average, indicating potential for growth [4][3].