CDG(603018) 国盛证券·2024-11-29 07:46Investment 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].