深城交（301091）：深城深度研究报告：公司如何在低空经济浪潮中脱颖而出？

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [1]. Core Viewpoints - The company is positioned to stand out in the low-altitude economy wave, leveraging its strong ties with Shenzhen's state-owned assets and employee stock ownership to enhance its technological capabilities [1][10]. - The report emphasizes the company's focus on new-generation urban transportation systems, driven by technology and assets, aiming to provide integrated solutions for urban traffic systems [1][41]. Summary by Sections 1. Company Structure and Financial Analysis - The actual controller of the company is the Shenzhen State-owned Assets Supervision and Administration Commission, with a significant employee stock ownership platform holding 22.5% of the shares, enhancing motivation among core staff [16][21]. - Financial data shows that since its listing, the revenue share from big data software and smart transportation has increased from 28% in 2020 to 41% in 2023, while planning consulting revenue has decreased from 50% to 36% [29][30]. - The company has maintained stable profits around 160 million from 2021 to 2023, with a projected net profit of 60 million in the first three quarters of 2024, reflecting a year-on-year growth of 13.2% [36][37]. 2. Business Development in Low-altitude Economy - The planning consulting business serves as an entry point into the low-altitude economy, providing technical services and planning for local governments, with several projects already won in regions like Shenzhen, Zhejiang, and Jiangsu [2][48]. - The company is actively involved in low-altitude digital construction, with the SILAS project expected to be a benchmark for urban low-altitude services, supported by its major shareholder, which is the only authorized unit for digital base construction in Shenzhen [2][54][65]. - The report anticipates that 2024 will be a planning year for the low-altitude economy, with significant tender orders already exceeding 4 billion for low-altitude digital and infrastructure projects [3][12]. 3. Replicable Potential and Market Expansion - The company aims to establish a benchmark in Shenzhen's low-altitude economy, with plans to replicate its success nationwide, leveraging its experience from being a pioneer in the field [7][20]. - The report highlights the potential for nationwide replication, as the company has been selected for pilot projects in Hong Kong's low-altitude economy regulatory sandbox [7][20]. 4. Profit Forecast and Investment Recommendations - The report forecasts net profits of 166 million, 217 million, and 273 million for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 2%, 31%, and 26% [8][13]. - The company is viewed as one of the key players in the low-altitude economy sector, with a recommendation to buy based on its potential to establish benchmarks in Shenzhen and expand nationally and internationally [7][13].