四川九洲（000801）：Q2业绩高增，持续看好公司发力低空领域，构建可落地商业闭环

Investment Rating - The report maintains a "Recommend" rating for Sichuan Jiuzhou (000801) [1] Core Views - The company achieved significant growth in Q2, with a focus on the low-altitude sector, aiming to establish a viable commercial ecosystem [1] - The company has signed strategic agreements with multiple enterprises to actively participate in low-altitude management and infrastructure development [6] - The report highlights the potential for third-party low-altitude inspection and testing services, indicating a strategic opportunity for the company [6] Financial Performance Summary - Total revenue for 2024A is projected at 4,178 million, with a year-on-year growth rate of 9.0%, increasing to 6,209 million by 2027E with a growth rate of 16.6% [2] - The net profit attributable to the parent company is expected to be 194 million in 2024A, with a decline of 3.0%, and is projected to grow to 333 million by 2027E, with a growth rate of 21.2% [2] - Earnings per share (EPS) is forecasted to increase from 0.19 in 2024A to 0.33 in 2027E [2] Business Segment Performance - In H1 2025, the smart terminal products generated revenue of 11.82 billion, a growth of 3.72%, while air traffic management products achieved 4.61 billion, growing by 10.07% [6] - The company’s subsidiary, Sichuan Jiuzhou Air Traffic Management Technology, reported a net profit of 0.46 billion in H1 2025 [6] Strategic Initiatives - The company is focusing on low-altitude economic development, with plans to enhance its testing capabilities and establish model projects in low-altitude infrastructure [6] - Collaborations with logistics companies like SF Express aim to create a new ecosystem for low-altitude logistics [6]