Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a leading player in Shenzhen's transportation planning and is transitioning into a comprehensive smart transportation service provider, with significant growth in its smart transportation business [1][4]. - The low-altitude economy is expected to see rapid growth due to supportive policies, with infrastructure demand anticipated to increase significantly [2][3]. - The company is deeply involved in the low-altitude construction in Shenzhen, establishing a complete "investment-construction-operation" industrial chain [3]. - The "Vehicle-Road-Cloud" initiative is gaining momentum, with expected industry growth and the company launching various smart transportation applications [4]. Summary by Sections Company Overview - The company, originally established as Shenzhen Urban Transportation Center in 1993, has undergone several transformations, becoming a state-owned enterprise in 2006 and listed on the Shenzhen Stock Exchange in 2021 [14]. - It has shifted focus towards smart transportation services, with a significant increase in the revenue contribution from this sector, rising from 7% in 2017 to 56% in 2024 [18]. Low-Altitude Industry Participation - The company is a core participant in Shenzhen's low-altitude industry, with over 70% of its revenue generated from this region [3]. - It has been involved in formulating national standards and has developed the first intelligent integrated low-altitude system in the country [3]. Vehicle-Road-Cloud Development - The "Vehicle-Road-Cloud" initiative is projected to reach a total industry output value of 2.6 trillion yuan by 2030, with the company launching the first city-level vehicle-road-cloud platform in Shenzhen [4]. Financial Analysis and Forecast - The company is expected to see a recovery in its financial performance, with projected net profits of 106 million yuan in 2025, 115 million yuan in 2026, and 123 million yuan in 2027 [4]. - The company has experienced a decline in traditional planning and design demand, but new business contracts have surged, indicating a potential stabilization in revenue [22][24].
深城交（301091）：智交千里通衢阔，低空寰宇乘风行