建筑工程业：低空经济再迎密集催化，推荐华设集团、设计总院

Industry Investment Rating - The report maintains an Overweight rating for the construction engineering industry [4] Core Views - The National Development and Reform Commission (NDRC) emphasizes the significant potential and bright prospects of the low-altitude economy, aiming to create a healthy development environment with diverse scenarios, intelligent supply, and safe regulation [3] - Local governments, such as Suzhou and Wuxi, are actively promoting low-altitude economy development through policy measures, project signings, and infrastructure construction [3] - Key companies like Huashi Group and Design Institute are recommended due to their strategic positioning and expertise in low-altitude economy-related projects [3] Summary by Sections National and Local Policy Support for Low-Altitude Economy - The NDRC and other national departments are pushing for the development of the low-altitude economy, with policies targeting the integration of low-altitude technologies into daily life by 2030, aiming for a trillion-yuan market [7] - Local governments, including Guangdong, Anhui, and Jiangsu, have introduced measures to support low-altitude economy development, focusing on infrastructure, innovation, and application scenarios [7][9] Key Company Recommendations Huashi Group - Huashi Group has established a comprehensive low-altitude economy business framework, covering planning, design, and drone applications [3] - The company has provided engineering consulting services for 113 transport airports and 18 general aviation airports [3] - Huashi Group won the Taicang UAV test base project, which includes 5G smart network capabilities, service management platforms, and infrastructure construction [3] - The company's low-altitude economy-related revenue in 2023 reached 340 million yuan [3] Design Institute - Design Institute serves as a technical support unit for the Anhui Provincial Low-Altitude Economy Office, with significant regional and qualification advantages [3] - The company completed the "Anhui General Aviation Industry Medium and Long-Term Development Plan (2023-2035)," proposing a spatial layout system for the province's aviation industry [3] - In 2023, the company signed new contracts worth 34 million yuan in the civil aviation sector [3] Shenzhen Urban Transport Planning Center (SUTPC) - SUTPC has undertaken low-altitude infrastructure projects and participated in the establishment of the Greater Bay Area Low-Altitude Economy New Infrastructure Alliance [3] - The company is developing a smart low-altitude traffic solution based on digital twin technology, covering planning, design, and operation [22] JSTI Group - JSTI Group is accelerating its low-altitude economy business, focusing on six major directions, including flight services, UAV equipment testing, and infrastructure construction [24] - The company has undertaken over 60 major aviation consulting projects, including strategic research for Suzhou's general airport development [24] Financial Projections and Key Metrics - Huashi Group is projected to achieve EPS of 1.16/1.25/1.35 yuan for 2024-2026, with a target price of 13.1 yuan, representing a 2024 PE of 11.3x [10] - Design Institute is expected to achieve EPS of 1.02/1.13/1.26 yuan for 2024-2026, with a target price of 12.97 yuan, representing a 2024 PE of 12.7x [15] - Both companies are rated Overweight based on their growth potential and low-altitude economy-related projects [25]