Core Viewpoint - Chongqing is encouraging investment entities to explore diversified application scenarios for distributed photovoltaic (PV) construction through the draft implementation guidelines for distributed PV development and construction management [1] Summary by Relevant Sections - **Policy Framework**: The draft guidelines specify that general commercial and industrial distributed PV projects using self-generated surplus electricity for grid connection should determine different grid connection electricity ratios based on local power load distribution [1] - **Electricity Usage Ratios**: For projects located within the main urban area of Chongqing, the annual self-generated electricity usage ratio should not be less than 20% across 22 districts and counties. In other districts, the ratio should not be less than 40% [1] - **Encouragement of Innovation**: Investment entities are encouraged to explore diversified application scenarios for distributed PV, supporting the development of incremental distribution networks, virtual power plants, smart microgrids, and mechanisms for benefit coordination and sharing between large grids and local networks [1] - **Integrated Development**: The guidelines promote integrated development of source, grid, load, and storage, and encourage research into energy integration, PV + storage, and development models such as PV + 5G base stations [1]

Core Viewpoint - The Ministry of Transport and ten other departments have jointly issued guidelines to promote the integration of transportation and energy sectors, emphasizing the importance of planning coordination and the development of clean energy infrastructure [1][2][3]. Group 1: Current Status of Transportation and Energy Integration - The installed capacity of clean energy sources such as wind and solar in national transportation infrastructure exceeds 890,000 kilowatts, with 35,000 charging stations and approximately 51,000 charging parking spaces established [1]. - The proportion of new energy city buses has reached 77.6%, and over 430 clean energy vessels have been built or are under construction [1]. - The electrification rate of national railways stands at 75.3% [1]. Group 2: Planned Actions and Initiatives - A series of special actions will be implemented, including the "启曜" action for transportation infrastructure and the "乘风" action for low-carbon transformation of transport equipment [2]. - The guidelines aim to enhance policy coordination, allowing clean energy projects in transportation infrastructure to participate in electricity market transactions [2]. - By 2035, the integration of transportation and new energy systems is expected to be fully realized, with a focus on expanding the application of new energy vehicles in various sectors [2]. Group 3: Technological Development and Strategic Importance - The development of a research platform for transportation and energy integration technologies is planned, focusing on key technologies such as flexible interconnection of transportation energy systems and large-capacity solid-state batteries [3]. - The deep integration of transportation and energy sectors is deemed crucial for ensuring national energy security and advancing carbon peak and carbon neutrality goals [3]. - The implementation of significant projects in this area is expected to lead to substantial adjustments in energy use structures within the transportation sector, promoting new scenarios, models, and business formats for renewable energy [3].

Group 1: Establishment of International Standards - The Ministry of Transport announced the establishment of an ISO Technical Committee focused on port and terminal standardization, marking a significant milestone for China's role in international standardization efforts [1] - The committee was approved on January 18, 2025, and is the first of its kind globally, dedicated to port and terminal standardization [1] Group 2: Integration of Transportation and Energy - The integration of transportation and energy sectors is crucial for national energy security and achieving carbon neutrality goals, with significant progress reported in clean energy projects [3][4] - Key statistics include over 890,000 kilowatts of installed clean energy capacity in transportation infrastructure, 35,000 charging piles, and a 77.6% share of new energy buses in urban public transport [3] Group 3: Guidelines for Energy Integration - A joint guideline was issued by ten departments to promote the integration of transportation and energy, focusing on clean energy development, new energy equipment promotion, and green fuel supply [4] - The guideline outlines 25 key tasks aimed at transforming the energy structure in transportation and enhancing overall infrastructure efficiency [4] Group 4: Service Quality Improvement in Highway Service Areas - The Ministry of Transport has introduced a new evaluation method for highway service area quality, emphasizing the need for improved services for the growing number of self-driving travelers [6][7] - The evaluation criteria include both infrastructure configuration and service quality, aiming to enhance the overall experience for travelers [7]

Group 1: Industry Outlook and Company Strategy - The urbanization process in China has shifted towards optimizing existing resources and high-quality development, focusing on improving transportation efficiency, safety, resilience, and sustainability [3] - The company aims to enhance its core competitiveness and achieve sustained revenue growth by positioning itself as a "new generation urban transportation intelligent product and technology company," targeting emerging sectors like low-altitude economy and intelligent networking [3] - The company plans to invest approximately 10% of its revenue annually in R&D, with a focus on AI data platforms and intelligent products related to the low-altitude economy [3] Group 2: Business Development and Market Expansion - The company's new generation urban transportation solutions have been implemented in key cities across China and regions like Hong Kong and the UAE, with over 50% of new contracts signed in 2024 coming from outside the local area [5] - In 2024, the company secured nearly 350 million in projects in the UAE and is currently negotiating additional projects in Saudi Arabia, the UAE, and Singapore [5] - The company is committed to becoming a global leader in urban transportation solutions, with a strategy of "Shenzhen benchmark + national replication + international output" [4] Group 3: Financial Performance and Future Projections - The company's net profit for 2024 was reported at 110 million [5] - All three main business segments are currently profitable, and the management is focused on optimizing operations to enhance profitability and return value to investors [5] - The company is considering a name change to reflect its transformation from an engineering design and consulting firm to a leader in big data, software, and AI solutions [6]

Group 1: Industry Outlook - The smart transportation industry is experiencing strong growth driven by national policies, technological advancements, and market demand [2] - The integration of ETC and C-V2X technologies is accelerating the development of smart transportation [2] - The digital transformation of traffic infrastructure supports the construction of a strong transportation nation [2] Group 2: Company Performance - In 2024, the company achieved a revenue of 7,875.48 million yuan, a year-on-year increase of 16.39% [3] - The net profit attributable to shareholders reached 5.96 million yuan, reflecting a year-on-year growth of 59.69% [3] - The company’s first-quarter net profit in 2025 declined due to increased R&D expenses and reduced financial income from changes in monetary policy [4] Group 3: Strategic Initiatives - The company aims to leverage its dual capabilities in "transportation + IT" to enhance its service offerings in various sectors, including vehicle-road-cloud integration and digital energy [5] - The focus will be on deepening domestic market engagement while actively exploring international opportunities for growth [5] - The company plans to build an efficient and flexible market operation system to improve response speed and service quality [5] Group 4: Management and Compensation - The compensation for directors and senior management is structured around a base salary, performance salary, bonuses, and long-term incentives [6] - The company follows a market-oriented principle in its compensation strategy, aiming to enhance talent competitiveness [7]

Summary of Key Points Core Viewpoint - The company is experiencing a decline in profitability due to macroeconomic conditions and industry downturns, but it is focusing on transformation and new growth areas to enhance its competitive position in the market [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved a net profit of 383 million yuan, a decrease compared to 2023, and for Q1 2025, the net profit was 57.895 million yuan, also down year-on-year [1][2]. - The company's cash flow from investment activities was negative due to increased purchases of financial products, while cash flow from financing activities was negative due to dividend payments [4]. Group 2: Growth Opportunities - The company is committed to a strategic transformation focusing on "digitalization, industrialization, platformization, and internationalization," aiming to develop new business areas such as low-altitude economy and infrastructure digitalization [2][3]. - In 2024, revenue from new business segments reached 1.38 billion yuan, accounting for over 31% of total revenue, with the low-altitude economy segment seeing a 96% increase in order volume [2]. Group 3: Industry Outlook - The traditional infrastructure construction era is facing challenges, but new fields driven by digital, AI, and low-carbon technologies present significant market opportunities for growth [3]. - The overall industry is in a downturn due to reduced macro infrastructure investment, but there are still emerging growth points in areas like low-altitude economy and digital transformation [3].

交能融合为何渐成趋势？交通与能源同为支撑国民经济发展的重要基础产业，二者深度融合发展意义重 大。历史上，在煤炭与蒸汽机的交融中，人类进入了火车时代；在石油和内燃机的碰撞中，汽车走进千 家万户。交通与能源从来都是并驾齐驱，但更多的是单向的能源供给关系。如今全面推进交能融合发 展，可有效发挥交通和能源两大行业对我国经济社会可持续发展的倍增作用。 保障能源安全。长期以来，我国石油、天然气对外依存度高，尤其是石油资源广泛用于交通领域。积极 开发新能源发电项目，配套储能等调节资源保障支撑，实施电能替代并延伸扩大下游氢基能源产业链， 推进交通运输行业清洁用能替代，是端牢我国能源饭碗的重要举措。 助力低碳转型。交通和能源行业是实现"双碳"目标的关键领域。面对资源紧缺、气候变化、环境污染的 严峻挑战，利用交通资产能源化、交通用能绿色化，加快能源和交通领域绿色低碳转型，逐步构建以清 洁能源为主体的交通能源体系，是实现"双碳"目标的必然选择。 高速服务区装风机，公路沿线铺光伏，交通基础设施变身虚拟电厂……交通运输与能源领域的边界日渐 模糊。交通运输部等10部门日前发布《关于推动交通运输与能源融合发展的指导意见》提出，到2035 ...

2025 年 5 月 6 日 公司研究 ——深城交（301091.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：33.85 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 市场数据 | 总股本(亿股) | 4.06 | | --- | --- | | 总市值(亿元)： | 137.30 | | 一年最低/最高(元)： | 23.10/66.00 | | 近 3 月换手率： | 149.50% | 股价相对走势 新签合同高增，业务转型下增长可期 -30% -1% 29% 58% 87% 04/24 07/24 10/24 01/25 深城交 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 9.12 | -22.94 | 8.56 | | 绝对 | 14.17 | -23.59 | 11.65 | 资料来源：Wind 相 ...

Core Viewpoint - The company expects a revenue increase of 0%-30% and a net profit increase of 0%-20% for 2025, following a revenue growth of 4.25% and a net profit growth of 5.1% in 2024 [1][5]. Financial Performance - In 2024, the company achieved a revenue of 3.53 billion yuan, reflecting a growth of 4.25%, with quarterly growth rates of 19.54%, 1.14%, 18.99%, and a decline of 8.43% [3]. - The net profit attributable to shareholders was 510 million yuan, marking a 5.1% increase, with quarterly changes of -9.34%, -2.67%, -35.93%, and 74.84% [3]. - The gross profit margin for 2024 was 33.52%, a decrease of 0.33 percentage points, while the net profit margin was 14.53%, an increase of 0.12 percentage points [3]. - The company reported a negative operating cash flow of 150 million yuan in 2024, compared to a positive cash flow of 270 million yuan in the same period of 2023 [3]. Contract and Order Status - New contracts signed in 2024 decreased by 24.6% to 3.454 billion yuan, with a backlog of orders declining by 9.3% to 7.778 billion yuan [4]. - The provincial market saw new contracts of 2.928 billion yuan, down 17.98%, while the non-provincial market experienced a significant decline of 48.02% in new contracts, totaling 526 million yuan [4]. Strategic Initiatives - The company is focusing on digital transformation by establishing an AI foundation and smart platform, with plans to deploy AI models in transportation engineering [5]. - The company aims to explore new business models in low-carbon and energy integration sectors, aligning with national strategies [5]. - A dividend of 157 million yuan is planned for 2024, with a payout ratio of 30.6% [5].

Investment Rating - The report does not explicitly state an investment rating for the engineering consulting services industry or the specific company involved in the research. Core Insights - The company is focused on the construction and operation of a new generation urban transportation system, emphasizing technology-driven transformation and aiming to become a global leader in the sector [20]. - The company has developed an AI technology framework centered around a digital twin for urban transportation, supporting various operational areas including planning, management, and maintenance [20]. - The Shenzhen government is accelerating the development of the low-altitude economy, with plans to establish a comprehensive low-altitude infrastructure system by 2025 [21]. Summary by Sections 1. Basic Research Information - The research was conducted on February 25, 2025, focusing on the engineering consulting services industry, specifically the company 深城交 [13]. 2. Detailed Research Institutions - Various institutions participated in the research, including Galaxy Fund, China People's Pension Insurance, and several private equity and asset management firms [14][15]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of different research institutions involved. 4. Main Content Information - The company is transitioning towards a technology-oriented model, focusing on high-growth areas such as low-altitude economy and intelligent networking [20]. - The company has undertaken nearly 20 projects related to the low-altitude economy, contributing to the establishment of industry standards and infrastructure [21]. - Recent advancements include strategic partnerships in smart travel services, development of a public smart parking platform, and initiatives in smart logistics [22].