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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has seen a significant increase in new contracts, with a year-on-year growth of 49%, particularly in new quality businesses such as big data software and smart transportation, which grew by 138% [5] - Despite a decline in traditional planning and design business due to industry cycles, the company is actively transitioning towards new economic sectors, including low-altitude economy and smart transportation, which are expected to drive future growth [5][7] - The company's revenue for 2024 is projected to be 1.316 billion yuan, a decrease of 7.26% from the previous year, but a strong recovery is anticipated in 2025 with a forecasted revenue of 2.063 billion yuan, representing a growth rate of 56.77% [9] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 1.32 billion yuan, with a net profit attributable to shareholders of 110 million yuan, reflecting a year-on-year decline of 34.74% [10] - The gross margin for 2024 was 32.5%, down 4.81 percentage points from the previous year, while the net profit margin was 8.4%, down 3.92 percentage points [6] Business Development - The company is focusing on optimizing its business structure, with significant growth in smart transportation, which accounted for 55.89% of total revenue in 2024 [5] - The establishment of specialized teams for low-altitude transportation and smart transportation indicates a strategic shift towards new infrastructure projects [7] Profit Forecast and Valuation - The net profit forecast for 2025 has been adjusted to 194 million yuan, a decrease of 7% from previous estimates, with further projections of 249 million yuan for 2026 and 309 million yuan for 2027 [7][9] - The report highlights a potential increase in profitability driven by the growth of smart transportation and new contracts, despite current pressures on traditional business lines [7]

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].

Group 1: Strategic Collaborations - Zhejiang Hunan Energy and Beijing Huaxia Jiaye signed a strategic cooperation agreement for a 1GWh energy storage system, including a 100MWh sodium-ion battery system, expected to be operational by June 30 [1] - LinYong Energy's president met with Thailand's Deputy Prime Minister to discuss cooperation opportunities in smart grids, renewable energy, and energy storage, highlighting the company's commitment to the Southeast Asian market [2] - Jiangsu LinYong Storage Technology and China Energy Construction (Shanghai) signed a strategic cooperation agreement to transition towards a comprehensive service provider in the "transportation + energy" sector [3] Group 2: Project Developments - The first hybrid grid-type energy storage project in China, combining lithium-ion batteries and supercapacitors, successfully went online, focusing on low-cost sodium-ion battery integration and mixed storage technology [4] - A 100MWh energy storage system by Duofluor was successfully commissioned in Jiaozuo, Henan, with a total investment of approximately 90 million yuan [5] - Gansu Qingyang government signed a strategic cooperation framework with Tongli Risheng and Tianqi Hongyuan for a 20 billion yuan investment in energy storage equipment manufacturing and a 1GWh lithium iron phosphate energy storage station [6] Group 3: Industry Events - The 13th International Energy Storage Summit and Exhibition (ESIE 2025) is set to feature over 800 leading enterprises and 500 new product launches, attracting more than 200,000 professional visitors [8] - ESIE 2025 will include over 40 thematic forums and invite more than 400 core policymakers and industry experts to discuss new opportunities in energy storage [8]