近日，在上海证券交易所、四川省证券期货协会指导下，由国泰海通证券投资者教育基地、国泰海通证券四川分公司主办，成都纵横自动化技术股份有限公 司、全景投资者教育上海基地协办的"我是股东"走进上市公司纵横股份活动在成都顺利举行。本次活动通过实地探访纵横股份生产工厂和深度对话交流，为 投资者提供了深入了解工业无人机龙头企业的机会。 在参观环节，投资者们实地参观了纵横股份的展厅、无人机记录中心和智慧控制室。参观了了公司各类先进无人机产品，包括垂直起降固定翼、多旋翼无人 机及无人值守机库等。无人机记录中心呈现了全球飞行数据和应用场景，凸显了产品在测绘、安防、物流等领域的卓越性能。智慧控制室则展示了公司对无 人机的远程监控与智能化管理能力，体现了其在低空经济领域的技术优势。 活动伊始，国泰海通证券四川分公司副总经理张本金为本次活动致辞。他表示，2025年宏观经济与资本市场均呈现出结构性机会，专业与资源协同的重要性 愈发凸显。本次活动不仅是对纵横股份的深入调研，更是搭建金融与产业对接平台的重要契机。 张本金表示，国泰海通证券携手工商银行共同搭建金融与产业的链接平台，利用在投研与资本运作上的经验，助力投资者看清行业与金融发展趋 ...

Investment Rating - The report does not explicitly state an investment rating for the industrial drone industry in China [1]. Core Insights - The industrial drone industry in China is experiencing explosive growth, becoming a core driver of low-altitude economic development [3]. - The industry chain has formed a complete ecosystem consisting of upstream raw materials and subsystems, midstream manufacturing and services, and downstream applications [3]. - Industrial drones are evolving from standalone devices to full-stack solutions that integrate hardware, software, and services [3]. Summary by Sections Industrial Drone Manufacturing Market Characteristics - The multi-rotor industrial drone market in China is highly competitive with numerous manufacturers, while the fixed-wing industrial drone market has a higher concentration due to significant technical barriers [5][17]. - The vertical take-off and landing fixed-wing market is a rapidly growing segment with extremely high market concentration [5][17]. - The manufacturing costs, sales prices, and operational thresholds vary significantly across different product types, with multi-rotor drones being the most accessible and cost-effective [17][19]. Application Scenarios and Technology Trends - In the surveying and geographic information sector, industrial drones will focus on the integration of AI with geographic information, multi-source data fusion, dynamic updates, and autonomous operations [6][21]. - In the inspection field, drones will advance towards fully autonomous flights, AI-driven inspections, and integrated platforms for data fusion [6][30]. - In security monitoring and emergency response, drones will develop around AI integration, edge computing, and modular designs for specialized emergency solutions [6][36]. Downstream Applications - In surveying and geographic information, drones are used for rapid data acquisition, environmental monitoring, and land registration, significantly enhancing efficiency compared to traditional methods [20][26]. - In the inspection sector, drones are applied in various industries such as power, oil and gas, and transportation, improving safety and reducing operational costs [27][29]. - In security and emergency response, drones provide real-time monitoring, rapid response capabilities, and enhanced situational awareness during emergencies [32][38].

Investment Rating - The report indicates a strong growth potential for the industrial drone industry in China, with a compound annual growth rate (CAGR) of 33.79% from 2019 to 2024, and an expected market size of 1710.15 billion yuan by 2029 [9][26]. Core Insights - The industrial drone industry is experiencing explosive growth, becoming a core driver of the low-altitude economy, with a complete ecosystem formed across the supply chain [2]. - The market growth is supported by improved policy frameworks, expanded application scenarios, AI technology integration, and accelerated upstream and downstream integration within the industry [9][28]. - The industrial drone market in China is projected to grow from 151.80 billion yuan in 2019 to 650.68 billion yuan in 2024, with significant contributions from various sectors such as agriculture, logistics, and energy inspection [26][28]. Summary by Sections Industry Overview - The industrial drone market has surpassed the consumer drone market since 2021, indicating a shift in focus towards professional applications [9]. - The industry is characterized by a complete ecosystem that includes upstream raw materials, midstream manufacturing, and downstream applications [2][39]. Market Size and Growth Factors - The Chinese industrial drone market is expected to grow significantly, with a forecasted size of 650.68 billion yuan by 2024 and 1710.15 billion yuan by 2029, driven by policy support and technological advancements [9][26]. - Key growth drivers include the establishment of a supportive policy environment, the integration of AI technology, and the expansion of application scenarios from traditional to emerging fields [28][30]. Industry Chain Analysis - The industrial drone supply chain consists of upstream components such as raw materials and systems, midstream manufacturing, and downstream applications in various sectors including energy, agriculture, and emergency response [39][40]. - The report highlights the importance of collaboration across the supply chain to enhance technological integration and service offerings [31]. Policy and Regulatory Environment - The report outlines various policies aimed at promoting the use of industrial drones in sectors like agriculture and logistics, establishing a framework for safe and efficient operations [25]. - Recent regulations have been introduced to standardize operations and ensure safety in the use of drones across different applications [25]. Technological Advancements - The integration of AI technology is noted as a significant factor in enhancing the operational capabilities of industrial drones, improving navigation and decision-making processes [29]. - The report emphasizes the need for continuous innovation and adaptation to meet the evolving demands of the market [36]. Challenges and Risks - The industry faces challenges such as slow policy implementation, economic uncertainties, and increasing competition, which could impact growth [32][34]. - Technological risks include the need for ongoing research and development to maintain competitive advantages and meet customer demands for customized solutions [36].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - The company reported a revenue of 322 million yuan for the first three quarters of 2025, representing a year-over-year increase of 57.01%. The net profit attributable to shareholders was -20 million yuan, an improvement from -53 million yuan in the same period last year [1]. - In Q3 2025, the company achieved a revenue of 188 million yuan, a year-over-year growth of 53.79% and a quarter-over-quarter increase of 95.77%. The net profit for the quarter was 17 million yuan, marking a turnaround from losses in both the previous year and the previous quarter [1][2]. - The gross margin for the first three quarters of 2025 improved by 2.20 percentage points to 48.86%, while the net margin increased by 10.30 percentage points to 9.68% [1]. Financial Performance - The company effectively controlled expenses, with the expense ratio decreasing by 13.41 percentage points to 51.70%. The sales expense ratio decreased by 6.27 percentage points to 23.60%, and the management expense ratio decreased by 2.78 percentage points to 15.58% [2]. - Research and development expenses amounted to 36 million yuan, reflecting a year-over-year increase of 20.40% [2]. - As of the end of Q3 2025, accounts receivable and notes totaled 156 million yuan, a decrease of 5.21% from the beginning of the year, while inventory increased by 13.50% to 230 million yuan [2]. Market Strategy - The company is actively expanding both domestic and international markets, focusing on the low-altitude economy. It aims to enhance its drone system applications and develop a low-altitude digital economy market [3]. - The company has initiated projects in various cities, including a 106 million yuan contract for a "Smart Bazhong" low-altitude digital economy unmanned system [3]. Earnings Forecast - The company is projected to achieve net profits of 7 million yuan, 60 million yuan, and 125 million yuan for the years 2025, 2026, and 2027, respectively. The current stock price corresponds to a PE ratio of 659x for 2025, 78x for 2026, and 37x for 2027 [4][5].

Investment Rating - The report assigns an "Add" rating for the company for the first time, with a target valuation of 50.00 - 58.00 CNY, while the current stock price is 49.4 CNY [2]. Core Insights - The company is a leading player in the industrial drone sector in China, focusing on the development of drone hardware platforms, flight control systems, and industry application software, while actively exploring new business opportunities in the low-altitude digital economy [1]. - The company is expected to benefit from the continuous expansion of the domestic industrial drone market and the accelerated release of low-altitude economic policy dividends, leading to rapid growth in performance [1]. - The company has a comprehensive product line and has established a strong research and development system, which positions it well for future growth [7]. Summary by Sections Company Overview - The company was established in 2010 and specializes in the research, production, sales, and service of industrial drone-related products, becoming the first listed company in China with drones as its main business in February 2021 [13]. Financial Analysis - The company has seen stable revenue growth since its listing, with a significant increase in revenue to 4.74 billion CNY in 2024, a 57.14% increase year-on-year, while losses narrowed to 36 million CNY due to successful emergency project bids exceeding 200 million CNY [17][19]. - The main business segments include drone systems, services, and accessories, with drone systems contributing 76% of revenue in 2024 [19][69]. Low-altitude Economy - The low-altitude economy is identified as a key growth area, with the market expected to reach over 1 trillion CNY by 2026, driven by the rapid growth of the drone and eVTOL sectors [44][49]. - The report highlights the importance of drones as the core carrier and value creator in the low-altitude economy, with the industrial drone market projected to grow significantly [58]. Product Development - The company has a complete product line, including vertical take-off and landing fixed-wing drones, multi-rotor drones, and large fixed-wing systems, which cater to various industry needs [70]. - The company is advancing its "unmanned drone system + cloud platform + AI" solutions, enhancing its capabilities in social governance and digital economy applications [39][71]. Profit Forecast - Revenue forecasts for 2025-2027 are projected at 5.81 billion CNY, 9.39 billion CNY, and 13.52 billion CNY, with year-on-year growth rates of 22.6%, 61.5%, and 44.0% respectively [8].

Group 1 - The core viewpoint of the news is that Zongheng Co., Ltd. has experienced a significant decline in stock price, dropping 5.09% on September 4, with a cumulative decline of 11.29% over four consecutive days [1] - As of the report, Zongheng's stock price is at 52.20 yuan per share, with a total market capitalization of 4.572 billion yuan and a trading volume of 82.96 million yuan, indicating a turnover rate of 1.75% [1] - The company, established in April 2010 and listed in February 2021, specializes in the research, production, sales, and services of industrial drone-related products, with its main business revenue composition being 68.97% from drone systems, 13.69% from drone services, 9.13% from other sources, and 8.20% from drone accessories [1] Group 2 - From the perspective of fund holdings, Zongheng is a significant investment for the Noan Jingxin Mixed Fund, which held 35,800 shares, accounting for 4.38% of the fund's net value, making it the tenth largest holding [2] - The Noan Jingxin Mixed Fund has reported a floating loss of approximately 100,200 yuan today and a cumulative floating loss of 250,400 yuan over the four-day decline [2] - The fund, managed by Li Yuliang, has a total asset scale of 39.4081 million yuan, with a year-to-date return of 37.09% and a one-year return of 65.01%, ranking 1403 out of 8180 and 1374 out of 7978 respectively in its category [2][3]

Core Viewpoint - The strategic share transfer of 4.9 million shares (5.59% of total equity) from major shareholders of Zongheng Co., Ltd. to Sichuan Capital Market Relief Development Fund aims to enhance the company's long-term development and optimize its equity structure [1][2][4]. Group 1: Share Transfer Details - The share transfer price is set at 46.568 yuan per share, totaling approximately 228 million yuan [1][2]. - The shareholders involved in the transfer are Wang Chen, Chen Peng, and Ren Bin, who are in a concerted action relationship, with Ren Bin serving as the chairman of Zongheng [2]. - The Sichuan Relief Development Fund commits to not reducing its holdings within 12 months post-transfer [2]. Group 2: Financial Performance - In the first half of the year, Zongheng reported revenues of approximately 135 million yuan, a year-on-year increase of 61.7%, while the net profit attributable to shareholders was a loss of 36.34 million yuan, reducing losses by 16.69 million yuan compared to the previous year [3]. - The second quarter saw revenues of 96 million yuan, a 71.2% year-on-year increase, with a net profit loss of 840,000 yuan, reducing losses by about 1.56 million yuan [3]. Group 3: Strategic Implications - The partnership with Sichuan Capital Market Relief Development Fund is seen as a strategic move to enhance industry collaboration and leverage local resources in the low-altitude economy sector [4][5]. - Zongheng has previously participated as the only private enterprise shareholder in the establishment of the "Sichuan Low Altitude Economy Industry Development Co., Ltd." [5]. - Sichuan Development (Holding) Co., Ltd. is focusing on investments in aerospace and low-altitude economy sectors, indicating a broader strategic interest in these areas [5].

Core Viewpoint - Chengdu Zongheng Automation Technology Co., Ltd. is entering a significant strategic development phase with a share transfer to a state-owned fund, indicating a strong commitment to long-term growth and collaboration in the low-altitude economy sector [1][2]. Group 1: Share Transfer Details - Shareholders Wang Chen, Chen Peng, and Ren Bin plan to transfer 5.59% of their shares to Sichuan Capital Market Relief Development Securities Investment Fund, a subsidiary of Sichuan Development (Holding) Company [1]. - The share transfer will not change the company's controlling shareholder or actual controller, ensuring stability in governance [1]. Group 2: Strategic Implications - The transfer is part of a strategic arrangement to optimize the equity structure and deepen industrial collaboration, aimed at injecting strong momentum into the company's long-term development [2]. - The shareholders have committed to providing at least 50% of the after-tax proceeds from the transfer as a loan to the company for three years [2]. Group 3: Industry Collaboration and Future Prospects - Since 2025, the company has engaged in deep cooperation with various local state-owned platforms to explore and promote the scalable development of low-altitude digital economy businesses [2]. - The partnership with the relief fund is expected to enhance the company's access to abundant local resources, policies, and application scenarios in the low-altitude economy, accelerating technology commercialization and market expansion [2].

Core Viewpoint - Guoanda Co., Ltd. has increased its stake in Shenzhen Kewitai Industrial Development Co., Ltd. to 51.02%, making it a controlling subsidiary, which reflects a strategic move into the low-altitude economy sector [1][3]. Group 1: Investment and Acquisition - The investment of 104 million yuan allows Guoanda to raise its shareholding from 19.81% to 51.02%, with 26.6 million yuan allocated to registered capital and 77.4163 million yuan to capital reserves [1]. - This acquisition is the final step in a phased acquisition strategy that began in January 2025, with Guoanda initially acquiring a 14.91% stake [3]. Group 2: Industry Context - The low-altitude economy sector is transitioning from concept to reality, driven by policy incentives that are expected to create a market worth hundreds of billions [1]. - Guoanda operates in the fire emergency rescue field, which is a high-frequency demand scenario for low-altitude applications, benefiting from both policy support and commercial potential [1]. Group 3: Technological Integration - Kewitai's products, such as forest fire detection and firefighting drones, are compatible with Guoanda's fire warning and automatic extinguishing systems, facilitating a comprehensive intelligent protection system [4]. - Kewitai's drones for police security and power inspection can leverage Guoanda's customer resources in the power grid and energy storage sectors [4]. Group 4: Business Transformation - The acquisition signifies Guoanda's transformation from a traditional fire equipment manufacturer to a dual-business model focusing on "firefighting + low-altitude" operations [7]. - Guoanda has established a complete chain from research and development to application, including a drone manufacturing segment through Kewitai and a training base for drone pilots [6].

Financial Performance - The company reported a total revenue of 135 million yuan for the first half of 2025, representing a year-on-year increase of 61.72% [1] - The net profit attributable to shareholders was -36.34 million yuan, an improvement of 31.47% compared to the previous year [1] - The gross margin increased to 53.23%, up 12.94% year-on-year, while the net margin improved to -28.15%, a 56.15% increase [1] - Total expenses (selling, administrative, and financial) amounted to 78.51 million yuan, accounting for 58.3% of revenue, a decrease of 25.3% year-on-year [1] Balance Sheet Highlights - Inventory saw a significant increase, with a year-on-year growth of 44.69% [1] - Cash and cash equivalents decreased by 40.8% due to increased payments for goods and investment expenditures [2] - Long-term equity investments surged by 286.45% due to increased investment in a subsidiary [2] - The company’s total liabilities decreased by 32.56%, reflecting a reduction in interest-bearing debt [1][2] Operational Insights - The company focuses on the development, production, and sales of industrial drone products, positioning itself as a leading player in the domestic market [7] - The product lineup includes various types of drones, such as vertical take-off fixed-wing drones and multi-rotor drones, catering to diverse applications [8] - The company has established a comprehensive system for drone applications, integrating cloud platforms and industry-specific solutions [7] Market Position - The company is recognized for its core technological advantages in intelligent control and drone design, with some products reaching international standards [7] - Recent financial reports indicate a general trend of improving operational metrics, although the company has faced challenges in achieving positive net profits historically [5]