该低空智联网系统是由中国铁塔股份有限公司榆林市分公司利用其通信塔的电力、网络及电信级保 障资源，构建的一套空天地一体化监测体系。无人机在飞行过程中会自动采集画面，并将画面实时回传 至监控中心。"一旦发现火情，系统会自动联动林场铁塔视联综合管控平台，实现'监测—预警—处 置'闭环管理。"中国铁塔股份有限公司榆林市分公司项目经理孙咪咪介绍,巡检任务完成后，无人机可 自动生成巡检报告，为林场管理提供数据支持。巡航结束后，无人机可自动返回并停靠在铁塔停机坪的 智慧机巢进行充电。 "我们公司依托覆盖广、电力稳、网络强的站址资源，在榆阳区城郊林场四里沙林区部署无人机机 巢，实现'空中哨兵'全天候巡查，结合高点监控形成天地空立体监测体系。这种模式让铁塔资源成为守 护绿水青山的数字基座。"孙咪咪表示，未来，这种创新的监测模式还将在河道巡查、应急抢险、智慧 城市等多个领域广泛应用，为推动美丽榆林建设注入新动能。（记者：郝颖 通讯员：马露露） 日前，一架无人机从榆林市榆阳区城郊林场四里沙林区的一处智慧机巢启仓而出，标志着低空智联 网系统在榆林市首次投用。 榆阳区城郊林场四里沙林区栽植面积约3500亩，现已通过铁塔高点监控部署了6 ...

Investment Rating - The report maintains a "Hold" rating for China Tower Corporation with a target price raised to HKD 13.7, reflecting an increase in valuation from 3.1x to 4.0x based on the 2025 fiscal year EV/EBITDA [1][7][3]. Core Views - China Tower's fiscal year 2024 performance met expectations, with revenue increasing by 4.0% year-on-year to RMB 97.8 billion, and net profit rising by 10.0% to RMB 10.7 billion, slightly above internal forecasts but below Bloomberg consensus [1][2]. - The traditional tower business, accounting for 77% of revenue, saw a modest growth of 0.9%, while the indoor distribution and two wings businesses experienced double-digit growth, achieving RMB 84 billion (up 18%) and RMB 134 billion (up 16%) respectively [1][2]. - The company announced a share consolidation to optimize its capital structure and enhance shareholder value [1]. Financial Summary - Revenue projections for FY25E are set at RMB 101.8 billion, with a growth rate of 4.1% [2][10]. - EBITDA is expected to reach RMB 69.1 billion in FY25E, reflecting a 3.7% increase [2][10]. - Net profit is forecasted to grow by 13.0% to RMB 12.1 billion in FY25E, with earnings per share projected at RMB 0.69 [2][10]. - The company plans to maintain a dividend of RMB 0.42 per share for FY24, indicating a payout ratio of 76% [7][1]. Shareholder Structure - Major shareholders include Citigroup with 9.0% and GIC with 7.0% [4]. Stock Performance - The current stock price is HKD 12.24, with a potential upside of 11.9% to the target price [3]. - The stock has shown a 26.2% absolute return over the past six months [5]. Business Segments - The traditional tower business is expected to face continued pressure due to low single-digit growth forecasts for domestic telecom operators, while the indoor distribution and two wings businesses are anticipated to maintain double-digit growth rates [7][1]. - The indoor distribution business is projected to grow by 14.0% and 11.6% in FY25E and FY26E respectively, driven by market opportunities [7]. - The two wings business, particularly the Tower Intelligence segment, is expected to see significant revenue growth due to projects related to national disaster warning and agricultural protection [7].

Investment Rating - The report maintains a "Hold" rating for China Tower Corporation with a target price raised to HKD 13.7, reflecting an increase in valuation from 3.1x to 4.0x based on the 2025 fiscal year EV/EBITDA [1][7][3]. Core Views - China Tower's fiscal year 2024 performance met expectations, with revenue increasing by 4.0% year-on-year to RMB 97.8 billion and net profit rising by 10.0% to RMB 10.7 billion, slightly above internal forecasts but below Bloomberg consensus [1][2]. - The traditional tower business, accounting for 77% of revenue, saw a modest growth of 0.9%, while the indoor distribution and two wings businesses experienced double-digit growth, achieving RMB 84 billion (up 18%) and RMB 134 billion (up 16%) respectively [1][2]. - The company announced a stock consolidation plan to optimize its capital structure and enhance shareholder value [1]. Financial Summary - Revenue projections for FY25E are set at RMB 101.8 billion, with a growth rate of 4.1%, followed by RMB 104.4 billion in FY26E and RMB 108.4 billion in FY27E [2][10]. - EBITDA is expected to reach RMB 69.1 billion in FY25E, with a net profit forecast of RMB 12.1 billion, reflecting a 13.0% year-on-year growth [2][10]. - The company plans to maintain a dividend of RMB 0.42 per share for FY24, indicating a payout ratio of 76% [7][10]. Shareholder Structure - Major shareholders include Citigroup with 9.0% and GIC with 7.0% [4]. Stock Performance - The stock has shown a 13.3% increase over the past three months, although it has underperformed relative to the market by 7.5% [5].

Investment Rating - The report maintains a "Hold" rating for China Tower Corporation [1][3] Core Views - The company's 2024 fiscal year performance met expectations, with a revenue increase of 4.0% year-on-year, reaching RMB 97.7 billion, and a net profit growth of 10.0%, amounting to RMB 10.7 billion [1] - The report highlights the stable performance of legacy businesses, while Distributed Antenna System (DAS) and Two Wings (smart towers and energy) segments continue to show double-digit growth [2][3] - The target price has been raised to HKD 13.7, based on a 4.0x FY25E EV/EBITDA, reflecting a higher valuation due to the company's efforts to enhance shareholder returns [3] Financial Summary - Revenue for FY24 is reported at RMB 97,772 million, with a projected growth rate of 4.1% for FY25 and 2.5% for FY26 [4] - Net profit for FY24 is RMB 10,729 million, with expected growth rates of 13.0% for FY25 and 13.2% for FY26 [4] - The company announced a total dividend of RMB 0.42 per share for 2024, indicating a payout ratio of 76% [3] Business Segments - Tower business revenue, which constitutes 77% of total revenue, reached RMB 75.7 billion, growing by 0.9% year-on-year [1] - DAS revenue, accounting for 9% of total revenue, increased by 18% to RMB 8.4 billion, while the Two Wings segment, making up 14%, grew by 16% to RMB 13.4 billion [1][2] Market Outlook - The report anticipates continued growth in the DAS segment, projecting a revenue increase of 14.0% and 11.6% for FY25 and FY26, respectively [2] - The Two Wings business is expected to grow by 17.5% and 16.2% in FY25 and FY26, respectively, driven by new revenue from national disaster warning and farmland protection projects [2]

Investment Rating - The report maintains a HOLD rating for China Tower with a new target price of HK$13.7, reflecting an upside potential of 11.9% from the current price of HK$12.24 [1][3]. Core Insights - China Tower's FY24 results were in line with expectations, showing a revenue increase of 4.0% YoY to RMB97.8 billion and a net profit increase of 10.0% to RMB10.7 billion [1]. - The Tower segment, which constitutes 77% of total revenue, saw a modest growth of 0.9% YoY, while the DAS and Two Wings segments experienced double-digit growth rates of 18% and 16% YoY, respectively [1][6]. - The company is focusing on optimizing its capital structure through a stock consolidation (1 for 10) announced in February 2025 [1]. Financial Performance Summary - Revenue for FY24 was RMB97.8 billion, with projected revenues of RMB101.8 billion for FY25 and RMB104.4 billion for FY26, indicating a growth rate of 4.1% and 2.5% respectively [2][14]. - Net profit for FY24 was RMB10.7 billion, with estimates of RMB12.1 billion for FY25 and RMB13.7 billion for FY26, reflecting growth rates of 13.0% and 13.2% respectively [2][14]. - The EBITDA for FY24 was RMB66.6 billion, with projections of RMB69.1 billion for FY25 and RMB71.2 billion for FY26 [2][14]. Segment Analysis - The Tower business is expected to remain stable, with a projected low single-digit growth for China telcos from 2025 to 2027 [6]. - The DAS segment is forecasted to grow by 14.0% YoY in 2025 and 11.6% YoY in 2026, driven by market opportunities such as signal strength upgrade projects [6]. - The Two Wings segment, which includes smart tower and energy solutions, is anticipated to grow by 17.5% YoY in 2025 and 16.2% YoY in 2026, bolstered by projects like national disaster alerts [6]. Valuation Metrics - The new target price of HK$13.7 is based on a 4.0x FY25 EV/EBITDA, which aligns with the company's 5-year average forward EV/EBITDA [1][6]. - The report indicates a dividend payout ratio of 76% for 2024, up from previous years, suggesting a commitment to returning value to shareholders [6].

Core Insights - China Tower reported a revenue of 97.772 billion yuan for 2024, a year-on-year increase of 4.0%, with a net profit of 10.729 billion yuan, up 10.0% from the previous year, indicating enhanced profitability [1] - The company plans to distribute a final dividend of 0.30796 yuan per share, leading to a total annual dividend of 0.41696 yuan per share, which is an increase of 11.5% compared to 2023 [1] - The chairman expressed confidence in the company's role in the low-altitude economy, highlighting the extensive coverage of wireless mobile bases and the potential for resource sharing to reduce infrastructure costs [1] Operator Business Growth - The operator business generated revenue of 84.119 billion yuan in 2024, reflecting a 2.4% year-on-year growth, driven by the company's role in 5G infrastructure development [2] - Tower business revenue reached 75.689 billion yuan, a 0.9% increase, with the number of tower sites growing to 2.094 million, an increase of 48,000 sites from the previous year [2] - The average number of tenants per tower increased from 1.68 to 1.72, indicating improved site-sharing levels [2] Indoor Distribution Business - The indoor distribution business achieved revenue of 8.430 billion yuan, marking an 18.1% increase, with significant growth in coverage areas for buildings and transportation systems [3] - The coverage area for indoor distribution reached 12.68 billion square meters, a 24.9% increase, while the coverage mileage for high-speed rail tunnels and subways reached 29,315 kilometers, up 21.8% [3] Two-Wing Business Development - The two-wing business generated revenue of 13.388 billion yuan, accounting for 13.7% of total revenue, an increase of 1.5% year-on-year [4] - The smart connection business saw revenue of 8.911 billion yuan, a 22.4% increase, with a focus on disaster warning and agricultural protection [4] - The company expanded its partner network and established strategic collaborations to enhance service capabilities [4] Energy Business Growth - The energy business reported revenue of 4.477 billion yuan, a 6.2% increase, with the battery swap business contributing 2.500 billion yuan, accounting for 55.8% of energy revenue [6] - The number of battery swap users reached approximately 1.304 million, an increase of 159,000 users from the previous year, maintaining a leading position in the low-speed electric vehicle market [5][6] - The company is focusing on providing comprehensive solutions for backup power in key industries [6]