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].

证券研究报告 | 公司深度报告 2025 年 10 月 26 日 纵横股份（688070.SH） 工业无人机龙头，抢抓市场机遇深耕低空数字经济 TMT 及中小盘/电子 公司作为我国工业无人机领域的龙头企业，长期专注于无人机硬件平台、飞行 控制系统与行业应用软件的研发与服务体系构建，并积极掘金低空数字经济新 业务，打造企业第二增长曲线。随着国内工业无人机产业规模持续扩大，叠加 低空经济政策红利加速释放，公司有望充分受益于行业高景气度，业绩或将迎 来快速增长。 增持（首次） | 财务数据与估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | ❑ 工业无人机龙头企业，产品谱系齐全奠定成长基石。纵横股份深耕工业无人 机多年，技术研发优势突出。公司无人机全产业链布局协同发展，产品谱系 完善，可针对不同客户的不同应用场景快速形成合适的解决方案。分产品看： ➢ CW 系列复合翼无人机：国内率先发布并量产垂直起降固定翼工业无 人机，开发多年产品竞争优势突出，近年进一步推出 CW-4 ...

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]

Core Viewpoint - Chengdu JOUAV Automation Technology Co., Ltd. reported significant growth in revenue for the first half of 2025, with operating income reaching approximately 134.66 million yuan, a 61.72% increase compared to the same period last year, although net losses were reduced [2][21]. Company Overview and Financial Indicators - The company specializes in the research, production, sales, and service of industrial drone-related products, positioning itself as a leading and competitive player in the domestic industrial drone sector [6][21]. - Key financial data for the first half of 2025 includes: - Operating income: 134,655,636.24 yuan, up 61.72% from 83,266,371.08 yuan in the same period last year [2]. - Total profit: -37,423,999.07 yuan, an improvement from -53,140,737.04 yuan [3]. - Net profit attributable to shareholders: -36,335,278.67 yuan, compared to -53,022,193.47 yuan [3]. - Basic earnings per share: -0.41 yuan, improved from -0.61 yuan [3]. - Net assets attributable to shareholders: 579,939,103.41 yuan, a 1.79% increase from the previous year [3]. Industry Situation - The industrial drone industry is experiencing rapid growth, driven by advancements in technology and increasing applications across various sectors, including emergency response, energy, and environmental monitoring [5][21]. - The low-altitude economy has been recognized as a national strategy, with predictions indicating that the market could reach 3.5 trillion yuan by 2035, presenting significant opportunities for industrial drones [5]. Main Business Situation - The company focuses on providing intelligent, platform-based, and tool-oriented industrial drone systems, with a comprehensive product lineup that includes vertical take-off and landing fixed-wing drones, multi-rotor drones, and unattended systems [6][21]. - The company has developed a cloud-based platform that integrates various applications and services, enhancing the operational capabilities of its drone systems [7][12]. Product Development and Innovation - The company has made significant advancements in its product offerings, including the launch of new models such as the CW-100 emergency version drone, which can operate in complex terrains and provide real-time data collection [10][21]. - Continuous investment in research and development has led to the introduction of innovative solutions, such as the JOS-C700 vertical take-off and landing drone system, which enhances environmental adaptability and emergency response capabilities [21]. Market Applications - The company’s drones are utilized in various applications, including urban governance, emergency rescue, logistics, and environmental monitoring, demonstrating their versatility and effectiveness in addressing industry needs [19][21]. - The integration of AI and advanced sensors into drone systems has enabled enhanced data collection and analysis, further expanding their application scope [19][21].

Core Insights - The company, Zongheng Co., Ltd. (688070), reported a significant increase in revenue and a reduction in net loss for the first half of 2025, driven by the acceleration of the low-altitude economy [2] - The company is a leading player in the domestic industrial drone industry, focusing on an integrated solution of "unmanned systems + Zongheng Cloud + AI" to enhance its capabilities in low-altitude digitalization [2] Financial Performance - The company achieved approximately 135 million yuan in revenue, representing a year-on-year growth of 61.72% [2] - The net profit attributable to the parent company showed a significant reduction in losses compared to the previous year [2] Product and Technology Development - The company upgraded its product offerings with the launch of the JOS-C700 vertical take-off and landing fixed-wing unmanned system and the JOS-P200 multi-rotor unmanned system, enhancing intelligence and environmental adaptability [2] - The company developed proprietary target detection and image interpretation technology, enabling precise recognition, data analysis, and autonomous decision-making capabilities [2] - A new airspace management platform was introduced to provide intelligent supervision and coordination for low-altitude operations, enhancing safety and efficiency [2] Market Expansion Strategies - The company adopted a strategy of "demonstration leadership, precise breakthroughs, and ecological collaboration" to conduct low-altitude operation pilot projects in various cities, creating replicable commercial models [3] - In the low-altitude logistics sector, the company invested in Sichuan Low Altitude Economic Development Co., Ltd. to accelerate the development and validation of multiple product models [3] - The company is exploring new growth points in the education and cultural tourism sectors by collaborating with several universities to establish industry-education integration platforms [3] Research and Development Investment - The company increased its R&D investment to approximately 50.06 million yuan, accounting for 37.18% of its revenue, reflecting a year-on-year growth of 13.39% [3] - The company is comprehensively laying out technologies in vertical take-off and landing fixed-wing drones, multi-rotor drones, large fixed-wing drones, unmanned systems, and integrated cloud-edge systems [3] Future Outlook - With the low-altitude economy being incorporated into national strategy, the continuous opening of low-altitude airspace, and the gradual improvement of regulatory mechanisms, the application scenarios for drones are expanding into new fields such as urban governance, emergency response, transportation, and cultural tourism [3] - The company is steadily building an industrial ecosystem for the low-altitude economy, enhancing its core competitiveness in this emerging market [3]

Company Overview - Zongheng Co., Ltd. is a leading industrial drone manufacturer in China, transitioning from a drone manufacturer to a low-altitude digital economy solution provider with integrated hardware and software products [2][3] - The company has launched a series of products including "unmanned systems + Zongheng Cloud + AI" and is accelerating the development of heavy-load drones [2] Financial Performance - Revenue is projected to grow from 287 million yuan in 2022 to 474 million yuan in 2024, with a CAGR of 28.47% [2] - The company expects to achieve a revenue of 135 million yuan in the first half of 2025, representing a year-on-year increase of 61.72% [2] Market Potential - The industrial drone market in China is expected to grow from 38.2 billion yuan in 2021 to 65.1 billion yuan in 2024, with a CAGR of 19.45% [3] - The low-altitude logistics market is projected to expand from 12.8 billion yuan in 2024 to 30.8 billion yuan in 2027, with a CAGR of 34% [4] Strategic Initiatives - The company is actively developing long-endurance drones and has showcased models like CW-40 and CW-100 at the Zhuhai Airshow [3] - Zongheng is collaborating with various regions to implement low-altitude digital economy solutions and has established a manufacturing base in Shaoxing [4] Growth Drivers - The company has introduced a restricted stock incentive plan to boost growth, with performance targets set for revenue and profit [5] - Revenue targets for 2025 and 2026 are set at 580 million yuan and 700 million yuan, respectively, with a goal of achieving profitability [5] Profitability Forecast - Revenue forecasts for 2025, 2026, and 2027 are 596 million yuan, 727 million yuan, and 859 million yuan, respectively, with net profits expected to turn positive by 2025 [6] - The target price for the stock is set at 81.62 yuan, based on a 12x price-to-sales ratio for 2025 [6]