南都训 记者李洁琼 11月30日，2025亚洲通用航空展在珠海落下帷幕。这场为期四天的行业盛会以"通航 新纪元，探索低空无限可能"为主题，汇聚全球387家企业，展出174架飞行器，吸引8万人次参观，成交 额突破70亿元，成交飞行器837架，展现出低空经济蓬勃的发展势头。 本届展会国际化程度显著提升，75家国际展商来自美国、加拿大、德国等22个国家和地区。贝尔直升 机、皮拉图斯、奥捷龙等全球知名企业带来旗舰产品，加拿大、韩国更以国家展团形式集结优质企业。 eVTOL全梯队亮相，低空应用场景加速落地 展会上，低空经济成为最亮眼的焦点。120余家相关企业集中亮相，30余架eVTOL（电动垂直起降飞行 器）组成完整产品梯队，勾勒出城市空中交通的清晰轮廓。 低空经济成为最亮眼的焦点。 沃兰特航空推出高等级商载客运eVTOL全尺寸模型，瞄准商业化运营场景；齐飞航空展出第二代载人 机系列，展现技术迭代成果；峰飞航空的5座eVTOL满足中等容量客运需求；沃飞长空AE200完成全倾 转过渡飞行试验，技术成熟度领先。这些产品覆盖从适航阶段到审定初期的全产业链，形成"一、二、 三线"企业协同发展的新格局。 除了飞行器硬件，中国通号 ...

Core Insights - The low-altitude economy is rapidly emerging as a new trillion-yuan industry, with projections indicating a market size of 1.5 trillion yuan by 2025 and over 2 trillion yuan by 2030 [1] - The development of a top-level planning framework is essential to address challenges and ensure sustainable growth in the low-altitude economy [1] Group 1: Digital Infrastructure for Low-altitude Economy - The low-altitude economy is transitioning from "point exploration" to "cluster development," with the intelligent networking system being a core support for orderly development [2] - A "ground-air collaborative control" system is necessary to manage airspace effectively, ensuring visibility, control, and safety in operations [2] - The integration of communication, navigation, and perception is fundamental for low-altitude operations, requiring high precision in positioning and AI for dynamic route optimization [2][3] Group 2: Safety and Regulatory Framework - Safety is a prerequisite for the broader commercialization and sustainable development of the low-altitude economy, with discussions focusing on airworthiness certification, testing, and cross-industry collaboration [4] - A comprehensive low-altitude security system is proposed, emphasizing multi-source perception and intelligent response for monitoring both cooperative and non-cooperative targets [5] - The establishment of a full lifecycle inspection and testing system for drones is advocated, utilizing digital twin technology and big data for fault prediction and health management [6]

Core Viewpoint - The company reported stable revenue growth in the first half of 2025, driven by the gradual conversion of existing orders and a focus on rail transit and low-altitude sectors [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 14.73 billion yuan, a year-on-year increase of 2.77%, and a net profit attributable to shareholders of 1.62 billion yuan, up 1.34% year-on-year [1]. - The company’s Q2 performance showed revenue of 7.996 billion yuan, a 2.71% increase year-on-year, and a net profit of 1.059 billion yuan, reflecting a 6.46% increase [2]. - The company’s gross profit margin for H1 2025 was 28.76%, a decrease of 0.50 percentage points year-on-year, with net profit margin at 12.70%, down 0.35 percentage points [3]. Business Segments - In H1 2025, revenue from the railway business was 8.324 billion yuan, down 7.87% year-on-year, while urban rail business revenue was 3.916 billion yuan, up 12.85% [2]. - The engineering contracting and other businesses generated revenue of 1.48 billion yuan, an increase of 29.93% year-on-year, and overseas business revenue reached 944 million yuan, up 55.92% [2]. - New orders signed in H1 2025 totaled 17.568 billion yuan, a decrease of 16.44% year-on-year, with significant growth in railway and urban rail orders [2]. Low-altitude Business Development - The company is establishing a low-altitude industry framework, focusing on "low-altitude airspace control" and related technologies, with successful deployments in multiple cities [4]. - The company has partnered with state-owned enterprises to promote typical application scenarios and has expanded its services to 49 locations across 34 cities [4]. - The low-altitude business is expected to become a new growth point for the company as the low-altitude economy develops rapidly [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company focuses on the dual tracks of rail transit and low-altitude economy, consolidating and expanding its advantages in the full industry chain of rail transit communication signal engineering design, train control system equipment, and engineering technical services. It is also cultivating the low-altitude airspace management, drone manufacturing, and service operation industries, accelerating the construction of a "three industries and one state" industrial pattern in the low-altitude economy. The rail transit business is experiencing upward momentum, and the low-altitude sector is expected to become a second growth curve [2][6]. Financial Performance - In the first half of 2025, the company achieved total revenue of 14.73 billion yuan, a year-on-year increase of 2.77%. The net profit attributable to the parent company was 1.62 billion yuan, up 1.34% year-on-year. In Q2 2025, revenue reached 8 billion yuan, representing a year-on-year increase of 3% and a quarter-on-quarter increase of 19%. The net profit for Q2 was 1.06 billion yuan, a year-on-year increase of 6% and a quarter-on-quarter increase of 89% [6][9]. Revenue Breakdown - The revenue breakdown for the first half of 2025 shows that the railway sector generated 8.32 billion yuan, down 7.87% year-on-year, primarily due to differences in project construction progress. The urban rail sector generated 3.92 billion yuan, up 12.85% year-on-year, supported by a substantial backlog of orders and new contract signings. The overseas sector generated 944 million yuan, up 55.92% year-on-year, due to ongoing progress in overseas projects such as the Guinea Masisi Railway. The engineering general contracting and other sectors generated 1.48 billion yuan, up 29.93% year-on-year, due to increased performance progress of previously contracted projects [6][11]. Order Status - As of the end of Q2 2025, the company had a backlog of orders amounting to 117.56 billion yuan, with sufficient orders to support future deliveries. The company’s inventory was 3.83 billion yuan, showing a slight year-on-year increase, while contract assets were 33 billion yuan, with a slight increase quarter-on-quarter. Contract liabilities exceeded 10 billion yuan [11][12]. Growth Opportunities - The company is actively developing the domestic low-altitude economy market, having completed the deployment of 15 platforms in cities such as Qingdao and Xiong'an. Collaborations with various partners are underway to enhance low-altitude communication solutions and applications in emergency rescue and logistics operations [11][12]. Future Profitability - The company is expected to achieve net profits attributable to the parent company of 3.91 billion yuan and 4.46 billion yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 14.9 and 13.0 times [11][12].