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 ...

纵横股份常务副总经理、董事会秘书李小燕向投资者介绍了公司发展情况。纵横股份自2010年成立以 来，专注于无人机飞控导航系统与整机系统研发，参与了运20、歼20、C919等国家大型飞机的缩比验 证项目，并牵头设立了国内及国际多项行业标准。她指出，纵横股份的无人机产品凭借垂直起降、航时 长、智能化等优势，在测绘地理信息、安防巡检等广泛应用，并逐步拓展至公安、应急、环保、水利等 多个行业。 纵横股份现已形成四大产品线：垂直起降固定翼无人机、多旋翼无人机、无人值守系统和滑跑固定翼无 人机。其中，无人值守系统可实现远程自主航行，在四川即可遥控全国各地的飞机，特别适合政府基层 管理和应急侦查场景。 公司2022年开发的智慧空管系统获得交通运输协会特等奖，与民航二所联合开发的UTMIS系统已成为 国家空管底层版本。截至目前，公司拥有近500项知识产权，其中发明专利100多项，参与制定数十项行 业标准。 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。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has turned profitable in Q3 2025, indicating a significant inflection point in its performance [2] - The company is transitioning from an industrial drone manufacturer to a provider of low-altitude digital economy solutions, poised to benefit from the rapid growth of the low-altitude economy [3] Summary by Sections Performance Overview - For the first three quarters of 2025, the company reported revenue of 322 million RMB, a year-on-year increase of 57%. In Q3 alone, revenue reached 188 million RMB, up 53.8% year-on-year and 95.8% quarter-on-quarter [1][2] - The net profit attributable to the parent company for Q3 2025 was 16.52 million RMB, marking a return to profitability [1] Operational Analysis - The company has seen a stable gross margin, with a comprehensive gross margin of 48.9% for the first three quarters of 2025, slightly down by 0.7 percentage points [2] - The company has successfully reduced its expense ratio, achieving a period expense ratio of 51.7%, down 16.3 percentage points [2] - The company is actively building low-altitude economic platforms across various provinces, with project bids totaling nearly 200 million RMB [2] Future Outlook - Revenue projections for 2025-2027 are estimated at 596 million RMB, 727 million RMB, and 859 million RMB, reflecting year-on-year growth rates of 25.6%, 22.1%, and 18.2% respectively [3] - The net profit attributable to the parent company is expected to be 11.37 million RMB in 2025, with significant growth anticipated in subsequent years [3]

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].

Summary of Keda Control Conference Call Company Overview - Keda Control is a high-tech enterprise located in Taiyuan, Shanxi, specializing in smart mining, smart cities, and IoT, with smart mining accounting for over 60% of its business [4][2][3]. Core Business and Products - The company’s core products in the smart mining sector include: - Intelligent explosion-proof products - Control systems - Unmanned systems for production - Integrated management platforms - 5G communication systems - AI model analysis systems - Safety information management systems - Mining robots - Video AI analysis systems [2][4]. New Energy Charging and Swapping Business - Keda Control entered the new energy charging and swapping sector in 2022, investing approximately 400-500 million CNY in self-operated projects, focusing on community two-wheeled vehicle charging and heavy truck charging [2][6]. - The company has installed over 150,000 devices across 20 provinces, serving over 7 million regular customers and 10 million registered users, positioning itself as a leader in community charging and swapping [6]. Mining Robot Development - Keda Control collaborates with Yushu Technology to develop intelligent robots addressing challenges in complex and hazardous underground environments, aiming to enhance safety and reduce labor costs [2][9]. - The market for mining robots is substantial, with each mine requiring at least 10 inspection robots priced around 1 million CNY each, indicating a significant market capacity [11][12]. Financial Performance and Market Trends - The company’s performance is closely tied to the coal industry’s health, with coal prices having bottomed out in June 2025 and showing signs of recovery [17][18]. - Increased bidding activities and project investments are expected if coal companies recover by the end of the year, potentially improving Keda Control's performance in 2026 [3][18]. Acquisition of Haitu Technology - Keda Control is acquiring Haitu Technology to reduce costs and expand its application of intelligent technology into sectors like railways, military, and chemicals [5][19]. - This acquisition is expected to create synergies between Haitu's AI visual technology and Keda's AI solutions, enhancing both companies' market positions [19]. Challenges and Future Plans - The mining robot sector faces technical challenges, including autonomous capabilities, explosion-proof design, lightweight materials, and underground positioning and communication systems [14]. - Keda Control plans to establish a research and development base and aims to conduct underground trials by the end of next year, with a focus on overcoming these challenges [10][13]. Competitive Landscape in Charging Business - The charging station business is competitive, with declining profit margins due to regulatory changes and increased quality requirements [20]. - Keda Control is focusing on community charging, which offers more stability, and is implementing strategies to enhance operational efficiency and profitability [21]. Revenue Projections - Currently, Keda Control has four robot models generating approximately 10 million CNY in revenue, with plans to separately report robot product revenues starting in 2025 [21]. - The anticipated price for the multi-legged robot is over 1 million CNY, with an expected gross margin of around 50% [22]. Conclusion - Keda Control is strategically positioned in the smart mining and new energy sectors, with significant growth potential through technological advancements and market recovery in the coal industry. The company's focus on innovation and strategic partnerships is expected to drive future performance and market expansion [2][3][19].

Core Insights - The low-altitude economy is rapidly becoming a strategic focus for many listed companies, with several reporting significant growth in related business areas in their half-year results for 2025 [1][3] - Multiple cities are actively implementing low-altitude economic development plans, indicating a competitive push into a trillion-yuan market, supported by reforms in low-altitude airspace and new infrastructure [1][4] Company Performance - Leading companies in the low-altitude economy sector have shown remarkable performance, with some reporting net profit increases of over 1000%, such as Qianfang Technology with a 1287% increase [3][4] - Companies like Zongheng Co. have reported a 61.72% year-on-year increase in revenue, driven by the rapid implementation of low-altitude digital economy projects [6] Market Potential - The low-altitude economy is projected to reach a scale of 1.6 trillion yuan by 2027, with significant growth expected in low-altitude logistics, including cold chain logistics and instant delivery services [4] - The market for low-altitude logistics is anticipated to create nearly 8 billion yuan in market space by 2027, driven by policy support and technological advancements [4] Industry Developments - Various provinces are developing tailored low-altitude economic action plans, with Sichuan province aiming to establish itself as a hub for low-altitude economic development [6] - Companies are actively expanding their business boundaries, with Hai Te Gao Xin collaborating with eVTOL manufacturers and Huaguang Yuanhai entering the bulk commodity logistics sector [7] Technological Advancements - Companies like Nairui Radar are broadening their market applications, including meteorological detection and civil aviation, while also planning international expansion [7] - The integration of AI and unmanned systems in low-altitude data services is being pursued by companies to enhance operational efficiency and service delivery [6]

Core Insights - The company is committed to enhancing its investment value and maintaining shareholder interests through the "Quality Improvement and Efficiency Enhancement Return" action plan for 2025 [1] - In the first half of 2025, the company reported a significant increase in operating income and improved overall operational quality despite a net profit loss [1] Group 1: Business Development - The company is actively promoting low-altitude economy infrastructure and applications, achieving a revenue of 134.66 million yuan, a year-on-year increase of 61.72% [1] - The company has secured a 106 million yuan project for the "Smart Bazhong" low-altitude digital economy unmanned system, marking a strategic breakthrough in the low-altitude economy sector [2] - The company is expanding its partnerships with local governments and industry associations to explore low-altitude economy business opportunities [3] Group 2: Product and Technology Innovation - The company is focusing on the development of various unmanned aerial vehicle (UAV) systems, including vertical take-off and landing fixed-wing UAVs and unmanned systems [4] - New products such as the JOS-P200 multi-rotor unmanned system and the Cloud Dragon fixed-wing UAV system have been launched, enhancing the company's product offerings [5] - The company is collaborating with academic institutions to address challenges in civil drone traffic management [5] Group 3: Internal Management and Governance - The company is enhancing its internal control and governance systems, focusing on performance evaluation and incentive mechanisms [6] - A total of 29 training sessions were conducted, with 3,750 participants, aimed at improving employee skills and management capabilities [6] - The company is committed to optimizing cost management and improving overall profitability and competitiveness [6] Group 4: Investor Relations and Transparency - The company has published 80 announcements in the first half of 2025, ensuring compliance with information disclosure regulations [6] - Regular communication with investors is maintained through various channels, enhancing market transparency and trust [6] - The company plans to continue evaluating and implementing the action plan while focusing on core business and international market development [6]

Core Viewpoint - The divorce case of Ren Bin, the controlling shareholder of Zongheng Co., has resulted in a significant transfer of shares, impacting the company's ownership structure and highlighting ongoing financial challenges faced by the company. Group 1: Shareholder Changes - Ren Bin's divorce settlement resulted in the transfer of 999.6 million shares to his ex-wife, Kwang Mingfang, valued at approximately 537 million yuan based on the share price of 53.76 yuan per share on the announcement date [1][3][4] - Following the share transfer, Ren Bin's direct shareholding in Zongheng Co. decreased from 23.41% to 12.00%, while his total control over the company, including indirect holdings, remains at 44.76% [4][2] Group 2: Financial Performance - Zongheng Co. has reported continuous net losses over the past four years, with a cumulative loss of 149 million yuan from 2021 to 2024 [5][6] - The company’s revenue has shown growth, with figures of 250 million yuan, 287 million yuan, 302 million yuan, and 474 million yuan from 2021 to 2024, reflecting a year-on-year growth of -7.90%, 14.77%, 5.03%, and 57.14% respectively [5] - For the first half of 2025, Zongheng Co. anticipates a revenue of approximately 135 million yuan, a year-on-year increase of about 61.72%, but still projects a net loss of around 34.68 million yuan [6][7] Group 3: Future Outlook - The company aims to achieve a positive net profit in 2025 as part of its stock incentive plan, with specific revenue targets set at 580 million yuan [5] - Zongheng Co. plans to focus on core business areas, accelerate technological innovation, and expand applications in various sectors to improve overall profitability and competitiveness [7]