Core Viewpoint - The report from Guosheng Securities highlights Deep City Transportation as a leading player in Shenzhen's state-owned transportation planning, emphasizing its ongoing transformation into a smart transportation comprehensive service provider [1] Company Overview - Deep City Transportation has maintained its position as the leading transportation planning and design firm in Shenzhen, benefiting from the empowerment of its controlling shareholder [1] - The company is actively involved in key municipal projects, including Shenzhen's comprehensive transportation "14th Five-Year Plan" and the planning for the fifth phase of the rail transit construction [1] Business Transformation - The company is expanding into emerging fields such as low-altitude economy, vehicle-road-cloud integration, and transportation-energy convergence [1] - In 2024, the company's new quality business orders are expected to increase by 138% year-on-year, with the revenue share from smart transportation rising from 7% in 2017 to 56% [1] - The compound annual growth rate (CAGR) for the smart transportation segment is reported at 61% [1] Strategic Initiatives - Deep City Transportation is deeply involved in the construction of Shenzhen's low-altitude infrastructure, establishing a full industry chain for low-altitude "investment-construction-operation" [1] - The vehicle-road-cloud initiative is entering a rapid development phase, indicating promising growth prospects for the business [1] Investment Rating - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth trajectory and strategic direction [1]