证券日报网讯四川九洲11月24日在互动平台回答投资者提问时表示，公司始终深耕空管、智能终端、微 波射频三大主业，在持续做强做优核心主业的同时，精准把握市场机遇，重点布局低空经济领域，并依 托大规模精益制造优势拓展车载电子等新兴业务，为公司高质量发展注入持续动能。未来，公司将坚守 高质量发展导向，紧扣战略规划与主业方向，围绕市场及客户需求推进产品创新与业务拓展，持续提升 发展质效、优化产业结构，更好地回报全体股东。 （文章来源：证券日报） ...

Core Viewpoint - The company Suzhou Planning is seeking to acquire 100% of Dongjin Hangke for 250 million yuan as part of its strategy to enter the low-altitude economy sector, despite facing declining performance in its core business [1][3][5]. Group 1: Acquisition Details - Suzhou Planning plans to purchase Dongjin Hangke from 21 parties, including Zhang Ning and Yumi Technology, and will issue shares to raise supporting funds from up to 35 specific investors [1][3]. - The assessed value of Dongjin Hangke is 254 million yuan, with an appraisal increment of 174 million yuan, resulting in a 217.05% increase [3][4]. - Dongjin Hangke specializes in air traffic management products and services, focusing on both military and civilian sectors [3][4]. Group 2: Financial Performance - Suzhou Planning's total revenue for the first three quarters of 2025 decreased by 9.99% year-on-year, while net profit attributable to shareholders dropped by 47.66% [1][7]. - The company reported revenues of 391 million yuan and 308 million yuan for 2023 and 2024, respectively, reflecting declines of 3.35% and 21.24% [6][7]. - Dongjin Hangke has experienced continuous losses, with net profits being negative for six consecutive years from 2018 to 2023 [4][6]. Group 3: Strategic Intent - The acquisition is framed as a move to explore "ground and air integration," aiming to create a competitive solution that addresses the disconnect between ground and airspace planning [4][5]. - The company emphasizes that the acquisition is not solely a response to declining performance but a proactive step towards innovation and new business opportunities in the low-altitude economy [7][8]. - The low-altitude economy is characterized as a strategic emerging industry with high technological content and diverse application scenarios, which aligns with the company's long-term strategic goals [7].

Core Viewpoint - Suzhou Planning (301505.SZ) is expanding into the low-altitude economy by acquiring 100% of Beijing Dongjin Aviation Technology Co., Ltd. for 250 million yuan, marking a strategic shift towards new productive forces [1][3][4]. Group 1: Acquisition Details - The acquisition price for Dongjin Aviation is set at 250 million yuan, with a total valuation of 254 million yuan, resulting in a premium rate of 217.05% [2][3]. - The payment structure includes 195 million yuan in shares and approximately 54.61 million yuan in cash, with additional fundraising of up to 50 million yuan planned to cover transaction costs [2][3]. - Post-acquisition, Dongjin Aviation will become a wholly-owned subsidiary of Suzhou Planning, enhancing its business portfolio in the low-altitude economic sector [1][2]. Group 2: Financial Performance and Projections - Dongjin Aviation has not yet achieved profitability, with projected losses of 10.92 million yuan, 25.61 million yuan, and 3.46 million yuan for the years 2023 to mid-2025 [4][5]. - The company has committed to achieving audited net profits of no less than 7.5 million yuan over three years, with specific targets of 1.5 million yuan, 2.5 million yuan, and 3.5 million yuan for 2026, 2027, and 2028 respectively [5][6]. - Suzhou Planning has faced declining revenues and profits since its IPO, with a revenue drop of 3.3% and 21.24% in 2023 and 2024, respectively, and a significant decline in net profit [5][6]. Group 3: Strategic Implications - The acquisition is viewed as a critical move for Suzhou Planning to optimize its industrial layout and transition towards new productive forces, particularly in air traffic management [3][7]. - The integration of Dongjin Aviation is expected to create synergies in planning capabilities and data accumulation, as both companies share similar client bases in government and state-owned enterprises [2][3]. - Despite the anticipated short-term financial impact due to high R&D costs and share payment expenses, the long-term outlook for Dongjin Aviation is positive, with expectations of future profitability driven by growth in the low-altitude economy [7].

Core Viewpoint - Sichuan Jiuzhou is a leading domestic research and production base for military and civil air traffic control systems and equipment, with a strong market share in smart terminal products and comprehensive product and system solution capabilities [1] Group 1: Business Performance - In Q3 2025, Sichuan Jiuzhou achieved a revenue of 2.83 billion yuan, ranking 2nd in the industry, with the top competitor, Skyworth Digital, generating 6.456 billion yuan [2] - The main business composition includes smart terminal products at 1.182 billion yuan (63.76%), air traffic control products at 461 million yuan (24.84%), and microwave RF at 172 million yuan (9.25%) [2] - The net profit for the same period was 126 million yuan, also ranking 2nd in the industry, with the leading competitor, Tongzhou Electronics, at 230 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's asset-liability ratio was 55.30%, higher than the industry average of 51.32% [3] - The gross profit margin for Q3 2025 was 20.27%, lower than the industry average of 23.05% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 26.67% to 71,500 [5] - The average number of circulating A-shares held per shareholder increased by 36.38% to 14,300 [5] Group 4: Management and Compensation - The chairman, Gu Yu, has not disclosed salary data, while the general manager, Chen Xingde, received a salary of 670,000 yuan in 2024, down from 750,000 yuan in 2023 [4] Group 5: Market Outlook and Growth - The company is recognized as the largest domestic base for military and civil air traffic control systems, with significant growth in revenue and net profit in H1 2025 [6] - The smart terminal business saw a year-on-year revenue increase, and the air traffic control equipment business also experienced growth, with improved gross margins [6] - Future revenue projections for 2025-2027 are 4.392 billion, 5.473 billion, and 6.118 billion yuan, with net profits of 221 million, 304 million, and 368 million yuan respectively [6]

Company Overview - Sichuan Jiuzhou Electric Co., Ltd. is located in Mianyang, Sichuan Province, and was established on November 28, 1991. The company was listed on May 6, 1998. Its main business involves the research and development, manufacturing, and sales of smart terminals, air traffic control products, and microwave radio frequency technologies [1][2]. Financial Performance - For the first half of 2025, Sichuan Jiuzhou achieved operating revenue of 1.854 billion yuan, representing a year-on-year growth of 5.53%. The net profit attributable to the parent company was 73.07 million yuan, an increase of 7.85% year-on-year [2]. - Since its A-share listing, Sichuan Jiuzhou has distributed a total of 547 million yuan in dividends, with 307 million yuan distributed over the past three years [3]. Stock Performance - As of October 21, Sichuan Jiuzhou's stock price increased by 2.02%, reaching 15.65 yuan per share, with a total market capitalization of 15.905 billion yuan. The stock has risen by 10.13% year-to-date, but has seen a decline of 3.93% over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 318 million yuan on February 25, accounting for 13.99% of the total trading volume [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Sichuan Jiuzhou was 97,500, a decrease of 7.63% from the previous period. The average number of circulating shares per person increased by 8.26% to 10,487 shares [2]. - The top ten circulating shareholders include various funds, with notable changes in holdings among them. For instance, Yongying Low Carbon Environmental Smart Selection Mixed Fund reduced its holdings by 3.8314 million shares, while Guotai Zhongzheng Military Industry ETF increased its holdings by 1.1424 million shares [3]. Industry Classification - Sichuan Jiuzhou is classified under the household appliances sector, specifically in the black household appliances category. It is also associated with concepts such as military-civilian integration, military electronics, general aviation, Beidou navigation, and commercial aerospace [2].

Core Points - Sichuan Jiuzhou's stock price has dropped 4.1% on October 17, reaching 15.22 CNY per share, with a trading volume of 475 million CNY and a turnover rate of 2.97%, resulting in a total market capitalization of 15.567 billion CNY [1] - The stock has experienced a continuous decline for four days, with a cumulative drop of 7.76% during this period [1] Company Overview - Sichuan Jiuzhou Electric Co., Ltd. is located in Mianyang, Sichuan Province, and was established on November 28, 1991, with its listing date on May 6, 1998 [1] - The company's main business includes research and development, manufacturing, and sales of smart terminals, air traffic control products, and microwave radio frequency technologies [1] - The revenue composition of the main business is as follows: smart terminal products 63.76%, air traffic control products 24.84%, microwave radio frequency 9.25%, other 1.09%, and property management 1.06% [1] Shareholder Information - Among the top ten circulating shareholders of Sichuan Jiuzhou, a fund under Yongying Fund holds a significant position [2] - Yongying Low Carbon Environmental Smart Selection Mixed Fund A (016386) reduced its holdings by 3.8314 million shares in the second quarter, now holding 12.761 million shares, which accounts for 1.25% of the circulating shares [2] - The fund has incurred a floating loss of approximately 8.2946 million CNY today and a total floating loss of 16.334 million CNY over the four-day decline [2] Fund Performance - Yongying Low Carbon Environmental Smart Selection Mixed Fund A (016386) has a current scale of 177 million CNY and has achieved a year-to-date return of 7.66%, ranking 6234 out of 8160 in its category [2] - Over the past year, the fund has returned 24.52%, ranking 3914 out of 8021 in its category, while since its inception, it has experienced a loss of 10.02% [2] - The fund manager, Hu Ze, has been in position for 2 years and 136 days, with a total asset scale of 2.639 billion CNY, achieving a best fund return of 104.18% and a worst fund return of 4.66% during his tenure [2]

Core Viewpoint - Sichuan Jiuzhou's stock price has shown fluctuations, with a year-to-date increase of 12.03% but a recent decline of 2.03% in the last five trading days, indicating potential volatility in the market [1] Financial Performance - For the first half of 2025, Sichuan Jiuzhou achieved a revenue of 1.854 billion yuan, representing a year-on-year growth of 5.53%, and a net profit attributable to shareholders of 73.07 million yuan, up 7.85% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 547 million yuan, with 307 million yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.63% to 97,500, while the average circulating shares per person increased by 8.26% to 10,487 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among various funds [3] Market Activity - The stock experienced a net inflow of 1.1258 million yuan from major funds, with large orders accounting for 15.29% of total buy orders and 14.79% of total sell orders [1] - Sichuan Jiuzhou has appeared on the "Dragon and Tiger List" once this year, with a net buy of 318 million yuan on February 25 [1]

Company Overview - Sichuan Jiuzhou Electric Co., Ltd. is located in Mianyang, Sichuan Province, and was established on November 28, 1991. The company was listed on May 6, 1998. Its main business includes the research and development, manufacturing, and sales of smart terminals, air traffic control products, and microwave radio frequency technology [1][2]. Financial Performance - For the first half of 2025, Sichuan Jiuzhou achieved operating revenue of 1.854 billion yuan, representing a year-on-year growth of 5.53%. The net profit attributable to the parent company was 73.07 million yuan, an increase of 7.85% year-on-year [2]. - Since its A-share listing, Sichuan Jiuzhou has distributed a total of 547 million yuan in dividends, with 307 million yuan distributed in the last three years [3]. Stock Performance - As of September 18, Sichuan Jiuzhou's stock price increased by 2.04%, reaching 16.02 yuan per share, with a total market capitalization of 16.385 billion yuan. The stock has risen by 12.74% year-to-date [1]. - The stock has seen a net inflow of 4.0662 million yuan from main funds, with significant buying and selling activities recorded [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Sichuan Jiuzhou was 97,500, a decrease of 7.63% from the previous period. The average circulating shares per person increased by 8.26% to 10,487 shares [2][3]. - The top ten circulating shareholders include various funds, with notable changes in holdings among them, such as a decrease in shares held by Yongying Low Carbon Environmental Mixed Fund and an increase in shares held by Guotai CSI Military ETF [3]. Business Segments - The revenue composition of Sichuan Jiuzhou's main business includes smart terminal products (63.76%), air traffic control products (24.84%), microwave radio frequency (9.25%), and other services (1.09%) [1].

Core Viewpoint - Sichuan Jiuzhou's stock price has shown a mixed performance in recent months, with a year-to-date increase of 12.81% and a recent decline over the past 20 days of 8.40% [1] Group 1: Stock Performance - As of September 12, Sichuan Jiuzhou's stock price rose by 2.17% to 16.03 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 0.64%, resulting in a total market capitalization of 16.396 billion CNY [1] - The company has seen a net inflow of main funds amounting to 3.9259 million CNY, with significant buying and selling activities recorded [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 318 million CNY on February 25 [1] Group 2: Financial Performance - For the first half of 2025, Sichuan Jiuzhou reported a revenue of 1.854 billion CNY, reflecting a year-on-year growth of 5.53%, and a net profit attributable to shareholders of 73.0702 million CNY, up 7.85% year-on-year [2] - Cumulatively, the company has distributed 547 million CNY in dividends since its A-share listing, with 307 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Sichuan Jiuzhou was 97,500, a decrease of 7.63% from the previous period, with an average of 10,487 circulating shares per shareholder, an increase of 8.26% [2] - The top ten circulating shareholders include various funds, with notable changes in holdings among major institutional investors [3]

Investment Rating - The report maintains a "Recommend" rating for Sichuan Jiuzhou (000801) [1] Core Views - The company achieved significant growth in Q2, with a focus on the low-altitude sector, aiming to establish a viable commercial ecosystem [1] - The company has signed strategic agreements with multiple enterprises to actively participate in low-altitude management and infrastructure development [6] - The report highlights the potential for third-party low-altitude inspection and testing services, indicating a strategic opportunity for the company [6] Financial Performance Summary - Total revenue for 2024A is projected at 4,178 million, with a year-on-year growth rate of 9.0%, increasing to 6,209 million by 2027E with a growth rate of 16.6% [2] - The net profit attributable to the parent company is expected to be 194 million in 2024A, with a decline of 3.0%, and is projected to grow to 333 million by 2027E, with a growth rate of 21.2% [2] - Earnings per share (EPS) is forecasted to increase from 0.19 in 2024A to 0.33 in 2027E [2] Business Segment Performance - In H1 2025, the smart terminal products generated revenue of 11.82 billion, a growth of 3.72%, while air traffic management products achieved 4.61 billion, growing by 10.07% [6] - The company’s subsidiary, Sichuan Jiuzhou Air Traffic Management Technology, reported a net profit of 0.46 billion in H1 2025 [6] Strategic Initiatives - The company is focusing on low-altitude economic development, with plans to enhance its testing capabilities and establish model projects in low-altitude infrastructure [6] - Collaborations with logistics companies like SF Express aim to create a new ecosystem for low-altitude logistics [6]