2025 年 10 月 27 日 风险提示 市场竞争风险、行业风险、毛利率下滑风险、大股东离婚股权分割 带来的风险。 军工组 纵横股份（688070.SH） 买入（维持评级） 公司点评 证券研究报告 25Q3 扭亏为盈，业绩拐点显现 业绩简评 2025 年 10 月 27 日，公司发布 2025 三季报：25Q1-Q3 营收 3.22 亿（同比+57%），归母净利润-1981 万（同比减亏 3363 万），扣非 净利润-2191 万（同比减亏 3689 万）；其中 25Q3 营收 1.88 亿（同 比+53.8%，环比+95.8%），归母净利润 1652 万，扭亏为盈，扣非净 利润 1545 万，扭亏为盈。 经营分析 纵横股份是国内工业无人机龙头，华丽转型低空数字经济解决方 案提供商，25Q3 单季扭亏为盈，盈利拐点显现。1）受益于低空经 济政策驱动和国内外市场需求逐步释放，公司 25 前三季度经营情 况持续显著改善：25Q1-Q3 营收 3.22 亿（+57%），其中 Q3 单季营 收 1.88 亿，同比+53.8%，环比+95.8%。2）毛利率维持稳定：25Q1- Q3 综合毛利率 48.9%（-0.7p ...

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]

Summary of the Conference Call for Zongheng Co., Ltd. Company Overview - **Company**: Zongheng Co., Ltd. - **Industry**: Low-altitude digital economy and drone systems Key Financial Highlights - In the first half of 2025, Zongheng reported revenue of approximately 1 billion yuan, a year-on-year increase of 71% [2] - The net profit attributable to shareholders was a loss of about 84 million yuan, a reduction in loss of 16 million yuan year-on-year, indicating significant improvement in operational quality [2][3] - The company achieved revenue of approximately 1.35 billion yuan in the first half of 2025, with a year-on-year growth of 62% [3] Core Business Developments - The company is focusing on the low-altitude digital economy and has won the "Smart Bazhong" project worth 1.06 billion yuan, leveraging unmanned systems combined with AI for data services [2][5] - The overseas market revenue share has increased to 15%-20%, with confirmed revenue exceeding 1 billion yuan [2][14] - Zongheng has developed new products, including the C700 vertical fixed-wing unmanned system and the P200 multi-rotor unmanned system [4] Market Expansion and Strategic Initiatives - The company is actively exploring the low-altitude cultural tourism sector and has established a subsidiary "Zongheng Bazhong" in collaboration with the Bazhong municipal government [8] - The company aims to address high costs and low utilization rates of drones in government departments through a centralized procurement model [9][10] - The estimated market value for low-altitude economic equipment in a prefecture-level city is about 1 billion yuan, with a national market potential of approximately 300 billion yuan [10] Product and Service Offerings - The main revenue sources are from the security sector (approximately 50%) and surveying and geographic information (about 25%) [6] - The company has developed a cloud platform "Zongheng Cloud" for low-altitude economic management and monitoring [5][13] Challenges and Solutions - Challenges in promoting drones in government sectors include high costs and low utilization rates [9] - The company proposes a model where government-led platform companies can enhance drone utilization and reduce operational costs [10] Profitability and Margins - The overall gross margin has significantly improved, with drone system margins doubling, and overseas market margins exceeding domestic margins by 15-20 percentage points [4][16][17] - The expected gross margin for the first half of 2025 is close to or slightly above 60% [17] Future Outlook - The company plans to focus on the low-altitude digital economy and overseas markets as core growth drivers over the next 3 to 10 years [18] - The company has set a neutral outlook for revenue and profit targets for 2025, with confidence in achieving long-term goals despite potential uncertainties in order confirmations [18] Conclusion Zongheng Co., Ltd. is positioned to capitalize on the growing low-altitude digital economy and expand its international presence, with a strong focus on improving operational efficiency and profitability through innovative solutions and strategic partnerships.