证券研究报告 | 公司深度报告 2025 年 10 月 26 日 纵横股份（688070.SH） 工业无人机龙头，抢抓市场机遇深耕低空数字经济 TMT 及中小盘/电子 公司作为我国工业无人机领域的龙头企业，长期专注于无人机硬件平台、飞行 控制系统与行业应用软件的研发与服务体系构建，并积极掘金低空数字经济新 业务，打造企业第二增长曲线。随着国内工业无人机产业规模持续扩大，叠加 低空经济政策红利加速释放，公司有望充分受益于行业高景气度，业绩或将迎 来快速增长。 增持（首次） | 财务数据与估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | ❑ 工业无人机龙头企业，产品谱系齐全奠定成长基石。纵横股份深耕工业无人 机多年，技术研发优势突出。公司无人机全产业链布局协同发展，产品谱系 完善，可针对不同客户的不同应用场景快速形成合适的解决方案。分产品看： ➢ CW 系列复合翼无人机：国内率先发布并量产垂直起降固定翼工业无 人机，开发多年产品竞争优势突出，近年进一步推出 CW-4 ...

Core Viewpoint - Chengdu Zongheng Automation Technology Co., Ltd. has made significant progress in the low-altitude economy sector, evidenced by its recent winning of contracts totaling approximately 120 million yuan, which represents about 25.38% of its projected revenue for 2024 after excluding non-core business income [1][2]. Group 1: Company Developments - Zongheng Dapeng, a wholly-owned subsidiary, won contracts for the "Smart Bazhong" low-altitude digital economy unmanned system and supporting facilities, with contract amounts of 106 million yuan and 13.6 million yuan respectively [1]. - The company aims to deepen its low-altitude digital economy business layout by promoting the integration of "unmanned systems + Zongheng Cloud + AI" [1][3]. - Zongheng has established strategic partnerships with over ten local governments and enterprises to jointly develop low-altitude economy projects in 2024 [3]. Group 2: Industry Insights - The low-altitude economy is viewed as a burgeoning field with vast development potential, driven by technological advancements in drones and artificial intelligence [3]. - The successful contract wins are expected to enhance Zongheng's market position in the low-altitude economy, positively impacting its revenue, business expansion, and brand influence [2]. - The company has a competitive advantage in the low-altitude economy sector due to its strong technical foundation in industrial drones and a diverse product line that meets various operational needs [2].