公司研究 证 券 研 究 报 告 纵横股份（688070）深度研究报告 推荐（首次） 全谱系工业无人机领军企业，以"低空+AI 行业应用"深 化布局低空数字经济——华创交运|低空 60 系列（二十七） [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 474 | 618 | 794 | 955 | | 同比增速(%) | 57.1% | 30.4% | 28.4% | 20.3% | | 归母净利润(百万) | -36 | 10 | 55 | 100 | | 同比增速(%) | 44.5% | 129.1% | 430.1% | 80.3% | | 每股盈利(元) | -0.41 | 0.12 | 0.63 | 1.14 | | 市盈率(倍) | -143 | 491 | 93 | 51 | | 市净率(倍) | 9.0 | 8.1 | 7.4 | 6.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 12 日收 ...

Investment Rating - The report does not explicitly provide an investment rating for the company Core Insights - The company, Zongheng Co., specializes in industrial drones and is currently struggling financially despite strong revenue growth, with a reported revenue of 320 million yuan for the first three quarters of 2025, representing a 57% year-on-year increase [3] - The overall gross margin improved significantly from 42.2% to 48.9% in the same period, indicating a positive trend in profitability, although the company still reported a net loss of approximately 36 million yuan for the full year of 2024 and nearly 20 million yuan for the first three quarters of 2025 [5][8] - The growth is attributed to increased government and corporate investments in drone infrastructure as part of the low-altitude economy strategy, with Zongheng's CW series drones performing well in emergency, security, and surveying applications [7] Summary by Sections Financial Performance - The company has shown strong revenue growth but continues to operate at a loss, with a projected loss of 36 million yuan for 2024 and a loss of nearly 20 million yuan for the first three quarters of 2025 [8] - The gross margin has improved, reaching 53.2% in the first half of 2025, primarily due to a higher proportion of high-margin products [10] - Cash flow remains a concern, with a net cash flow from operating activities of -100 million yuan for the first three quarters of 2025, indicating cash flow challenges despite sales [12][14] Market Position and Competition - Zongheng Co. faces significant competition from larger players like DJI, which dominates the market with over 70% share in the multi-rotor segment, while Zongheng operates in the niche of vertical take-off and landing fixed-wing drones [2][19] - The company is attempting to transition from a drone manufacturer to a provider of low-altitude digital economy solutions, focusing on integrating hardware and software for various industry applications [19][21] Business Model and Strategy - The company is exploring a combination of hardware and software solutions, including the development of an automated drone system and a cloud platform for data management [21][22] - The strategy includes offering data services to enhance customer engagement, although hardware sales still dominate revenue, and the transition to software and services is costly and uncertain [23]

Core Viewpoint - The article discusses the performance and challenges of Zongheng Co., a company in the drone industry, particularly in the vertical take-off and landing fixed-wing segment, which is not fully dominated by DJI. Despite strong revenue growth, the company continues to face significant losses and cash flow issues, raising questions about its long-term viability and competitive position in the market [3][19][44]. Group 1: Company Performance - Zongheng Co. reported a strong revenue growth of 57% year-on-year, achieving 320 million yuan in revenue for the first three quarters of 2025 [27][31]. - The overall gross margin increased significantly from 42.2% to 48.9% during the same period, indicating improved profitability despite ongoing losses [29][35]. - The company’s net loss for 2024 is projected to be approximately 36 million yuan, with a loss of nearly 20 million yuan in the first three quarters of 2025, although these figures show a reduction compared to previous years [33][9]. Group 2: Market Dynamics - The growth in Zongheng's revenue is attributed to the inclusion of low-altitude economy in national strategy, leading to increased investment in drone infrastructure by governments and enterprises [31][37]. - Zongheng's CW series drones, particularly the hybrid models CW-100, CW-40, and pure electric CW-15, have performed well in emergency, security, and surveying applications [31][32]. Group 3: Challenges and Risks - Despite the revenue growth, Zongheng continues to operate at a loss due to high sales expenses and significant investments in research and development, which are necessary for maintaining technological leadership [35][37]. - The company faces intense competition from larger players like DJI, which could potentially erode Zongheng's market share in key applications such as emergency services and smart city solutions [19][43]. - Zongheng's cash flow remains under pressure, with a net cash flow from operating activities of -100 million yuan for the first three quarters of 2025, indicating challenges in cash collection and inventory management [37][39]. Group 4: Strategic Direction - Zongheng is transitioning from a drone manufacturer to a provider of low-altitude digital economy solutions, focusing on integrating hardware and software to create comprehensive applications for various industries [44][45]. - The company is developing automated systems for drone operations, software platforms for data management, and service offerings to enhance customer engagement and retention [47][45].

Core Viewpoint - The article discusses the competitive landscape of the drone industry, highlighting the dominance of DJI in the consumer drone market and the emergence of a niche player, Zongheng Co., Ltd. (688070.SH), in the vertical take-off and landing fixed-wing segment, which remains underdeveloped and presents potential growth opportunities [3][4]. Group 1: Company Performance - Zongheng Co., Ltd. reported a strong revenue growth of 57% year-on-year, achieving 320 million yuan in revenue for the first three quarters of 2025 [5]. - The company's overall gross margin increased significantly from 42.2% to 48.9% during the same period, indicating improved profitability despite ongoing losses [7]. - The growth is attributed to the inclusion of low-altitude economy in national strategy, leading to increased investments in drone infrastructure by governments and enterprises [9]. Group 2: Financial Challenges - Despite revenue growth, Zongheng Co., Ltd. is projected to incur a loss of approximately 36 million yuan for the entire year of 2024, with nearly 20 million yuan in losses for the first three quarters of 2025 [10]. - The company faces high sales expenses due to increased direct sales efforts and market promotion, resulting in a sustained high sales expense ratio [12]. - Research and development costs are significant, as the company invests in upgrading existing products and developing new platforms, leading to cash flow challenges with a net cash flow from operating activities of -100 million yuan for the first three quarters of 2025 [14]. Group 3: Competitive Landscape - Zongheng Co., Ltd. competes with larger players like DJI, Rainbow, and Wing Loong, which pose significant challenges in the market [21]. - The company is transitioning from a drone manufacturer to a provider of low-altitude digital economy solutions, focusing on integrating drone platforms with software and services tailored to specific industry needs [24]. - The strategic shift includes three main directions: developing unmanned systems for automated operations, creating software platforms for data management, and offering data services to enhance customer engagement [26].

Investment Rating - The report assigns an "Add" rating for the company for the first time, with a target valuation of 50.00 - 58.00 CNY, while the current stock price is 49.4 CNY [2]. Core Insights - The company is a leading player in the industrial drone sector in China, focusing on the development of drone hardware platforms, flight control systems, and industry application software, while actively exploring new business opportunities in the low-altitude digital economy [1]. - The company is expected to benefit from the continuous expansion of the domestic industrial drone market and the accelerated release of low-altitude economic policy dividends, leading to rapid growth in performance [1]. - The company has a comprehensive product line and has established a strong research and development system, which positions it well for future growth [7]. Summary by Sections Company Overview - The company was established in 2010 and specializes in the research, production, sales, and service of industrial drone-related products, becoming the first listed company in China with drones as its main business in February 2021 [13]. Financial Analysis - The company has seen stable revenue growth since its listing, with a significant increase in revenue to 4.74 billion CNY in 2024, a 57.14% increase year-on-year, while losses narrowed to 36 million CNY due to successful emergency project bids exceeding 200 million CNY [17][19]. - The main business segments include drone systems, services, and accessories, with drone systems contributing 76% of revenue in 2024 [19][69]. Low-altitude Economy - The low-altitude economy is identified as a key growth area, with the market expected to reach over 1 trillion CNY by 2026, driven by the rapid growth of the drone and eVTOL sectors [44][49]. - The report highlights the importance of drones as the core carrier and value creator in the low-altitude economy, with the industrial drone market projected to grow significantly [58]. Product Development - The company has a complete product line, including vertical take-off and landing fixed-wing drones, multi-rotor drones, and large fixed-wing systems, which cater to various industry needs [70]. - The company is advancing its "unmanned drone system + cloud platform + AI" solutions, enhancing its capabilities in social governance and digital economy applications [39][71]. Profit Forecast - Revenue forecasts for 2025-2027 are projected at 5.81 billion CNY, 9.39 billion CNY, and 13.52 billion CNY, with year-on-year growth rates of 22.6%, 61.5%, and 44.0% respectively [8].