浙江众合科技股份有限公司 | | 一、众合科技工作人员组织投资人参观公司青山湖园 | | --- | --- | | | 区展厅； | | | 二、众合科技副总裁兼董事会秘书何俊丽女士以"聚 | | | 焦安全管控，从轨交向空间信息延伸"为主题对公司概况、 | | | 战略规划进行了介绍。核心要点如下： | | | 公司聚焦空间信息战略，打造"空天地立体交通"主 | | | 场景，以自主工业软件为核心底座，提供关键装备、材料、 | | | 交通智慧数据运营服务和整体系统解决方案，构筑地下 | | | (轨道交通智慧中枢)、地面(车路云协同网络)低空(空域 | | | 管理网络和安全控制系统)、低轨卫星(高端装备数字化综 | | | 合性解决方案和运营服务)四位一体的立体交通网络，实 | | | 现"空天地"多维度交通网络的空间协同与智能互联。 | | | 公司在轨道交通领域深耕 10 余年形成显著先发优 | | | 势，业务已经覆盖杭州、郑州、西安、深圳等全国 28 座 | | | 城市。信号系统已经站稳行业第一梯队，累计实施国内地 | | | 铁＆市域铁路 (CBTC+FAO) 项目 65 个，累计 195 ...

Group 1 - The low-altitude economy is expected to become a trillion-level new sector in the next 3-5 years, reshaping urban transportation, logistics, and tourism industries, with significant investment opportunities in the related industrial chain [1] - The Shenzhen government has introduced the first local special regulations on low-altitude economy, aiming to enhance infrastructure and service systems, with nearly 300 drone routes and over 1.7 million cargo flights completed [1][2] - The national policy support for low-altitude economy has been increasing, with projections indicating a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [2] Group 2 - Companies are actively engaging in the low-altitude economy, with Deep City Transportation focusing on developing a new generation of urban transportation systems and expanding into various technological fields [2][3] - Changyi Technology has established a subsidiary for drone assembly and parts production, while companies like Aosheng Technology are innovating in solid-state battery materials, which have applications in low-altitude economy [3] - Analysts predict that 2025 will mark the year of large-scale operations in the low-altitude economy, with significant advancements in infrastructure and commercial applications [4]

Group 1 - Shenzhen has introduced the first local special regulations on low-altitude economy in China, aiming to enhance infrastructure and resource allocation for low-altitude flights [1] - The city has a leading position in the production of consumer and industrial drones, with nearly 300 drone routes opened and over 1.7 million cargo flights completed [1] - China Galaxy Securities predicts that 2025 will mark the year of commercial application for the low-altitude economy, with accelerated construction of air traffic management systems and takeoff/landing sites [1] Group 2 - Since 2024, the national government has been actively promoting the development of low-altitude economy, with policies at both the top and local levels driving improvements in planning [2] - The year 2025 is expected to transition low-altitude economy from planning to industrial implementation, contingent on a well-developed digital infrastructure [2] - There is a strong emphasis on achieving nationwide low-altitude communication and navigation system coverage by 2025, indicating urgent needs for large-scale construction [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].

| | 一、由众合科技副总裁兼董事会秘书何俊丽女士对 | | --- | --- | | | 公司概况、2024 年公司经营情况、业绩情况和未来发 | | | 展规划进行了介绍。要点如下： | | | 1.整体经营情况 | | | 公司实现营业收入 20.24 亿元，净利润 2,436.03 | | | 万元；在 2024 年中期实现现金分红 10,042,522.66 | | | 元；完成了 12,165,000 股的股份回购，其中注销 | | | 3,605,400 股，等同实现分红 19,985,166.60 元。同时 | | | 公司顺利完成约 6.84 亿元定增募资，并完成了立体交 | | | 通战略的初步布局。 | | | 2.各业务板块介绍 | | | 空天地立体交通场景：1）智慧轨交：公司智慧轨 | | | 交业务实现营业收入 15.30 亿元，新增订单金额约 | | | 31.5 亿元，刷新智慧轨交业务历史最好业绩，已经连 | | | 续三年新增订单超过 25 亿元。公司信号系统业务以 | | | 23.46%的市占率排名第二。2）低空：公司在 2024 年推 | | | 出了 UniTFC ...