纵横股份 20260202 摘要 纵横股份 2025 年营收预计 6 亿元，同比增长 20%，全年净利率 1.7%，较 2024 年提升 9.2 个百分点。四季度营收 3 亿元，同比增长 10%，净利润 3,000 万元，同比增长 71%，单季净利率达 10.2%。 公司聚焦数字经济和海外市场，2025 年数字经济相关业务中标接近 4 亿元，预计 2026 年维持向好趋势。海外市场加大 CW40 和 ZW100 等 产品开拓，同时加大低空消防和水利应用等垂直业务研发。 公司战略转型为低空 AI 应用与运营服务商，深化智慧政务和行业专业化 应用布局，加强软硬件迭代，强化产业生态合作，优化供应链与成本费 用，提高运营效率与盈利质量。 收入结构变化显著，数字经济占比约 30%，出口收入超 1 亿元，剩余来 自传统应用领域。无人值守系统设备加软件的市场空间已超过百亿，加 上服务市场空间更大，预计年化增速超 30%。 云龙系列大载重无人机已有四款型号，载重范围 500 公斤至 2 吨，续航 15 至 35 小时，主要面向国内行业应用及海外市场，预计未来 8-10 年 国际需求量可能达到 300 多架。 Q&A 纵横股份 ...

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.