Impact Analysis of Sensic Electronics' Winning Bid for 199 Million Yuan Low-Altitude Emergency Rescue Project

Sensic Electronics (300479.SZ), as the leading unit in a consortium with Inspur Smart City Technology Co., Ltd., successfully won the Jinan Low-Altitude Emergency Rescue and Urban Lifeline Monitoring & Perception Digital Construction Project with a bid amount of 199 million yuan. Among this, Sensic Electronics undertakes approximately 191 million yuan, accounting for 20.93% of the company’s audited operating revenue in 2024[1].

Based on the company’s 2024 financial data[0]:

• 2024 Actual Operating Revenue
  : 911.5216 million yuan
• Project Amount
  : 191 million yuan
• Project Revenue Share
  : 20.95%

The implementation of this project will bring significant revenue growth to the company,预计将 increase its operating revenue to 1.1025216 billion yuan,

.

Estimated based on the company’s 2024 net profit margin of 2.25%[0]:

• 2024 Actual Net Profit
  : 16.3008 million yuan
• Estimated Net Profit Contribution from the Project
  : Approximately 4.2975 million yuan
• Net Profit Growth Rate
  : 26.36%

The company achieved a year-on-year operating revenue growth of 119.86% in 2024 and turned losses into profits[1]. The winning of this 199 million yuan project will further enhance the company’s performance in 2024:

• AI + Smart City Business
  achieved operating revenue of 791.1863 million yuan in 2024, a year-on-year increase of 218.82%[1]
• The low-altitude emergency rescue project belongs to the low-altitude economy sector that the company focuses on, forming a synergistic effect with existing businesses

According to brokerage API data[0]:

• Current Stock Price
  : 18.41 yuan
• Price-Earnings Ratio
  : 155.82 times (extremely high)
• Price-Book Ratio
  : 8.25 times
• Market Capitalization
  : 3.63 billion yuan

:

1. Expanded Revenue Scale
   : The project will directly add about 200 million yuan in revenue, increasing the company’s scale
2. Strategic Significance
   : The project verifies the company’s technical strength and market position in the low-altitude economy and smart city sectors
3. Business Synergy
   : Forms a synergistic effect with the existing AI + Smart City business, helping to obtain more similar orders

:

1. Execution Risk
   : As a related party transaction, attention needs to be paid to project execution and fund recovery
2. Overvaluation
   : The current P/E ratio of 155 times is already at an extremely high level, and performance growth has been expected by the market
3. Sustainability
   : The long-term impact of a single large order on valuation is limited, requiring continuous acquisition of similar projects

The company focuses on launching low-altitude autonomous agents with large computing power and long-distance ad-hoc network capabilities, weighing only 180g, capable of carrying 100TOPS computing power, integrating 5G, ad-hoc network, and satellite communication three networks to achieve seamless connection[1]. This is highly aligned with the current national strategy to promote low-altitude economy development.

• Core capabilities of “Intelligent Measurement, Intelligent Computing, Intelligent Flight, Intelligent Management”
• Three capabilities: embodied intelligence, four-dimensional intelligence, and autonomous decision-making
• Strong technical accumulation and market position in the smart city sector

• Clear Performance Boost
  : The project will directly contribute about 191 million yuan in revenue, accounting for 21% of 2024 revenue
• Valuation Support
  : Helps alleviate current overvaluation pressure and provides performance growth support

• Business Transformation
  : Successfully transformed from traditional identity authentication to smart city and low-altitude economy sectors
• Sustained Growth
  : The AI + Smart City business achieved a high growth rate of 219% in 2024, and the project will further enhance market position
• Valuation Reconstruction
  : If similar projects can be continuously obtained, it is expected to realize reasonable valuation reconstruction

1. Related party transaction risks require focus on project execution quality
2. The current valuation level is high, and attention should be paid to the risk of underperformance
3. Competition in the low-altitude economy sector intensifies, and technology iteration speed is fast

Sensic Electronics’ winning of this 199 million yuan low-altitude emergency rescue project has a

on the company’s 2024 performance, expected to drive about 21% revenue growth and 26% profit growth. The project not only provides immediate performance support but also verifies the company’s strategic layout in the low-altitude economy and smart city sectors, laying a foundation for future sustained growth.

However, considering the current extremely high P/E ratio of 155 times, the market has already expected the company’s high growth. Investors should pay attention to the project’s execution progress and fund recovery, as well as whether the company can continuously obtain similar projects to achieve a key leap from single project success to business model success.

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[0] Gilin API Data
[1] Eastmoney.com - “Sensic Electronics: Won the 199 Million Yuan Low-Altitude Emergency Rescue and Urban Lifeline Monitoring & Perception Project” (http://finance.eastmoney.com/a/202512163593342862.html)