公司研究 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 证 券 研 究 报 告 莱斯信息（688631）2025 年业绩预告点评 推荐（维持） 城市交管业务下降致业绩承压，持续以标杆项目为 牵引打造低空体系生态 行业应用软件 2026 年 01 月 31 日 当前价：68.67 元 华创证券研究所 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 公司基本数据 | 总股本(万股) | 16,347.00 | | --- | --- | | 已上市流通股(万股) | 6,487.00 | | 总市值(亿元) | 112.25 | | 流通市值(亿元) | 44.55 | | 资产负债率(%) | 44.20 | | 每股净资产(元) | 11.08 | | 12 个月内最高/最低价 | 122.03/61.13 | 市场表现对比图( ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][22]. Core Insights - The company's performance is under pressure due to a decline in urban traffic management business, with projected revenue for 2025 expected to be between 1.2 billion to 1.35 billion yuan, representing a year-on-year decrease of 16.14%-25.46% [5][6]. - The forecasted net profit attributable to shareholders for 2025 is estimated to be between 40 million to 60 million yuan, reflecting a significant decline of 53.5%-69% year-on-year [5]. - The company continues to strengthen its leading position in the civil aviation management sector while advancing its integrated development in the low-altitude market, leveraging benchmark projects to build a comprehensive ecosystem [5]. Financial Performance Summary - Total revenue for 2025 is projected at 1.307 billion yuan, down 18.8% from 2024, with a net profit of 49 million yuan, a decrease of 62% [6]. - The earnings per share (EPS) for 2025 is expected to be 0.30 yuan, with a price-to-earnings (P/E) ratio of 229 times [6]. - The company anticipates a recovery in 2026, with revenue expected to rise to 1.485 billion yuan and net profit to 128 million yuan, indicating a growth of 161% year-on-year [6]. Market Position and Strategy - The company is positioned as a leader in the low-altitude digital economy, with a focus on developing comprehensive solutions and establishing benchmark projects across multiple cities [5]. - The report highlights three key advantages that support the company's potential to excel in the low-altitude digitalization sector: its established expertise in civil aviation management, the systematic product offerings for low-altitude operations, and the support from its parent group [5]. - The company is actively involved in projects that enhance low-altitude flight management capabilities, including collaborations with universities and local governments to create integrated management platforms [5].

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 3.70% this week, with a relative increase of 4.32%, and the average daily trading volume was 365.3 billion yuan, indicating a decrease in trading volume compared to the previous week [3][11]. - The top five performing stocks this week were Beimo Gaoke, Xinwei Communication, Hangfa Power, Chaojie Co., and Baowu Magnesium, while the bottom five were Haige Communication, Shenglu Communication, Xiaopeng Motors-W, Lais Information, and Guangqi Technology [4][16]. Industry Dynamics - Blue Sky Aviation launched the world's first 800V aviation range extender, which significantly enhances the eVTOL range to over 1000 kilometers [19]. - An eVTOL test flight and operation seminar was held in Chengdu, focusing on various aspects of the eVTOL industry, including compliance verification and pilot training [19]. - A successful fire rescue test using drones was conducted in Shenzhen, demonstrating the capability to deliver water from heights exceeding 300 meters [19]. - The RX1E-A received production certification, marking the beginning of mass production for this electric light sport aircraft [20]. Policy Dynamics - The Dongguan Transportation Bureau is seeking public opinion on a draft for the development of low-altitude economic transportation infrastructure, proposing a comprehensive infrastructure system [21]. - The Shanghai Municipal Government released interim measures for the safety management of civil unmanned aerial vehicles, which will take effect on February 1 [21][22]. Company Dynamics - Eve Air Mobility completed a $150 million five-year debt financing, increasing its total funding to $1.2 billion, aimed at eVTOL technology development and FAA certification, targeting commercialization by 2028 [23].

1月26日，莱斯信息跌5.08%，截至发稿，报71.91元/股，成交1.72亿元，换手率3.62%，总市值117.55亿 元。 资料显示，南京莱斯信息技术股份有限公司位于江苏省南京市秦淮区永智路8号，成立日期1988年7月16 日，上市日期2023年6月28日，公司主营业务涉及莱斯信息作为民用指挥信息系统整体解决方案提供商, 主要面向民航空中交通管理、城市道路交通管理以及城市治理等行业的信息化需求,提供以指挥控制技 术为核心的指挥信息系统整体解决方案和系列产品。主营业务收入构成为：信息化系统开发建设 86.62%，运维和技术服务10.39%，商品销售2.55%，其他(补充)0.44%。 从莱斯信息十大流通股东角度 数据显示，永赢基金旗下1只基金位居莱斯信息十大流通股东。永赢低碳环保智选混合发起A （016386）三季度减持67.12万股，持有股数173.66万股，占流通股的比例为2.68%。根据测算，今日浮 亏损失约668.6万元。 永赢低碳环保智选混合发起A（016386）成立日期2022年10月17日，最新规模1.27亿。今年以来收益 8.77%，同类排名2772/9003；近一年收益17.05%，同类排 ...

中国经济网北京1月20日讯 莱斯信息（688631.SH）昨晚披露了2025年年度业绩预告。经财务部门初步测 算，预计公司2025年年度实现营业收入为120,000.00万元到135,000.00万元，与上年同期（法定披露数据）相 比，将减少25,982.99万元到40,982.99万元，同比减少16.14%到25.46%。 预计公司2025年年度实现归属于母公司所有者的净利润为4,000.00万元到6,000.00万元，与上年同期（法定 披露数据）相比，将减少6,904.35万元到8,904.35万元，同比减少53.50%到69.00%；预计公司2025年年度实现归 属于母公司所有者的扣除非经常性损益的净利润为3,500.00万元到5,000.00万元，与上年同期（法定披露数据） 相比，将减少5,628.63万元到7,128.63万元，同比减少52.96%到67.07%。 莱斯信息本次发行募集资金总额103,319.36万元；扣除发行费用后，募集资金净额为96,979.59万元。莱斯信 息最终募集资金净额比原计划少4743.97万元。2023年6月21日，莱斯信息发布的招股说明书显示，公司拟募集 资金101 ...

Group 1 - The high-growth sector is experiencing a downturn, with significant declines in leading software ETFs and notable net inflows for seven consecutive days [1] - The Ministry of Industry and Information Technology has issued an action plan to promote the high-quality development of industrial internet platforms, aiming for over 450 influential platforms and more than 1.2 billion connected industrial devices by 2028 [3] - There is a strong market expectation for major companies to release flagship large models before the Spring Festival, with potential releases from ByteDance and Deepseek anticipated to narrow the performance gap with overseas counterparts [3] Group 2 - The GEO (Generative Engine Optimization) concept is gaining traction, representing just the tip of the iceberg in AI applications, with a focus on optimizing generative AI platforms for better brand and product visibility [3] - The commercialization of AI software is accelerating, with AI Agents expected to rapidly materialize by 2026, indicating ongoing investment value in the sector [4] - The integration of AI and manufacturing is projected to shift the market focus from "computational power competition" to "application realization," suggesting a positive outlook for mid-term investments [4]

Group 1 - The core point of the news is that Nanjing Lais Information Technology Co., Ltd. experienced a stock price decline of 5.06%, with shares trading at 72.82 yuan and a total market capitalization of 11.904 billion yuan as of January 20 [1] - The company, established on July 16, 1988, specializes in providing comprehensive solutions for civil command information systems, focusing on air traffic management, urban road traffic management, and urban governance [1] - The revenue composition of the company includes 86.62% from information system development, 10.39% from operation and technical services, 2.55% from product sales, and 0.44% from other sources [1] Group 2 - The Qianhai Kaiyuan Belt and Road Mixed A Fund (001209) holds 72,900 shares of Lais Information, representing 6.94% of the fund's net value, making it the fifth-largest holding [2] - The fund has reported a floating loss of approximately 282,900 yuan as of the latest data [2] - The fund was established on April 29, 2015, with a current size of 53.1077 million yuan, and has achieved a year-to-date return of 7.98% and a one-year return of 22.32% [2]

Performance Forecast - The company expects to achieve an operating revenue of between 1,200 million yuan and 1,350 million yuan for the year 2025, representing a decrease of 25,982.99 million yuan to 40,982.99 million yuan compared to the previous year, which is a year-on-year decline of 16.14% to 25.46% [1] - The projected net profit attributable to the parent company for 2025 is estimated to be between 40 million yuan and 60 million yuan, a decrease of 6,904.35 million yuan to 8,904.35 million yuan compared to the previous year, reflecting a year-on-year decline of 53.50% to 69.00% [1] - The expected net profit attributable to the parent company after deducting non-recurring gains and losses is estimated to be between 35 million yuan and 50 million yuan, which is a decrease of 5,628.63 million yuan to 7,128.63 million yuan compared to the previous year, indicating a year-on-year decline of 52.96% to 67.07% [1] Previous Year Performance - The operating revenue for the previous year was 1,609.83 million yuan [3] - The total profit was 133.53 million yuan, with a net profit attributable to the parent company of 129.04 million yuan [3] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 106.29 million yuan [3] Reasons for Performance Change - The decline in performance is primarily attributed to a significant decrease in revenue from the urban road traffic management sector compared to the previous year [5] - The decrease in operating revenue directly led to a reduction in gross profit, and the decline in interest income, other income, and investment income also contributed to the substantial drop in net profit [5] - The company is focusing on maintaining its leading position in the civil aviation management sector, accelerating breakthroughs in the airport sector, and exploring transformation paths in urban governance and defense mobilization sectors [5]

证券代码：688631 证券简称：莱斯信息 公告编号：2026-001 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1.经财务部门初步测算，预计南京莱斯信息技术股份有限公司（以下简称"公司"）2025年年度实现营业 收入为120,000.00万元到135,000.00万元，与上年同期（法定披露数据）相比，将减少25,982.99万元到 40,982.99万元，同比减少16.14%到25.46%。 2.预计公司2025年年度实现归属于母公司所有者的净利润为4,000.00万元到6,000.00万元，与上年同期 （法定披露数据）相比，将减少6,904.35万元到8,904.35万元，同比减少53.50%到69.00%。 3．预计公司2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为3,500.00万元到 5,000.00万元，与上年同期（法定披露数据）相比，将减少5,628.63万元到7,128.63万 ...

Group 1 - The core viewpoint of the article indicates that 莱斯信息 (688631) expects a significant decline in net profit for 2025, projecting a range of 40 million to 60 million yuan, which represents a year-on-year decrease of 53.5% to 69% [2] - The primary reason for the decline in performance compared to the previous year is attributed to a substantial decrease in revenue within the urban road traffic management sector for 2025 [2]