莱斯信息(688631)：发布“天牧”大模型深度参与电科低空计划 积极拓展传统业务新方向

Financial Performance - In the first half of 2025, the company achieved revenue of 457 million yuan, a year-on-year decrease of 28.37% [1] - The net profit attributable to shareholders was -31 million yuan, a significant decline of 473.5% year-on-year [1] - For Q2 2025, revenue was 348 million yuan, down 11.44% year-on-year, with a net profit of -16 thousand yuan, reflecting a year-on-year decrease of 258.83% [1] Business Challenges - The company's performance was pressured by a reduction in urban governance and road traffic business, along with delays in revenue recognition [1] - The company recognized credit impairment losses and asset impairment losses totaling 22.44 million yuan, with accounts receivable bad debt losses amounting to 25.43 million yuan [1] - Despite challenges, core projects are expected to be accepted in the second half of the year, which may stabilize overall performance [1] Research and Development - The company increased its R&D investment, with R&D expenses amounting to 71 million yuan, a year-on-year increase of 3.93% [1] - The R&D expense ratio was 15.56%, up 4.84 percentage points year-on-year [1] Low-altitude Projects - The company has made significant progress in low-altitude projects, launching the "Tianmu" model to support the Electric Science and Technology low-altitude plan [2] - The company has implemented multiple low-altitude projects in various cities, including a low-altitude flight service platform in Nanjing capable of supporting 50,000 flight operations [2] - The "Tianmu" series of low-altitude products has been integrated with DeepSeek, resulting in the release of China's first aviation transportation model [2] Market Expansion - The company is expanding its civil aviation air traffic control business, achieving a breakthrough with the self-developed runway status light control system at Shenzhen Airport [2] - The company is actively pursuing new directions in urban and transportation business, including projects in cities like Nanjing, Suzhou, and Fuzhou [3] - The company is also advancing military-civilian integration projects, focusing on building a new generation of national defense mobilization information system [3] Profit Forecast - The company is expected to see revenue growth in the low-altitude sector and maintain a technological lead in civil aviation air traffic control [4] - Revenue projections for 2025-2027 are 1.739 billion yuan, 1.93 billion yuan, and 2.153 billion yuan, respectively, with net profits of 167 million yuan, 234 million yuan, and 294 million yuan [4] - The projected price-to-earnings ratios are 91, 65, and 51 times for the respective years [4]