JSTI(300284) 光大证券·2025-04-06 12:44Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is actively expanding its low-altitude economic footprint and anticipates growth in its digital business [1][3] - The establishment of a joint venture in Xinjiang aims to leverage local resources for rapid expansion in low-altitude economic orders [2] - The digital economy in Jiangsu province is projected to reach a core industry added value of 1.8 trillion yuan by 2027, indicating significant growth potential for the company's digital initiatives [3] Summary by Sections Company Developments - On March 28, the company established a joint venture, Jiangke Yili Engineering Consulting Co., Ltd., with a local transportation investment group, focusing on engineering management and digital services [1] - The company has secured multiple low-altitude economic projects in Jiangsu, including safety management and infrastructure design [2] Digital Business Growth - The company is positioned to benefit from Jiangsu's digital transformation plan, which aims to enhance smart city initiatives and digital infrastructure [3] - The subsidiary Jiangsu Zhihui Transportation Software Technology Co., Ltd. is advancing digital management technologies, including IoT and digital twin applications [3] Financial Forecasts - The company's net profit forecasts for 2024 and 2025 have been revised down to 254 million yuan and 279 million yuan, respectively, due to challenges in the real estate and infrastructure sectors [3] - The report projects a net profit of 324 million yuan for 2026, reflecting the anticipated growth in low-altitude and digital business sectors [3]