NANJING LES INFORMATION TECHNOLOGY CO.(SH:688631) Huachuang Securities·2026-02-01 00:30Investment 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 solidify its leading position in the civil aviation management sector while advancing its integrated development in the airport sector and deepening its market layout in the low-altitude field [5][6]. Financial Performance Summary - The 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 year-on-year growth of 161% [6]. Market Position and Strategy - The company is focusing on building a comprehensive ecosystem in the low-altitude sector, leveraging its benchmark projects to drive growth [5]. - It has developed the "Tianmu" series of products centered around the low-altitude flight service management platform, supporting over ten key cities in low-altitude capability construction [5]. - The company is well-positioned to benefit from national policies supporting low-altitude industry development, with expectations for accelerated project construction in 2026 [5].