低空经济领域积累深厚，AI设计产品不断迭代升级

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 13.10, compared to the current price of 7.69 [2][11]. Core Views - The report highlights the company's strong position in the low-altitude economy, which has been recognized as a strategic emerging industry by the central economic work conference. The company has extensive experience and technical accumulation in this field, actively expanding into areas such as drone operation and provincial system construction [11]. - The projected EPS for 2023-2025 is 1.03, 1.16, and 1.25 respectively, indicating growth rates of 3%, 13%, and 8% [11]. - The low-altitude economy is expected to contribute between 3 trillion to 5 trillion yuan to the national economy by 2025, with the company providing comprehensive consulting services in this area [11]. - The company's AI design products significantly enhance design efficiency, with the AIRoad system improving design efficiency by 8-10 times and overall design efficiency by 20-30% [11]. - The company is also involved in the autonomous driving sector, collaborating on products related to vehicle-road collaboration [11]. Summary by Sections Financial Performance - The company's net profit is projected to reach 7.2 billion yuan in 2023, with a growth rate of 5%, and 7.9 billion yuan in 2024, with a growth rate of 10% [15]. - The average PE ratio is expected to be 8.2 for 2023 and 6.1 for 2024, indicating a favorable valuation compared to historical averages [15]. Market Position - The company has provided engineering consulting services for 113 transport airports and 18 general airports, showcasing its strong market presence [11]. - The report notes that the company has a total market capitalization of 5.258 billion yuan and a circulating share ratio of 98% [12]. Industry Outlook - The low-altitude economy is positioned as a new growth engine, with government reports emphasizing its importance for future economic development [11]. - The report indicates that the company is well-prepared to leverage advancements in AI and digital technologies to enhance its service offerings and operational efficiency [11].