莱斯信息：公司首次覆盖报告：低空数字基建龙头，迈入发展新阶段

Investment Rating - The report provides a coverage rating for the company, indicating a positive outlook for its future performance [15]. Core Viewpoints - The report highlights the significant investment growth in China's air traffic management system, with expected investments of approximately 280 billion yuan by the end of the 14th Five-Year Plan, reflecting a slight increase compared to the previous plan [4]. - The company is positioned as a leader in the domestic air traffic automation system market, holding a market share of 42.05%, significantly ahead of its competitors [9]. - The report emphasizes the increasing demand for air traffic management infrastructure, driven by the expansion of regional control capabilities and the introduction of new projects across various regions [14]. Summary by Relevant Sections Air Traffic Management Investment - During the 12th Five-Year Plan, investments in China's air traffic management system reached 12 billion yuan, while the 13th Five-Year Plan saw investments of about 25 billion yuan. The 14th Five-Year Plan is projected to require around 28 billion yuan by its conclusion [4]. - The annual investment in the air traffic management system increased from 1.8 billion yuan in 2011 to 5.06 billion yuan in 2019, indicating a robust growth trend [5]. Market Participants - Major players in the air traffic management sector include Thales and Indra from Europe, while domestic participants include companies like Les Information and Chengdu Air Traffic Control Company [7][8]. Company Positioning - The company has successfully secured contracts for key automation systems in major regional control centers, enhancing the domestic air traffic management system's reliance on local technology [10][11]. - The report outlines the company's strategic focus on expanding its product matrix in airport information technology, aiming to break the long-standing technological dominance of foreign firms in this sector [26][30]. Future Growth Opportunities - The report anticipates a significant market expansion in the air traffic management sector, estimating an additional market potential of 1.35 billion yuan in the coming years due to new infrastructure projects [14]. - The company aims to become a key player in the low-altitude economy, supported by national policies promoting the development of low-altitude airspace and related services [32][34].