Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 10.51 [7][6]. Core Views - The company reported a revenue of RMB 1.776 billion for H1 2025, a year-on-year decrease of 13.75%, and a net profit attributable to shareholders of RMB 95.39 million, down 39.54% year-on-year, primarily due to exchange rate losses affecting profit margins [1][6]. - The company is transitioning from a traditional design institute to a "think tank-type technology enterprise," focusing on emerging growth areas such as digitalization, urban lifelines, low-altitude economy, and multimodal transport [1][2]. - Emerging businesses have shown significant growth, with areas like urban lifelines, multimodal transport, low-altitude economy, lightweight detection, green low-carbon initiatives, and road materials achieving over 100% growth [2][6]. Summary by Sections Financial Performance - For H1 2025, the overall gross margin increased by 1.93 percentage points to 31.87%, while the engineering consulting business revenue was RMB 1.714 billion, down 7.82% year-on-year, with a gross margin of 32.36% [2][3]. - The company experienced a significant increase in financial expenses, totaling RMB 45.68 million, primarily due to exchange losses of RMB 41.59 million, compared to a gain of RMB 14.86 million in the same period last year [3][4]. - Operating cash flow improved year-on-year, with a net cash outflow of RMB 690 million, which was a reduction of RMB 33 million compared to the previous year [4]. Business Development - The company is deepening its low-altitude industry ecosystem layout and has participated in the development of provincial standards for low-altitude take-off and landing sites and airspace designation [5]. - The company has developed a comprehensive low-altitude economic product system, including core platforms for airspace service management, low-altitude regulatory services, and AI-based comprehensive inspection [5]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards, with net profits projected at RMB 211 million, RMB 227 million, and RMB 239 million, reflecting a decrease of 15.67%, 16.43%, and 17.06% respectively [6][11]. - The company is assigned a PE ratio of 63x for 2025, with an updated target price of RMB 10.51, which corresponds to a 53x PE ratio for the same year [6][12].

转自：新华财经 近日，由内蒙古移动鄂尔多斯分公司联合中国移动（成都）产业研究院共同打造的内蒙古首个低空监管服务平台 ——"鄂尔多斯市无人机监管平台"，正式交付鄂尔多斯机场集团使用。 该平台通过整合5G通感一体、北斗高精度定位等核心技术，率先构建起"全域感知、智能调度、实时预警"三位一 体的低空监管体系，标志着鄂尔多斯在低空经济领域迈出关键一步。该监管平台使用了中国移动自主研发的云端 监管平台——中国移动"凌云低空监管服务平台"，"凌云"系统集成广域实时智联、多源探测与反制、航路航线智 能化管理、高精增强定位等九大核心功能。平台通过5G基站通感一体化技术实现无人机全流程监管，结合北斗系 统厘米级定位能力，可精准识别低空飞行器身份信息与实时动态。 目前该平台已在鄂尔多斯机场低空智能网联中心投入运营，成功实现无人机"可视、可联、可管、可控"的闭环管 理。在民航监管部门指导下，平台不仅提供无人机注册备案、航线审批、飞行监控等基础服务，还创新开发网联 远程操控、飞行数据存证等特色功能，为物流运输、地理测绘等应用场景提供技术支撑。据统计，平台试运行期 间已累计保障1000余架次无人机安全作业。 "这是全区首个实现'监管+ ...