Core Viewpoint - The Jiangsu Low Altitude Flight Service Center has launched a management platform for low altitude flight services, enabling efficient and safe management of both manned and unmanned aerial vehicles, addressing the need for streamlined flight plan submissions and real-time monitoring of flight activities [1][2]. Group 1: Services Provided to the Public - The management platform allows users to submit flight plans easily, reducing the occurrence of unauthorized flights [2]. - The platform offers various services including flight plan declaration, route planning, and weather information, enhancing the overall management of low altitude airspace [2]. - The platform ensures that users' planned routes do not conflict with restricted areas or other users' flight plans, promoting coordinated flight activities [2]. Group 2: Real-time Monitoring and Safety Measures - The platform refreshes flight information every 2 seconds, utilizing advanced technologies such as 5G and automatic surveillance systems for effective communication between drones and ground control [4]. - Specific "red zones" have been established where drone flights require prior approval, ensuring safety in sensitive areas such as highways and water sources [4]. - The platform issues alerts if drones enter restricted airspace, enhancing safety measures for low altitude operations [4]. Group 3: Integration of Manned and Unmanned Aircraft - Current regulations for airspace separation between manned and unmanned aircraft are lacking, posing challenges for safe coexistence [6]. - The center is developing a grid-based airspace management system to measure distances between aircraft, which will trigger alerts if safety distances are breached [6]. - The center plans to implement a phased approach to establish a comprehensive low altitude flight service system by 2030, aiming for improved coordination between manned and unmanned flights [6].

Core Viewpoint - Chengdu is implementing a series of policy measures to enhance low-altitude flight capabilities and cultivate the low-altitude economy market through infrastructure support, regulatory improvements, market expansion, and industrial strengthening [1][2]. Group 1: Policy Measures - The policy document outlines 14 specific measures, including support for the construction of low-altitude takeoff and landing infrastructure and the establishment of a city-level low-altitude flight service management platform [1]. - Financial incentives include a 10% subsidy on actual investment for newly built or expanded general airports, with a maximum subsidy of 5 million yuan per project [1]. - For communication, navigation, and monitoring infrastructure, a similar 10% subsidy applies, with a cap of 100,000 yuan per device and a maximum of 500,000 yuan per enterprise annually [1]. Group 2: Scene Development and Financial Support - The measures encourage local districts to develop low-altitude application scenarios, offering up to 60% financial support for qualifying districts, with an annual budget cap of 50 million yuan [2]. - The policy focuses on the entire industry chain, supporting the introduction of core partners in fixed-wing aircraft, new energy drones, and vertical take-off and landing vehicles, with a one-time subsidy of up to 500,000 yuan based on registered capital [2]. Group 3: Industry Overview - Chengdu has established a complete low-altitude economy industrial system, comprising over 500 low-altitude economy enterprises [3].

Core Viewpoint - Chengdu's Development and Reform Commission, in collaboration with seven departments, has issued a set of policies aimed at accelerating the development of the low-altitude economy, focusing on infrastructure, regulatory capabilities, market applications, and industrial support [1] Infrastructure Support - The policies include significant support for the construction of low-altitude takeoff and landing infrastructure, offering a subsidy of up to 500,000 yuan for social investments in general airports [3] - For new takeoff and landing sites for helicopters, eVTOLs, and large drones, a subsidy of 10% of the actual investment is available, with a maximum of 50,000 yuan per site and an annual cap of 500,000 yuan per enterprise [3][5] Regulatory Enhancements - A new city-level low-altitude flight service management platform will be established to enhance integrated command, information supervision, safety assurance, and risk prevention, with a one-time subsidy of up to 1 million yuan [6] - Insurance companies are encouraged to develop low-altitude commercial application insurance products, expanding coverage and establishing a rapid claims service [6] Market Application Expansion - The policies promote low-altitude passenger commercial operations, providing a one-time subsidy of up to 500,000 yuan for companies that obtain route approvals and successfully operate [8] - Passengers will receive fare subsidies based on route distance, aimed at reducing costs and promoting wider adoption of low-altitude flights [8] Logistics and Government Applications - Support for the large-scale application of low-altitude logistics delivery networks is outlined, with annual subsidies of up to 500,000 yuan for operating companies based on aircraft type and route distance [9] - Local governments are encouraged to promote low-altitude applications through various procurement methods, with a total annual budget of up to 5 million yuan for demonstration projects [9] Industrial Support - The policies emphasize the development of a complete low-altitude manufacturing industry chain, focusing on areas such as fixed-wing aircraft, new energy drones, and key components [11] - Financial incentives are available for companies achieving significant sales in new drone products, with one-time subsidies of up to 500,000 yuan based on registered capital [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][7]. Core Insights - The company has shown resilience in its core aviation traffic management and urban traffic management businesses, with revenue from the aviation sector growing by 13.68% year-on-year and urban traffic management increasing by 33.47% [2]. - The company is actively expanding its low-altitude economy initiatives, launching the "Tianmu" series of products centered around low-altitude flight service management [4]. - The company’s R&D investment reached 146 million yuan in 2024, marking a 13.21% increase, which supports its leadership in domestic air traffic control [3]. Financial Performance Summary - In 2024, the company reported total revenue of 1.61 billion yuan, a decrease of 3.94% year-on-year, with a net profit of 129 million yuan, down 2.31% [2]. - For the first quarter of 2025, the company’s revenue was 109 million yuan, reflecting a significant decline of 55.53% year-on-year, with a net loss of 15 million yuan [2]. - The forecast for 2025-2027 projects revenues of 1.85 billion, 2.11 billion, and 2.38 billion yuan respectively, with net profits expected to rise to 165 million, 208 million, and 252 million yuan [5][9]. Market Position and Strategy - The company is positioned as a leader in the domestic air traffic control sector, actively participating in the national "8+N" construction initiative and securing key projects in major cities [3]. - It is also focusing on expanding its airport product applications, with new products being promoted in various regional airports [3]. - The company is establishing itself as a benchmark in the low-altitude platform sector, particularly with the Jiangsu provincial low-altitude service management platform [4].

证券研究报告·公司点评报告·软件开发 莱斯信息（688631） 2024 年年报和 2025 年一季报点评：25Q1 业 绩符合预期，低空有望持续引领 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,676 | 1,610 | 1,844 | 2,222 | 2,665 | | 同比（%） | 6.35 | (3.94) | 14.56 | 20.46 | 19.96 | | 归母净利润（百万元） | 132.09 | 129.04 | 153.24 | 191.05 | 240.60 | | 同比（%） | 47.60 | (2.31) | 18.75 | 24.67 | 25.94 | | EPS-最新摊薄（元/股） | 0.81 | 0.79 | 0.94 | 1.17 | 1.47 | | P/E（现价&最新摊薄） | 98.50 | 100.82 | 84.90 | 68.10 | 54.08 | ...