[Table_Main] 公司研究|工业|商业和专业服务 证券研究报告 [Table_Summary] 报告要点： 业绩整体承压，盈利有待改善 2025Q1-Q3 公司实现营收 27.69 亿元，同比-5.00%；实现归母净利润 0.79 亿元，同比-48.39%；扣非归母净利润 0.39 亿元，同比-68.50%。单季度看， 2025Q3 公司实现营业收入 9.93 亿元，同比+16.06%；归母净利润-0.16 亿 元，同比-252.82%；扣非归母净利润-0.28 亿元，同比-127.19%，单季度业 绩承压明显，主要受主营业务盈利能力减弱及汇兑损失影响。 毛利率有所下滑，费用率整体稳定 2025Q1-Q3 公司毛利率为 30.58%，同比-1.06pct；其中 2025Q3 毛利率为 28.28%，同比-7.47pct，盈利能力有所下滑。2025Q1-Q3 公司期间费用率 为 21.36%，同比上升 0.99pct。其中销售/研发费用率分别为 2.39%/5.14%， 同比下降 0.06/0.36pct；管理/财务费用率分别为 12.10%/1.73%，同比上升 0.24/1.17pct，财务费用率显 ...

Group 1 - Jiangsu Province has officially released the first provincial-level guidelines for low-altitude infrastructure planning, marking a new phase in the standardization and normalization of low-altitude economic development [1][4] - The release of these guidelines has led to a significant increase in the stock prices of low-altitude economy-related companies, with the Shanghai-Shenzhen-Hong Kong low-altitude economy index rising by 1.73% [1] - The guidelines include a four-level classification system for take-off and landing sites, which aims to enhance the efficiency and effectiveness of low-altitude transportation [4] Group 2 - The central economic work conference has recognized "low-altitude economy" as a strategic emerging industry, prompting various regions to accelerate the introduction of related policies [2] - The lack of unified standards and clear departmental responsibilities at the national level has created bottlenecks in the infrastructure development of the low-altitude economy [3] - The guidelines propose a three-category airspace and four-level route classification system to improve the efficiency of airspace reporting [4] Group 3 - The infrastructure for the low-altitude economy includes both hard infrastructure (such as airports and navigation systems) and soft infrastructure (such as flight service platforms and maintenance services) [5] - Companies like Lais Information are actively developing comprehensive low-altitude solutions and have established a provincial-level low-altitude service management platform in Jiangsu [6][7] - Sujiao Technology has entered the low-altitude project space, focusing on planning and consulting services related to low-altitude transportation infrastructure [7][8]