Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's performance is under pressure in the short term, with revenue and profit declining significantly. For the first three quarters of 2025, the company achieved revenue of 2.769 billion yuan, down 5.00% year-on-year, and a net profit attributable to shareholders of 79 million yuan, down 48.39% year-on-year [1] - The company is focusing on low-altitude economy and digital transformation as new growth drivers, leveraging technology to enhance its business model and market position [3] Financial Performance Summary - For Q1-Q3 2025, the company's gross margin was 30.58%, a decrease of 1.06 percentage points year-on-year, with Q3 gross margin at 28.28%, down 7.47 percentage points year-on-year. The operating expense ratio increased to 21.36%, up 0.99 percentage points year-on-year [2] - The company is projected to achieve revenues of 4.634 billion yuan, 4.594 billion yuan, and 4.569 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 176 million yuan, 191 million yuan, and 210 million yuan for the same years [4][6]

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]