点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 苏交科发布25年半年报,25H1公司实现营业收入/归母净利润/扣非归母净利润17.8/1.0/0.7亿元，同 比-13.8%/-39.5%/-50.9%。25Q2公司实现营业收入/归母净利润/扣非归母净利润9.7/0.5/0.3亿元，同 比-17.4%/-50.0%/-64.0%。 点评： 传统业务下滑，新兴业务增速较快但尚待培育 公司主要业务工程咨询业务25H1实现营收17.1亿元，占营业收入的97%，同比下降7.8%，工程咨询业务毛 利率为32.4%，同比下降0.8pct。25H1公司传统业务收入有所下滑，新兴业务实现快速增长但体量较小， 尚不足以对公司的整体营收增长产生显著的拉动作用，25H1公司城市生命线、多式 ...

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].