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].