Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company is the only listed platform under the China Electronics Technology Group Corporation 28th Research Institute, specializing in civil air traffic management and urban governance solutions [1][16]. - The low-altitude economy is gaining momentum, with supportive policies from both central and local governments, indicating a favorable environment for growth in this sector [1][2]. - The company holds the leading market share in domestic civil air traffic automation systems, benefiting from the national goal to increase the domestic production rate of air traffic management systems to 80% by 2025 [2][60]. Summary by Sections Company Overview - Established in 1988, the company provides information technology solutions for civil air traffic management, urban traffic management, and urban governance [1][16]. - The company is controlled by China Electronics Technology Group, holding 60.32% of the shares [1][16]. Business Growth and Market Position - The company has a leading position in the civil air traffic management sector, with a market share exceeding 40% [33][52]. - Revenue from civil air traffic management reached 626 million yuan in 2024, growing by 13.68% year-on-year [33]. - The urban traffic management segment is the largest revenue contributor, with 671 million yuan in 2024, reflecting a 33.47% increase [33]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 1.855 billion yuan, 2.176 billion yuan, and 2.511 billion yuan, respectively [3]. - The net profit attributable to the parent company is expected to be 153 million yuan in 2025, 200 million yuan in 2026, and 257 million yuan in 2027 [3]. Industry Trends - The civil aviation sector is experiencing rapid growth, with a 5.9% increase in flight operations and a 15.9% increase in passenger throughput in 2024 [37][40]. - The government has introduced various policies to support the development of the civil aviation industry, emphasizing the need for advanced air traffic management systems [40][60]. Investment Strategy - The company plans to utilize IPO proceeds to enhance its existing smart command and control capabilities, focusing on the development of new-generation smart civil aviation and traffic management platforms [34].

Core Viewpoint - The development of aviation in Tibet has transformed from basic manual operations to advanced smart air traffic control systems, significantly enhancing safety and efficiency in high-altitude operations [1][3][4]. Infrastructure Development - The new air traffic control tower at Lhasa Gonggar International Airport is the tallest and largest high-altitude airport tower in China, equipped with cutting-edge technology for communication, navigation, monitoring, and meteorology [1]. - The airport network in Tibet has evolved to a "1 main and 7 branches" layout, facilitating economic development and cultural exchange [1]. Technological Advancements - The air traffic control capabilities in Tibet have progressed from manual observation to automated systems, allowing for real-time tracking and monitoring of aircraft, which enhances safety and operational efficiency [3]. - The introduction of automated monitoring systems and advanced communication technologies has enabled air traffic controllers to maintain comprehensive situational awareness [3]. Meteorological Improvements - Initially, weather data relied on manual observations, limiting operations to daytime flights; however, advancements in meteorological technology have led to automated data collection and real-time weather forecasting [4]. - The establishment of a modern meteorological system has eliminated the constraints of adverse weather on flight operations, allowing for increased flight frequency and the transition from limited operations to becoming a high-altitude hub [4].

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不 稳定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分了解科创板 的投资风险及本公司所披露的风险因素，审慎作出投资决定。 南京莱斯信息技术股份有限公司 NANJING LES INFORMATION TECHNOLOGY CO., LTD （南京市秦淮区永智路 8 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 南京莱斯信息技术股份有限公司 首次公开发行股票招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 南京莱 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不 稳定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分了解科创板 南京莱斯信息技术股份有限公司 NANJING LES INFORMATION TECHNOLOGY CO., LTD （南京市秦淮区永智路 8 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 的投资风险及本公司所披露的风险因素，审慎作出投资决定。 南京莱斯信息技术股份有限公司 首次公开发行股票招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 南京莱 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不 稳定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分了解科创板 的投资风险及本公司所披露的风险因素，审慎作出投资决定。 南京莱斯信息技术股份有限公司 NANJING LES INFORMATION TECHNOLOGY CO., LTD （南京市秦淮区永智路 8 号） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 免责声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行 相应程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披 露之用。投资者应当以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 南京莱斯信息技术股份有限公司 首次公开发行股票招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规 ...