大力布局低空经济，推出低空飞行服务保障系列产品—“天牧”系列在民航空中交通管理领域，公司提供空中交通管理、机场信息化和低空飞行服务三类产品。保障民航和通航客/货飞机在机场场面、飞行空域范围内空中交通运行的安全、有序和高效；针对未来低空经济引发交通出行方式重大变革蕴含的发展机遇，提供低空城市交通运行场景下，实现大规模、高密度、灵活自主的低空智联保障体系。2024 年6 月29 日，低空经济高层论坛暨莱斯信息上市一周年新品发布会在南京举办，公司推出低空飞行服务保障系列产品—“天牧”系列，主要包括低空飞行管理服务平台、无人机运营服务系统、空域航线规划仿真系统和起降场智能管理系统四大类型产品。Report highlights:
A leading enterprise in the field of domestic civil aviation control systems, a company with autonomous and controllable core technology, is the main window and platform for Electronics' commercial products market. As an overall solution provider for civil command and information systems, the company relies on the core technical advantages of command and control to provide products such as air traffic control automation systems, air traffic control scene management systems, traffic signal control systems and equipment, urban integrated command platforms, and public credit information service platforms for the three major fields of traffic management, urban road traffic management, and urban governance in civil aviation. In 2020-2023, the CAGR of the company's revenue was 7.49%. In 2023, the company achieved revenue of 1.676 billion yuan, a year-on-year increase of 6.35%, and gross margin of 28.21%.
The development of the low-altitude economy has entered the fast track. The market size is expected to exceed trillion yuan in 2026. The “low-altitude economy” was first included in the State Council government work report, proposing “actively building new growth engines such as biomantry, commercial aerospace, and the low-altitude economy.” According to the “Research Report on China's Low-Altitude Economic Development (2024)” released by CCD Consultants, China's low-altitude economy will reach 505.95 billion yuan in 2023, with a growth rate of 33.8%. Optimistic estimates suggest that by 2026, the scale of the low-altitude economy is expected to exceed trillion yuan and reach 1064.46 billion yuan. All regions are closely following the pace of the central government. Taking Beijing as an example, they proposed “speeding up technological innovation in the low-altitude industry” and “turning Beijing into a low-altitude economy industrial innovation capital and a national low-altitude economy demonstration zone.”
Vigorously lay out the low-altitude economy and launched a series of low-altitude flight service guarantee products — the “Tianmu” series. In the field of traffic management in civil aviation, the company provides three types of products: air traffic management, airport informatization, and low-altitude flight services. Ensure the safe, orderly and efficient air traffic operation of civil aviation and passenger and cargo aircraft in airport scenes and flight airspace; provide a large-scale, high-density, flexible and autonomous low-altitude intelligent support system for low-altitude urban traffic operation scenarios in response to the development opportunities contained in future low-altitude economy leading to major changes in transportation methods. On June 29, 2024, the Low-Altitude Economy High-Level Forum and the new product launch conference on the first anniversary of the launch of Rice Information was held in Nanjing. The company launched the “Tianmu” series of low-altitude flight service guarantee products, which mainly include four types of products: a low-altitude flight management service platform, a drone operation service system, an airspace route planning simulation system, and an intelligent takeoff and landing site management system.
Investment advice and profit forecasting
As a leading domestic civil aviation management enterprise, the company continues to enhance its core competitiveness, and is expected to fully benefit from the rapid development of the low-altitude economy. The company's revenue for 2024-2026 is estimated to be 1.988, 2.322, and 2.666 billion yuan, net profit to mother 0.165, 0.204, 0.245 billion yuan, EPS is 1.01, 1.24, 1.50 yuan/share, and the corresponding PE is 53.03, 43.02, 35.69 times. Considering the future growth space of the industry and the company's current PE valuation level, coverage was given for the first time and a “gain” rating was given.
Risk warning
Technology research and development risks; risk of loss of technical personnel; risk of core technology disclosure; risk of performance fluctuations; risk of product quality control; risk of large accounts receivable; risk of macroeconomic fluctuations, etc.
