事件：2026年10月10日，公司公告称，莱斯信息中标山东省低空智能网联系统平台开发项目，中标价格为4505万元。项目建设内容涵盖低空飞行服务、运行管理、安全监管等多个方面，综合示范性强、带动效应显著。
　　上半年收入下行叠加费用刚性，利润端承压。26H1：公司实现营业收入3.31亿元，同比-27.56%，归母净利润-0.38亿元，扣非归母净利润-0.43亿元，收入下滑主要系国内城市道路交通管理等行业信息化建设需求放缓，进入稳步发展期，且因公司客户项目执行特点且采用终验法确认收入，多数项目将在下半年验收。公司整体毛利率40.07%，同比+13.42pct，毛利率整体存在波动主要源于项目推进节奏差异及终验法的收入确认模式。费用端，公司销售/管理/研发费用率分别为10.42%/16.29%/24.18%，同比+2.55/+4.36/+8.62pct，销售/管理费用率同比上升主要系收入下滑导致，在研发方面，公司围绕民航空管、低空及大模型等领域持续投入，研发费用为0.80亿元，同比+12.56%。
　　业务转型升级稳步推进，低空等第二曲线布局加速。公司持续夯实以民航空管为核心的数字交通基本盘，并向机场与低空两大增量市场拓展：1）民航空管领域，推进上海、太原、济南等重大项目实施及民航局空管局、江苏分局、福建分局等项目，并推进新一代空管自动化系统、智能语音、辅助决策工具等关键技术的研发；2）机场领域，落实合肥、南宁、济南等机坪塔台自动化系统、远程塔台项目等重要项目，并推进目视停靠引导系统、大型机场信息集成系统的研发；3）低空领域，公司加速跑马圈地，取得多个省市级低空智能网联系统项目，推进低空管服平台标准化研发，强化“国家-省-市”三级平台适配，打造“核心平台+N场景”交付能力。
　　维持“买入”评级。公司中标山东省低空智能网联系统平台开发项目，验证其低空业务布局进入持续兑现期，第二增长曲线加速成型，有望打开全新增量空间，但考虑到城市道路交通管理等行业信息化建设需求放缓，下调盈利预测，预计2026-2028年营业收入分别为13.88/16.04/19.62亿元，归母净利润分别为0.95/1.34/1.96亿元，维持“买入”评级。
　　风险提示：宏观经济波动风险，新业务开拓不及预期，政策进展不及预期。

Nanjing Les Information Technology (Les Information) announced its 9M26 results: revenue was RMB416mn, -42.32% YoY; attributable NP was -RMB81mn, -62.05% YoY; recurring attributable NP was -RMB86mn, -55.80% YoY. On a quarterly basis, 3Q26 revenue was RMB85mn, -67.81% YoY and -64.63% QoQ; and attributable NP was -RMB43mn, -129.51% YoY and -68.10% QoQ. Profit pressure in 3Q26 was due to reduced ToG demand in urban road traffic and urban governance, while R&D investment remained rigid. We like the company's entrenched position as a core low-altitude economy infrastructure provider. Its civil aviation air traffic control business is growing steadily. As the low-altitude flight service platform business scales up, we anticipate a return to a growth trajectory. Maintain OVERWEIGHT.
ToG demand under pressure
In 3Q26, the company's urban road traffic and urban governance businesses remained soft, mainly due to the transformation of local government informatization construction and more prudent fiscal investment. Les Information is focusing on civil aviation ATC, airports, and the low-altitude sector. 1) In civil aviation ATC, it has secured key projects in Lanzhou, Xiamen, Nanchang, Nanning, and Hefei. 2) In the airport sector, products such as apron tower automation, remote tower, docking guidance, and runway status lights have been widely deployed. 3) In the low-altitude sector, it has secured provincial platform projects in Shandong, Fujian, and Liaoning. At end-3Q26, inventory/contract liabilities were RMB442/290mn, up 19.32/10.63% vs the beginning of the year.
3Q26 GPM down, with dipping rev. pushing up expense ratio
9M26 overall gross margin was 35.49%, +7.59pp YoY; 3Q26 gross margin was 17.70%, -12.36pp YoY, with profitability still soft. The 9M26 selling/admin/R&D expense ratios were 12.39/19.69/27.04%, up 5.23/8.45/11.66pp YoY, mainly due to declining revenue, while the absolute amounts of the three expense items changed -0.16/+1.01/+1.38% YoY, reflecting expense rigidity. R&D expenses in 9M26 were RMB112mn as the company continued to invest in next-generation intelligent ATC, low-altitude intelligent connected systems, and airport safety and prevention systems.
Earnings forecasts and valuation
We like the continued rollout of the company's low-altitude flight service platform business and expect revenue and profitability to be realized. Considering short-term pressure on ToG demand and rigid expenses, we lower our 2026-2028 revenue forecasts for the urban governance and urban road traffic management businesses, and moderately raise our 2026-2028 R&D and admin expense ratio assumptions. We adjust our 2026-2028 attributable NP forecasts to RMB34/129/ 207mn (previous: RMB109/157/214mn, changes of -69/-18/-4%). The average 2027E PE for comparable companies on Wind consensus is 45x (previous: 45x), and we assign a 45x 2027E PE (previous: 45x), deriving a target price of RMB35.56 (previous: RMB43.11). Maintain OVERWEIGHT.
Risks: Intensifying market competition, an addressable market smaller than we anticipated, slower regional expansion than we expect.

　　公司发布26年三季报：9M26实现收入4.16亿元，同比-42.32%；归母净利润-0.81亿元，同比-62.05%，扣非归母净利润-0.86亿元，同比-55.80%。单季度看，3Q26实现收入0.85亿元，同比-67.81%，环比-64.63%；归母净利润-0.43亿元，同比-129.51%，环比-68.10%。公司Q3业绩承压系城市道路交通及城市治理等G端需求减少，且研发投入维持刚性。我们看好公司作为低空经济核心基础设施提供商的卡位优势，民航空管主业稳健增长，随着低空飞行服务平台业务的持续落地，公司业绩有望重回增长通道。维持“增持”评级。
　　G端需求继续承压，低空与机场项目持续落地
　　3Q26公司城市道路交通及城市治理业务继续承压，主要系地方政府信息化建设面临转型、财政投入更加审慎。公司将核心资源向民航空管、机场和低空等领域聚焦：1）民航空管相继落实兰州、厦门、南昌、南宁、合肥等重点项目；2）机场领域机坪塔台自动化、远程塔台、泊位引导、跑道状态灯等产品广泛落地；3）低空领域落实山东、福建、辽宁等省级平台项目。Q3期末存货4.42亿元、合同负债2.90亿元，较年初分别+19.32%/+10.63%。
　　Q3毛利率回落，收入下降推高费用率
　　9M26综合毛利率35.49%，同比+7.59pct；3Q26单季毛利率17.70%，同比-12.36pct，单季盈利能力仍承压。9M26销售/管理/研发费用率分别为12.39%/19.69%/27.04%，同比分别+5.23/+8.45/+11.66pct，主要系收入下降，而三项费用金额分别同比-0.16%/+1.01%/+1.38%，费用刚性较强。前三季度研发费用1.12亿元，公司持续投入新一代智能化空管、低空智能网联及机场安全防控系统。
　　围绕数字交通主线培育低空与机场双增长引擎
　　公司将焕新民航空管基本盘，培育低空和机场双增长引擎：1）民航空管以新一代空管、信创和新流量系统推动产品升级，拓展航班时刻、民航大数据等新品，并加快渗透亚非拉市场；2）低空构建“管-防-服”一体化能力，拓展国家-省-市三级智能网联体系，推动标准产品快速交付，依托高质量数据集和AI布局场景应用及数据增值服务；3）机场加强远程塔台、泊位引导产品被集成能力，拓展安全防控系统及无人机防控装备。我们认为，产品标准化与客户覆盖深化有望打开成长空间，第二增长曲线有望不断壮大。
　　盈利预测与估值
　　我们看好公司低空飞行服务平台业务持续落地、收入及盈利有望逐步兑现，考虑到G端需求短期承压且费用维持刚性，我们下调公司26-28年城市治理及城市道路交通管理业务收入，适度调高26-28年研发费用率、管理费用率等，综合调整公司2026-2028年归母净利润预期至0.34/1.29/2.07亿元（前值：1.09/1.57/2.14亿元，调整幅度：-69%/-18%/-4%），可比公司27年一致预期PE均值为45x（前值：45x），给予公司27年45xPE（前值：45x），对应目标价35.56元/股（前值：43.11元/股），维持“增持”评级。
　　风险提示：市场竞争加剧；市场空间不及预期；区域拓展不及预期。

Nanjing Les Information reported 1H26 revenue of RMB331mn (-27.6% YoY), attributable NP of -RMB38.0mn (vs -RMB31.2mn in 1H25), and recurring NP of -RMB43.0mn (vs -RMB34.8mn in 1H25). In 2Q26, revenue came in at RMB241mn (-30.8% YoY) and attributable NP arrived at -RMB25.0mn (vs -RMB16.1mn in 2Q25). The top-line contraction in 1H26 was mainly dragged by softening government demand across urban traffic management and urban governance. Furthermore, the company recognizes project revenue upon final customer acceptance; 1H26 projects were primarily in design and development stages, with the majority scheduled for delivery and final acceptance in 2H26. We remain positive on the company's strategic positioning as a core infrastructure provider for the low-altitude economy, backed by steady growth in its core civil aviation air traffic control (ATC) business. As low-altitude flight service platforms continue to scale, earnings should resume a growth trajectory, in our view. We reiterate OVERWEIGHT.
Gov demand softens; low-altitude expansion accelerates
By segment, 1H26 revenue from information system development & construction, O&M and technical services, and product sales was RMB296mn, RMB26.0mn, and RMB5.0mn (-21.8%/-41.6%/-60.3% YoY), respectively. The decline in information system revenue was primarily due to transient softness in government demand across urban traffic management and urban governance, alongside fewer project deliveries in 1H26. Operationally, in civil aviation ATC, the company advanced projects in Shanghai, Taiyuan, and Jinan, as well as O&M contracts for the ATMB of CAAC and its Jiangsu and Fujian branches. In the low-altitude business, the company accelerated market expansion, winning provincial-level bids in Liaoning and Fujian as well as a municipal project in Ningbo, while deploying the Nanjing South Railway Station low-altitude AIoT network and expanding low-altitude inspection in Fuqing. In airport systems, it secured apron and control tower automation and remote tower projects across Hefei, Nanning, and Jinan, alongside the runway status lights (RWSL) control and processing system at Jinan Airport.
1H26 GPM expands; top-line contraction lifts expense ratios
In 1H26, gross margin rose by 13.4pp YoY to 40.1%, mainly reflecting revenue mix shifts and project recognition pacing. Selling, administrative, and R&D expense ratios were 10.42%, 16.29%, and 24.18% (+2.54pp/+4.36pp/+8.62pp YoY), respectively, driven by revenue contraction against rigid cost bases. R&D expenses increased by 12.6% YoY to RMB80.0mn, with ongoing investments in civil aviation ATC, the low-altitude economy, and AI. Period-end inventories stood at RMB429mn (+15.7% from the beginning of 2026), warranting attention on project delivery, inventory digestion, and cash collection. In 1H26, credit impairment losses reached RMB36.0mn (+73.0% YoY), mainly due to extended payment collection cycles from select downstream clients.
Earnings forecast and valuation
Reflecting broader demand headwinds in urban traffic management and urban governance, we trim revenue growth assumptions for both segments and slightly raise 2026E credit impairment provisions. Consequently, we lower our 2026-2028E attributable NP forecasts to RMB109mn/RMB157mn/RMB214mn (vs previous RMB116mn/RMB161mn/RMB219mn, trimmed by 6%/2%/2%). Rolling our valuation over to 2027E, we assign a 45x 2027E target PE, as peers trade at an average consensus PE of 45x on Wind consensus estimates, deriving a target price of RMB43.11. Maintain OVERWEIGHT.
Risks: intensifying market competition, smaller-than-expected addressable market, slower-than-expected regional expansion.

　　公司发布26年中报：1H26实现收入3.31亿元，同比-27.56%；归母净利润-0.38亿元，同比-21.95%，扣非归母净利润-0.43亿元，同比-23.54%。2Q26实现收入2.41亿元，同比-30.77%；归母净利润-0.25亿元，同比-55.34%。公司1H收入下滑主要系城市交通管理、城市治理等政府类需求走弱，且公司项目采用终验法确认收入，上半年主要处于设计、开发环节，多数项目将在下半年验收。我们看好公司作为低空经济核心基础设施提供商的卡位优势，民航空管主业稳健增长，随着低空飞行服务平台业务的持续落地，公司业绩有望重回增长通道。维持“增持”评级。
　　G端需求整体承压，低空项目加速跑马圈地
　　收入拆分来看，1H26信息化系统开发建设/运维和技术服务/商品销售分别实现收入2.96/0.26/0.05亿元，同比分别-21.8%/-41.6%/-60.3%，其中信息化系统收入下滑主要系城市交通管理、城市治理等政府类需求阶段性走弱，且上半年并非项目集中交付节点。业务进展方面，公司民航空管推进上海、太原、济南等项目及民航局空管局、江苏分局、福建分局等运维项目；低空业务加速跑马圈地，中标辽宁、福建省级及宁波市级项目，落地南京南站低空智联网项目并拓展福清低空巡检；机场业务，落实合肥、南宁、济南等机坪塔台自动化系统、远程塔台项目，落实济南机场跑道状态灯控制处理系统。
　　1H26毛利率提升，收入下滑导致费用率上行
　　1H26综合毛利率40.07%，同比+13.42pct，主要受收入结构及项目确认节奏影响。1H26销售/管理/研发费用率分别为10.42%/16.29%/24.18%，同比分别+2.54/+4.36/+8.62pct，主要系收入下滑且费用刚性；研发费用同比+12.56%至0.80亿元，持续投向民航空管、低空及人工智能等方向。期末存货4.29亿元，较年初+15.7%，需关注后续项目交付、库存消化与回款节奏。1H26公司计提信用减值损失为3603万元，同比+73%，主要系部分下游客户回款周期拉长。
　　低空经济与数字交通持续推进，核心技术与产品能力不断夯实
　　公司持续巩固数字交通主业并拓展低空第二曲线：民航空管推进新一代空管自动化系统、智能语音及辅助决策研发，机场推进大型机场信息集成系统研制；道路交通完成信号控制系统4.0，支持8种协议和32个品牌信号机统一管控，并迭代缓堵优化系统2.0。低空围绕“国家-省-市”三级平台适配，推进低空管服平台标准化研发及政府侧低空治理、巡检、要地防护方案；数智融合落地国防动员、公共信用及央企财务数智共管项目。我们认为，公司积极巩固民航空管主业优势、持续在低空平台业务发力，后续有望受益于数字交通及政府信息化需求回暖。
　　盈利预测与估值
　　由于城市交管、城市治理等业务需求整体承压，我们下调两项业务收入增速，并略微上调26年信用减值损失幅度，综合下调公司2026-2028年归母净利润预期至1.09/1.57/2.14亿元（前值：1.16/1.61/2.19亿元，调整幅度分别-6%/-2%/-2%）。采用PE估值法，切换至2027年估值体系，可比公司27年一致预期PE均值为45x，给予公司27年45xPE，对应目标价为43.11元/股，维持“增持”评级。
　　风险提示：市场竞争加剧；市场空间不及预期；区域拓展不及预期。

Nanjing Les Information’s 2025 and 1Q26 results:For 2025,revenue fell 21%YoY to RMB1,274mn,with attributable net profit down 57%YoY to RMB55mn,missing our RMB145mn forecast,mainly due to weaker demand in urban road traffic management than we expected and asharp revenue decline in that segment.For 1Q26,revenue came down 17%YoY to RMB90mn,while attributable net loss narrowed 15%YoY to RMB13mn.We like Les’entrenched position as acore low-altitude economy infrastructure provider.Its civil aviation air traffic control business is growing,and as the low-altitude flight service platform business continues to scale,we see areturn to agrowth trajectory.OVERWEIGHT.
Civil aviation ATC/urban governance delivered steady growth
By segment in 2025:1)Civil aviation air traffic control revenue rose 3.2%YoY to RMB646mn,with its revenue share jumping to 50.7%.Key developments:A)Civil aviation"8+N":following Hohhot and Harbin,Les secured the Shanghai Area Control Centre 2project;B)Airport digitalization:newly obtained the top-tier qualification for civil aviation ATC and airport low-voltage systems contracting,laying the foundation for penetrating the medium-to-large airport market;C)Low-altitude economy:as an industry leader,Les rolled out provincial platforms in Zhejiang,Hubei and Shanxi,building aprovince-city-county three-tier framework.2)Urban road traffic management revenue slumped 61.1%YoY to RMB261mn,largely reflecting tighter local government spending.3)Urban governance revenue grew 15.0%YoY to RMB310mn,with solid progress in national defense mobilization and public credit.We expect the civil aviation ATC revenue share to rise as the low-altitude flight service platform business scales up.
Revenue mix shift lifts margin;R&D spending ramps up
For 2025,blended gross margin rose 2.77pp YoY to 32.25%,driven by arevenue mix shift towards the higher-margin civil aviation ATC segment.By segment,gross margins for civil aviation ATC,urban traffic management and urban governance in 2025 were 37.4%(+0.2pp YoY),18.1%(-2.8pp YoY)and 33.2%(+4.4pp YoY),respectively.For 1Q26,overall gross margin rose 16.23pp YoY to 52.74%,reflecting adelivery mix skewed towards high-margin civil aviation projects.On the cost side,the selling/admin/R&D expense ratios came in at 5.66%/8.74%/12.17%in 2025,up 0.88/1.85/3.13pp YoY,largely afunction of the revenue decline.We expect R&D investment to stay elevated as Les defends its core competitive edge.
Earnings forecasts and valuation
Given persistent demand pressure in urban traffic management,we cut our 2026/2027/2028 attributable net profit forecasts to RMB116/161/219mn(-47%/-42%vs our prior 2026/2027 estimates of RMB216/279mn).We use asum-of-the-parts approach:1)We forecast 2026/2027/2028 civil aviation ATC revenue of RMB875/1,193/1,595mn.Given Les’positioning in low-altitude operations and a2025-2027E segment revenue CAGR(on our estimates)that outpaces peers’(on Wind),we apply 11x 2026E PS,versus the peer average of 7.59x on Wind consensus.2)We forecast attributable net profit from other businesses at RMB36mn in 2026E and apply 43x 2026E PE,in line with the peer average on Wind consensus.This yields atarget price of RMB68.35(previous:RMB94.57,based on 11.4x 2026E PS for civil aviation ATC and 50x PE for other businesses under SOTP).Maintain OVERWEIGHT.
Risks:Intensifying market competition,an addressable market smaller than we anticipated,slower regional expansion than we expect.