莱斯信息：民航空管龙头，卡位低空经济基础设施先行者

Investment Rating - The report assigns an "Accumulate-A" investment rating with a 6-month target price of 64.35 CNY, while the stock price as of July 22, 2024, is 53.33 CNY [3][22]. Core Insights - The report highlights that the company, Lais Information, is a leader in civil aviation air traffic control and is positioned to benefit from the expansion of air traffic control regions and the emerging low-altitude economy [5][18][22]. - The company has shown robust revenue growth, with a 5-year CAGR of 37.93%, and is expected to continue this trend with projected revenues of 20.41 billion CNY in 2024, 24.79 billion CNY in 2025, and 29.08 billion CNY in 2026 [22][33]. Summary by Sections 1. Company Overview - Lais Information, established in 1988, has evolved from a military-focused entity to a leader in civil aviation air traffic management, urban traffic management, and city governance, holding a leading market share in all three sectors [5][26][27]. 2. Market Opportunities - The expansion of air traffic control regions is expected to create significant market opportunities, with the company being a key beneficiary due to its established market position and technological capabilities [18][63]. - The low-altitude economy is anticipated to open up a market worth billions, with the company already securing projects in this area, enhancing its competitive edge [18][22]. 3. Financial Performance - The company reported a revenue of 1.6759 billion CNY in 2023, with a net profit of 131 million CNY, reflecting a strong growth trajectory despite some fluctuations due to business restructuring [33][34]. - The gross margin has remained stable at around 28%, with expectations for further optimization as high-margin businesses grow [34][38]. 4. Research and Development - The company maintains a strong focus on R&D, with approximately 40% of its workforce dedicated to this area, and has secured 130 patents, indicating a commitment to innovation [38][39]. 5. Competitive Position - Lais Information holds a 42% market share in the air traffic control automation system sector, significantly ahead of its competitors, which positions it well for future growth as the industry expands [18][66].