莱斯信息：2024年中报点评：业绩符合预期，积极推进低空产品和合作落地

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 637 million yuan in H1 2024, representing a year-on-year growth of 21%. The net profit attributable to shareholders was a loss of 5.45 million yuan, narrowing the loss by 56.54% year-on-year, which aligns with market expectations [1] - Revenue growth is primarily driven by increased sales in the urban road traffic management sector. The narrowing of net profit loss is attributed to enhanced budget and expense control, as well as an increase in VAT refunds for software products [1] - In Q2 2024, the company reported a revenue of 393 million yuan, a year-on-year increase of 12.14%. The net profit attributable to shareholders for Q2 2024 was 10.28 million yuan, a decrease of 46.85% year-on-year [1] - The gross margin for H1 2024 was 21.89%, a decrease of 8.29 percentage points, likely due to the higher revenue contribution from lower-margin traffic management services. The expense ratios for sales and management were 7.34% and 8.63%, respectively, both showing significant reductions [1] Revenue and Profit Forecast - The company forecasts EPS of 1.00 yuan for 2024, 1.28 yuan for 2025, and 1.64 yuan for 2026. The expected revenue for 2024 is 2,016 million yuan, with a year-on-year growth of 20.29% [2][8] - The net profit attributable to shareholders is projected to be 163.82 million yuan in 2024, reflecting a year-on-year growth of 24.02% [2][8] Product Development and Market Strategy - The company is actively developing core products in the low-altitude sector, including the "Tianmu" series, which consists of various systems aimed at establishing a comprehensive low-altitude service framework. This initiative is intended to strengthen the company's position in the low-altitude market [2] - The company is collaborating with over 20 provinces and cities, including major urban areas, to promote low-altitude economic development and has achieved preliminary results in some regions [2]