莱斯信息：收入稳健增长，打造低空飞行服务体系

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a reported revenue of 637 million yuan for the first half of 2024, representing a year-on-year increase of 21.02%. The net loss attributable to shareholders narrowed to 5.45 million yuan [2][3] - The company is consolidating its position as a leader in civil aviation management and is building a low-altitude flight service system, with significant projects launched in various cities [2][3] Financial Performance Summary - For Q2 2024, the company achieved revenue of 393 million yuan, a year-on-year increase of 12.14%. The net profit attributable to shareholders was 10 million yuan, down 46.85% year-on-year. The gross margin and net margin for Q2 were 22.04% and 2.59%, respectively, both showing a decline compared to the previous year [2][3] - The company is expected to achieve revenues of 1.962 billion yuan, 2.284 billion yuan, and 2.672 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 156 million yuan, 187 million yuan, and 226 million yuan [3][4] Revenue Growth and Profitability - The company’s revenue growth rates are projected at 17.09% for 2024, 16.37% for 2025, and 17.02% for 2026. The net profit growth rates are expected to be 18.29%, 19.70%, and 20.79% for the same years [4][6] - The earnings per share (EPS) are forecasted to be 0.96 yuan, 1.14 yuan, and 1.38 yuan for 2024, 2025, and 2026, respectively [4][6] Market Position and Strategic Initiatives - The company is enhancing its strategic partnerships with various civil aviation authorities to explore industry upgrades and technological breakthroughs [2][3] - In the low-altitude sector, the company is accelerating the development of its "Tianmu" series products and has engaged in strategic collaborations with over 20 provinces and cities to promote low-altitude economic development [2][3]