莱斯信息：2024年半年报点评：经营数据稳健增长，低空标杆项目加速落地

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company has demonstrated robust growth in operational data, with a focus on low-altitude benchmark projects accelerating implementation [1]. - The company reported a revenue of 637 million yuan for H1 2024, representing a year-on-year increase of 21.02%, while the net profit attributable to shareholders was a loss of 5 million yuan, showing a reduction in losses [2]. - The company is solidifying its leading position in civil aviation management and accelerating the formation of an integrated development pattern of "high-altitude - low-altitude - ground" [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 393 million yuan, a year-on-year increase of 12.14%, but the net profit attributable to shareholders decreased by 46.85% [2]. - The company's gross margin for H1 2024 was 21.89%, down by 8.29 percentage points year-on-year, attributed to the rapid growth of the relatively low-margin urban traffic management business [6]. Business Development - The company is advancing its low-altitude product line, including the "Tianmu" series, and has established strategic collaborations with over 20 provinces and cities [3]. - The company is enhancing its integrated vehicle-road-cloud capabilities and expanding its market presence in urban traffic management, providing related information services in cities like Nanjing and Chongqing [4]. Future Outlook - Revenue is expected to accelerate in H2 2024, driven by the seasonal nature of project acceptance [6]. - The company forecasts revenues of 1.996 billion yuan, 2.472 billion yuan, and 3.105 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 161 million yuan, 200 million yuan, and 247 million yuan for the same years [7].