NANJING LES INFORMATION TECHNOLOGY CO.(SH:688631) Great Wall Securities·2024-09-02 06:46Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [10]. Core Insights - The company achieved a revenue of 637 million yuan in H1 2024, representing a year-on-year growth of 21.02%. The net profit attributable to shareholders was a loss of 5.45 million yuan, showing a reduction in losses compared to the previous year [1][2]. - The company continues to strengthen its leading position in civil aviation air traffic management while also expanding its efforts in urban rail transit and urban governance, responding well to industry opportunities [2][5]. - The company has maintained a focus on research and development despite implementing cost control measures, ensuring its core competitiveness remains intact [5]. Financial Performance Summary - Revenue: - 2022A: 1,576 million yuan - 2023A: 1,676 million yuan - 2024E: 2,003 million yuan (growth rate of 19.5%) [1][6] - Net Profit: - 2022A: 89 million yuan - 2023A: 132 million yuan - 2024E: 172 million yuan (growth rate of 30.0%) [1][6] - EPS: - 2022A: 0.55 yuan - 2023A: 0.81 yuan - 2024E: 1.05 yuan [1][6] Business Segment Performance - The main revenue source, information system development and construction, generated 565 million yuan, while operation and technical services brought in 52.13 million yuan, and product sales accounted for 20.53 million yuan [2]. - The company has made significant progress in the civil aviation sector, with multiple major projects being implemented across various cities, enhancing its market presence [2][5]. Future Projections - The company is projected to achieve revenues of 2,003 million yuan, 2,431 million yuan, and 2,998 million yuan for the years 2024, 2025, and 2026, respectively. Corresponding net profits are expected to be 172 million yuan, 222 million yuan, and 294 million yuan [5][6].