恒拓开源：中报分析报告：伴随民航业复苏，受益于低空经济发展

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [3][30]. Core Viewpoints - The company is expected to benefit from the recovery of the civil aviation industry and the rapid development of the low-altitude economy, which may provide new growth opportunities [3][28]. - The company's revenue for the first half of 2024 was 81.54 million yuan, a year-on-year increase of 1.57%, while the net profit attributable to the parent company was 8.26 million yuan, up 8.32% year-on-year [8][19]. - The company has undergone a change in control, with Jiang Hailin becoming the actual controller, holding 21.20% of the shares [3][28]. Summary by Sections 1. Performance Overview - In the first half of 2024, the company's revenue was 81.54 million yuan, a 1.57% increase year-on-year; net profit attributable to the parent company was 8.26 million yuan, an 8.32% increase year-on-year; and the non-recurring net profit was 1.90 million yuan, up 39.34% year-on-year [8][19]. - The company's revenue in the first half of 2024 decreased by 29.86% compared to the same period in 2019, indicating a recovery process [8][19]. 2. Business and Regional Performance - The company's software development and technical services revenue was 47.03 million yuan, down 5.26% year-on-year; system integration and services revenue was 19.73 million yuan, up 8.09% year-on-year; and operation and maintenance services revenue was 14.78 million yuan, up 19.39% year-on-year [10][12]. - The overall gross margin for the first half of 2024 was 46.93%, an increase of 1.92 percentage points from the previous year [12][14]. 3. Industry Status - The civil aviation capacity is recovering, but profitability remains to be improved; the number of airports continues to grow, with one of the five listed airports reporting a loss [19][23]. - The low-altitude economy is entering a period of rapid development, with over 20 provinces and more than 100 cities in China issuing policy documents related to low-altitude economy [3][28]. 4. Investment Recommendations - The report forecasts EPS for 2024, 2025, and 2026 to be 0.19 yuan, 0.22 yuan, and 0.26 yuan respectively, with corresponding PE ratios of 32.57 times, 27.45 times, and 22.97 times based on the closing price of 6.07 yuan on September 27 [3][30].