莱斯信息：2024年三季报点评：营收受城市治理业务拖累，低空业务稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue has been impacted by a decline in the urban governance business, with a reported revenue of 918 million yuan for the first three quarters of 2024, down 5.07% year-on-year. The net profit attributable to the parent company was 16 million yuan, an increase of 29.09% year-on-year, but the non-recurring net profit turned to a loss of 4 million yuan due to reduced sales in the urban governance sector and significant asset impairment provisions [2][3] - The low-altitude infrastructure construction is progressing rapidly, with cities accelerating their layouts. For instance, Suzhou has established 102 low-altitude take-off and landing facilities and is expected to have over 500 by the end of 2024, indicating a significant market opportunity in this area [2] - The company is actively developing core products in the low-altitude sector, including the "Tianmu" series of low-altitude flight service products, and is collaborating with over 20 provinces and cities to promote the low-altitude economy [3] Financial Summary - The company forecasts total revenue of 1,812 million yuan for 2024, with a year-on-year growth of 8.09%. The net profit attributable to the parent company is expected to be 146 million yuan, reflecting a growth of 10.47% [1][3] - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 0.89 yuan, 1.26 yuan, and 1.62 yuan respectively, down from previous estimates due to the impact of urban governance projects [3] - The company is projected to benefit from the ongoing development of low-altitude economic infrastructure, which is expected to enhance its growth prospects [3]