莱斯信息：2024年前三季度归母净利润0.16亿元，同比+29.09%

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [4][6]. Core Views - The company has shown resilience in its core segments of civil air traffic management, urban road traffic management, and urban governance, capitalizing on new industry opportunities such as low-altitude economy and integrated vehicle-road-cloud solutions [4]. - The company is expected to benefit from the domestic substitution and industry expansion logic, particularly in the small and medium airport business, which is projected to open up a market space worth hundreds of billions [4]. - The low-altitude economy has been elevated to a national strategic emerging industry level, presenting a trillion-yuan market that will drive the company's growth [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 918 million yuan, a year-on-year decrease of 5.07%, while the net profit attributable to shareholders was 16 million yuan, reflecting a year-on-year increase of 29.09% [1]. - In Q3 2024, the company achieved a revenue of 280 million yuan, down 36.31% year-on-year, primarily due to a decrease in sales revenue from urban governance business [2]. - The company's R&D expenses for the first three quarters of 2024 amounted to 105 million yuan, up 15.01% year-on-year, indicating a commitment to increasing R&D investment [2]. Future Earnings Projections - The company is projected to achieve net profits of 172 million yuan, 237 million yuan, and 332 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 104X, 75X, and 54X [4][5].