莱斯信息：成功落地首个省级低空平台项目，标杆意义显著

Investment Rating - The report maintains a "Buy" rating for Laishi Information (688631 SH) with a target price of 92 75 yuan per share based on a 90x PE valuation for 2025 [6][12] Core Views - Laishi Information successfully implemented the first provincial-level low-altitude platform project in Jiangsu Province marking a significant milestone in the low-altitude economy sector [6] - The company's "Smart City Low-Altitude Governance System Key Technology R&D" project was approved as a major scientific and technological project in Nanjing further solidifying its position in the low-altitude economy [6] - The establishment of the Low-Altitude Economy Department by the National Development and Reform Commission is expected to accelerate the development of the low-altitude economy sector [6] Financial Projections - Revenue is projected to grow from 1 676 million yuan in 2023 to 2 103 million yuan in 2026 with a CAGR of 7 9% [7] - Net profit attributable to the parent company is expected to increase from 132 million yuan in 2023 to 217 million yuan in 2026 with a CAGR of 18 1% [7] - EPS is forecasted to rise from 0 92 yuan in 2023 to 1 33 yuan in 2026 [7] Industry Position - As a leading player in civil aviation air traffic control Laishi Information is well-positioned to maintain its competitive advantage in the low-altitude economy sector leveraging its industry expertise [6] - The successful implementation of the Jiangsu low-altitude platform project is expected to pave the way for faster adoption of similar projects at the municipal level [6] Key Financial Ratios - ROE is projected to increase from 7 1% in 2023 to 9 1% in 2026 indicating improving profitability [7] - The P E ratio is expected to decline from 110 46x in 2024 to 68 50x in 2026 reflecting potential valuation upside [7] - EV EBITDA is forecasted to decrease from 89 61x in 2024 to 55 15x in 2026 suggesting improving operational efficiency [7]