莱斯信息：公司信息更新报告：收入结构改善，打造低空新增长极-20250427

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15] Core Views - The company is expected to leverage its leading position in air traffic management and its forward-looking layout in the low-altitude economy to drive growth despite short-term pressures in government governance business [3] - The revenue structure has improved significantly, with a notable increase in the proportion of high-margin air traffic management business [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 1.61 billion yuan, a year-on-year decline of 3.94%, and a net profit attributable to the parent company of 129 million yuan, down 2.31% year-on-year [4] - The revenue from civil air traffic management and urban road traffic businesses grew by 13.68% and 33.47%, respectively, while urban governance business saw a decline of 47.31% [4] - The gross profit margin improved to 29.48%, an increase of 1.27 percentage points year-on-year, driven by enhanced management efficiency and increased R&D investment [4] - For Q1 2025, the company reported operating revenue of 109 million yuan, a year-on-year decline of 55.53%, with a net profit attributable to the parent company of -14.93 million yuan [4] Future Projections - The company has revised its net profit forecasts for 2025-2026 to 170 million and 224 million yuan, respectively, with an additional forecast for 2027 at 293 million yuan [3] - Earnings per share (EPS) are projected to be 1.04, 1.37, and 1.79 yuan for 2025, 2026, and 2027, respectively [3] - The company aims to establish the first provincial low-altitude platform in Jiangsu, enhancing its market expansion efforts across over 20 provinces and cities [5] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 75.2, 57.1, and 43.6 for 2025, 2026, and 2027, respectively [3][7] - The company’s gross margin is expected to improve to 30.4%, 30.9%, and 31.5% over the next three years [11]