莱斯信息（688631）：2024年报、2025年一季报点评：24年整体经营稳健，发力低空经济赛道有望受益产业趋势

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Insights - The company reported a total revenue of 1.61 billion yuan in 2024, a year-on-year decrease of 3.94%, and a net profit attributable to shareholders of 129 million yuan, down 2.31% year-on-year. The company is focusing on the low-altitude economy sector, which is expected to benefit from industry trends [1][2] - In the first quarter of 2025, the company achieved a revenue of 109 million yuan, a significant year-on-year decline of 55.53%, and a net loss attributable to shareholders of 14.93 million yuan, although the loss margin has narrowed compared to the previous year [2] - The company is leveraging the national low-altitude development opportunities and has launched a comprehensive low-altitude solution, establishing a benchmark provincial low-altitude service management platform in Jiangsu Province [4] Revenue and Profitability - In 2024, the company's revenue from civil aviation air traffic management was 626 million yuan, up 13.68% year-on-year, while the urban road traffic management business generated 671 million yuan, an increase of 33.47% year-on-year. However, the urban governance business saw a revenue drop of 47.31% [3] - The overall gross profit margin for 2024 was 29.48%, an increase of 2.75 percentage points year-on-year, while the operating cash flow net amount was 84.65 million yuan, up 6.83% year-on-year [2] Industry Outlook - The demand for airport construction in China is robust, with the number of civil airports expected to rise from 580 in 2020 to 770 by 2025. The company is poised to benefit from this accelerated industry demand [5] - The market for airport information technology is projected to reach 70 billion yuan by the end of the 14th Five-Year Plan, presenting unprecedented development opportunities for the company [5] Earnings Forecast and Valuation - The company is expected to achieve revenues of 1.84 billion yuan, 2.19 billion yuan, and 2.61 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.22%, 19.32%, and 18.89%. The net profit attributable to shareholders is forecasted to reach 154 million yuan, 198 million yuan, and 244 million yuan for the same years [6]