莱斯信息（688631）：板块表现分化，低空信息化加速外拓

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 84.41 RMB per share [8][25]. Core Insights - The company achieved a revenue of 1.61 billion RMB in 2024, a decrease of 3.9% year-on-year, and a net profit of 129 million RMB, down 2.3% year-on-year, which is in line with preliminary reports [1]. - In Q1 2025, the company reported a revenue of 110 million RMB, a significant decline of 55.5% year-on-year, with a net loss of 15 million RMB, although this represents a 5.1% increase in net profit year-on-year [1]. - The report highlights the company's ongoing expansion in low-altitude information services and anticipates gradual realization of new projects in the "8+N" and airport information sectors [1][4]. Revenue Breakdown - In 2024, the revenue from the civil aviation management segment was 626 million RMB, an increase of 14% year-on-year, while the urban traffic management segment generated 671 million RMB, up 33% year-on-year. However, the urban governance segment saw a decline of 47% year-on-year, generating 269 million RMB due to decreased demand from government clients [2]. - The report indicates that the civil aviation management business is expected to continue to grow, potentially increasing its revenue share as the low-altitude flight platform products expand regionally [2]. Profitability and Cost Structure - The overall gross margin for the company in 2024 was 29.5%, reflecting a slight increase of 1.3 percentage points year-on-year, primarily due to a shift in revenue structure towards the higher-margin civil aviation management business [3]. - The report notes that the gross margins for the civil aviation management, urban traffic management, and urban governance segments were 37.2%, 20.9%, and 28.8%, respectively, with the urban governance segment showing a notable improvement of 9.9 percentage points year-on-year [3]. Future Outlook - For 2025, the company is expected to consolidate its core business and advance the construction of a comprehensive "Smart Connection System" [4]. - The report estimates that the civil aviation management revenue will reach 894 million RMB in 2025, with a projected compound annual growth rate (CAGR) of 31.34% from 2024 to 2026 [5][26]. Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, projecting a target market value of 13.798 billion RMB for the company, corresponding to a target price of 84.41 RMB per share [25][26]. - The civil aviation management segment is valued at a price-to-sales (PS) ratio of 9x, while the urban traffic management and governance segments are valued at a price-to-earnings (PE) ratio of 68x [5][26].