莱斯信息：2024年年报和2025年一季报点评：25Q1业绩符合预期，低空有望持续引领-20250506

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.61 billion yuan for 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, which aligns with market expectations [2] - In Q1 2025, the company achieved a revenue of 109 million yuan, a significant year-on-year decline of 55.53%, with a net loss of 15 million yuan, which is a 5.10% reduction in loss year-on-year, also meeting market expectations [2] - The company is positioned as a leader in air traffic control systems and is expected to benefit from the ongoing development of low-altitude economy infrastructure [8] Financial Performance Summary - Total revenue for 2023 was 1.68 billion yuan, with a projected increase to 1.84 billion yuan in 2025, reflecting a growth rate of 14.56% [1][9] - The net profit attributable to shareholders is forecasted to grow from 129 million yuan in 2024 to 153 million yuan in 2025, representing an 18.75% increase [1][9] - The earnings per share (EPS) is expected to rise from 0.79 yuan in 2024 to 0.94 yuan in 2025 [1][9] Business Segment Performance - The air traffic control business generated 626 million yuan in revenue for 2024, a year-on-year increase of 13.68%, while the urban road traffic business saw a revenue increase of 33.47% to 671 million yuan [8] - The urban governance business, however, faced a significant decline, with revenue dropping 47.31% to 269 million yuan [8] Market Position and Strategy - The company is actively expanding its low-altitude economy initiatives, launching the "Tianmu" series of products centered around low-altitude flight service management [8] - It has established a benchmark for provincial low-altitude platforms in Jiangsu, marking a significant step in military-civilian collaboration [8]