莱斯信息：2024年年报及2025年一季报点评：积极布局低空经济，持续加大研发投入-20250506

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][7]. Core Insights - The company has shown resilience in its core aviation traffic management and urban traffic management businesses, with revenue from the aviation sector growing by 13.68% year-on-year and urban traffic management increasing by 33.47% [2]. - The company is actively investing in research and development, with R&D expenditures reaching 146 million yuan in 2024, a 13.21% increase from the previous year [3]. - The company is positioning itself as a leader in the low-altitude economy, launching a comprehensive solution centered around the "Tianmu" low-altitude flight service management platform and establishing a provincial-level low-altitude platform in Jiangsu [4]. Financial Performance Summary - In 2024, the company reported total revenue of 1.61 billion yuan, a decrease of 3.94% year-on-year, and a net profit of 129 million yuan, down 2.31% year-on-year [2]. - The first quarter of 2025 saw a significant decline in revenue to 109 million yuan, a drop of 55.53% year-on-year, with a net loss of 15 million yuan [2]. - Revenue projections for 2025-2027 are estimated at 1.85 billion, 2.11 billion, and 2.38 billion yuan respectively, with net profits expected to reach 165 million, 208 million, and 252 million yuan [5][9].