公司事件点评报告：民航空管龙头，受益于低空经济发展

Investment Rating - The report gives the company an "Accumulate" rating for the first time, indicating a positive outlook for the stock over the next 12 months [10]. Core Views - The company is positioned as a leader in the civil air traffic management industry and is expected to benefit from the rapid development of the low-altitude economy. The projected net profits for 2023, 2024, and 2025 are 131 million, 155 million, and 202 million yuan respectively, with corresponding EPS of 0.80, 0.95, and 1.23 yuan. The current stock price corresponds to PE ratios of 68, 57, and 44 times for the respective years [10][20]. Financial Summary - The company achieved a revenue of 1.675 billion yuan in 2023, representing a year-on-year growth of 6.3%. The net profit for the same year was 131 million yuan, a significant increase of 46.87% compared to the previous year [20]. - The company's revenue is projected to grow to 2.081 billion yuan in 2024 and 2.566 billion yuan in 2025, with growth rates of 24.2% and 23.3% respectively [17]. - The diluted EPS is expected to increase from 0.80 yuan in 2023 to 1.23 yuan in 2025, reflecting a strong growth trajectory [17]. - The company's return on equity (ROE) is projected to improve from 7.1% in 2023 to 9.6% in 2025, indicating enhanced profitability [17]. Market Position and Opportunities - The company has a market share of 42% in the civil air traffic management sector, with a system coverage rate of 80% across the national air traffic management system as of the end of 2022 [20]. - The low-altitude economy is expected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, presenting significant growth opportunities for the company [20].