NANJING LES INFORMATION TECHNOLOGY CO.(SH:688631) Soochow Securities·2024-04-25 06:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [4][15]. Core Insights - The company has shown strong performance in its 2023 annual report, achieving a revenue of 1.68 billion yuan, a year-on-year increase of 6.35%, and a net profit of 132.09 million yuan, up 47.60% year-on-year, aligning with market expectations [15]. - The first quarter of 2024 exceeded market expectations with a revenue of 245 million yuan, reflecting a year-on-year growth of 38.62%, while the net profit loss narrowed by 48.81% [15]. - The company is focusing on consolidating its position in the civil aviation air traffic management sector, leveraging opportunities in both domestic and international markets [3]. Financial Forecasts - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 1.00 yuan, 1.28 yuan, and 1.64 yuan respectively [4]. - The company is expected to benefit from the ongoing infrastructure development in the low-altitude economy, which is anticipated to drive significant growth [4][17]. - Revenue projections for the upcoming years are as follows: 2.02 billion yuan in 2024, 2.42 billion yuan in 2025, and 2.90 billion yuan in 2026, with corresponding year-on-year growth rates of 20.29%, 20.02%, and 19.81% respectively [4][21]. Business Growth Areas - The company is actively expanding its product offerings in airport information systems and is enhancing its capabilities in both small and hub airports to increase market share [3]. - The low-altitude economy is identified as a strategic emerging industry, with the company positioned to capitalize on the development of ground infrastructure, including air traffic control systems and related services [17].