低空经济正在从0到1起步，空管龙头莱斯信息虽战略布局较快，但受主营业务拖累，上半年业绩承压严 重。 最新财报显示，今年1~6月，莱斯信息营收4.57亿元，同比下降28.37%，归母净利润-0.31亿元，同比下 降473.5%。 莱斯信息董秘王旭在10月13日的业绩交流会上解释，"因公司客户项目执行特点且采用终验法确认收 入，上半年主要投入项目设计、开发等环节，多数项目将在下半年验收，主营业务收入的季节性较为明 显。"主业承压 道路交通运输、民航交通、城市治理是莱斯信息三大主业。按去年年报，三大主业营收占比分别为 41.68%、38.88%、16.72%。 根据最新专业报告数据，2024年我国城市智能交通市场总规模约559亿元人民币，是近年来城市智能交 通市场投资的首次下滑。在产业边际影响下，莱斯信息上半年营收大降。 对此，王旭回应，一方面聚焦主责主业加速市场推广，推进重点项目落实，另一方面强化内控管理，提 高项目实施效率，优化成本管控效能，提升盈利能力。近年研发投入持续增长，主要系公司与以科技创 新为核心引擎，突破行业发展关键技术，持续培育行业领先的系列拳头产品，加快新质新域前沿新品研 发，为产业转型升级注入 ...

Core Viewpoint - The low-altitude economy is in its initial stages, with the leading air traffic management company, Lais Information, facing significant performance pressure due to its main business operations despite rapid strategic layout [1][2]. Financial Performance - In the first half of the year, Lais Information reported revenue of 457 million yuan, a year-on-year decline of 28.37%, and a net profit attributable to shareholders of -31 million yuan, a year-on-year decrease of 473.5% [2]. - The company attributed the revenue decline to the execution characteristics of client projects and the use of the completion method for revenue recognition, leading to a seasonal impact on main business income [2]. Business Segments - Lais Information's main business segments include road transportation, civil aviation, and urban governance, with revenue contributions of 41.68%, 38.88%, and 16.72% respectively, according to last year's annual report [4]. - The urban intelligent transportation market in China is projected to reach approximately 55.9 billion yuan in 2024, marking the first decline in investment in recent years [4]. Market Outlook - The company anticipates continued downward risks in urban intelligent transportation market investments due to stricter project approval processes and a focus on essential needs [4]. - However, Lais Information believes that the acceleration of urbanization and ongoing demand for traffic safety regulation will sustain market investments in areas such as safety hazard management and congestion control [4]. Research and Development - Despite significant losses, Lais Information increased its R&D expenditure to 71 million yuan in the first half of the year, a year-on-year growth of 3.93%, with an R&D expense ratio of 15.56%, up by 4.84 percentage points [5]. - The company aims to balance technology investment with short-term profit recovery by focusing on core responsibilities, enhancing project implementation efficiency, and optimizing cost management [5]. Low-altitude Economy Strategy - Lais Information is actively pursuing opportunities in the low-altitude economy, with projects in Hubei Province, Nanjing, Yangzhou, and Wencheng County [6]. - The company plans to enhance its core competitiveness and accelerate market layout and product system construction to capitalize on new industry opportunities [6]. Trade and Supply Chain - The company has indicated that the impact of U.S.-China trade uncertainties is manageable, as imported products constitute a small portion of overall procurement, and many have domestic alternatives [7]. - Lais Information will focus on accelerating new technology development and product validation to support national strategic initiatives and enhance governance capabilities [7].