证券研究报告·公司点评报告·软件开发 莱斯信息（688631） 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 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,676 | 1,610 | 1,844 | 2,222 | 2,665 | | 同比（%） | 6.35 | (3.94) | 14.56 | 20.46 | 19.96 | | 归母净利润（百万元） | 132.09 | 129.04 | 153.24 | 191.05 | 240.60 | | 同比（%） | 47.60 | (2.31) | 18.75 | 24.67 | 25.94 | | EPS-最新摊薄（元/股） | 0.81 | 0.79 | 0.94 | 1.17 | 1.47 | | P/E（现价&最新摊薄） | 98.50 | 100.82 | 84.90 | 68.10 | 54.08 | ...

Group 1 - The core products of Zhaoli Pharmaceutical show stable growth, with a high dividend payout ratio maintained, achieving a revenue of 2.578 billion yuan in 2024, a year-on-year increase of 32.71% [8][9] - The company has significantly reduced costs and improved efficiency, with a notable decrease in expense ratios, including a sales expense ratio of 32.53%, down 7.5 percentage points year-on-year [9] - The company plans to implement an employee stock ownership plan by the end of 2024, with profit growth targets set at no less than 30% for 2025 [10] Group 2 - Weining Health's revenue for Q1 2025 was 345 million yuan, a year-on-year decrease of 30.24%, with a net profit of 5.29 million yuan, down 68.18% [11][12] - The company is focusing on cost reduction and efficiency improvement, with a significant increase in cash flow from operating activities, up 120.53% year-on-year [12] - The WiNEX product is entering a phase of mass delivery, supporting internet operations and international adaptation, with a strong digital architecture capable of handling millions of transactions [14][15] Group 3 - Lais Information's revenue for 2024 was 1.61 billion yuan, a year-on-year decrease of 3.94%, while Q1 2025 revenue dropped by 55.53% to 109 million yuan [17][18] - The company is optimizing its business structure, with significant growth in air traffic control and urban traffic management sectors, achieving revenue increases of 13.68% and 33.47% respectively [18][19] - The company is enhancing its research and development efforts, with a focus on refining its product offerings and improving operational efficiency [20] Group 4 - FenJung Media reported a revenue of 12.262 billion yuan in 2024, a year-on-year increase of 3.01%, with a net profit of 5.155 billion yuan, up 6.80% [23][25] - The company maintains a high dividend payout ratio, with cash dividends amounting to 4.766 billion yuan, representing 92.45% of net profit [24][25] - The planned acquisition of New潮传媒 is expected to enhance the company's competitive position in the outdoor advertising market [28] Group 5 - Jingwang Electronics achieved a revenue of 12.659 billion yuan in 2024, a year-on-year increase of 17.68%, with a net profit of 1.169 billion yuan, up 24.86% [30][31] - The company is expanding its production capacity, with a focus on high-end markets and AI applications, particularly in the automotive sector [32][33] - The company is increasing its R&D investments to support technological advancements and market expansion [33]

证券研究报告 | 公司点评 | 软件开发 莱斯信息(688631) 报告日期：2025 年 04 月 27 日 24 年整体经营稳健，发力低空经济赛道有望受益产业趋势 ——莱斯信息 2024 年报&2025 年一季报点评 投资要点 ❑ 4 月 25 日，公司披露 2024 年报及 2025 年一季报。2024 年公司实现营业总收入 16.10 亿元（YoY -3.94%），实现归母净利润 1.29 亿元（YoY -2.31%）。公司紧抓 国家低空发展元年机遇，全面发力低空经济赛道，整体经营有望实现高质量增 长。 ❑ 公司营收稳健净利润大幅增长，经营效率持续优化 2024 年公司实现营业总收入 16.10 亿元（YoY -3.94%），实现归母净利润 1.29 亿 元（YoY -2.31%），扣非后归母净利润为 1.06 亿元（YoY -1.29%），经营性现金流 净额 8464.88 万元（YoY +6.83%）。公司全年整体毛利率为 29.48%（YoY +2.75pct），销售/管理/研发费用率分别为 4.77%/6.89%/9.04%，同比分别增长 0.09pct、下降 0.01pct、提升 1.37p ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15] Core Views - The company is expected to leverage its leading position in air traffic management and its forward-looking layout in the low-altitude economy to drive growth despite short-term pressures in government governance business [3] - The revenue structure has improved significantly, with a notable increase in the proportion of high-margin air traffic management business [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 1.61 billion yuan, a year-on-year decline of 3.94%, and a net profit attributable to the parent company of 129 million yuan, down 2.31% year-on-year [4] - The revenue from civil air traffic management and urban road traffic businesses grew by 13.68% and 33.47%, respectively, while urban governance business saw a decline of 47.31% [4] - The gross profit margin improved to 29.48%, an increase of 1.27 percentage points year-on-year, driven by enhanced management efficiency and increased R&D investment [4] - For Q1 2025, the company reported operating revenue of 109 million yuan, a year-on-year decline of 55.53%, with a net profit attributable to the parent company of -14.93 million yuan [4] Future Projections - The company has revised its net profit forecasts for 2025-2026 to 170 million and 224 million yuan, respectively, with an additional forecast for 2027 at 293 million yuan [3] - Earnings per share (EPS) are projected to be 1.04, 1.37, and 1.79 yuan for 2025, 2026, and 2027, respectively [3] - The company aims to establish the first provincial low-altitude platform in Jiangsu, enhancing its market expansion efforts across over 20 provinces and cities [5] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 75.2, 57.1, and 43.6 for 2025, 2026, and 2027, respectively [3][7] - The company’s gross margin is expected to improve to 30.4%, 30.9%, and 31.5% over the next three years [11]

事件：公司发布2024 年度报告及2025 年一季报，2024 年全年公司实现营收16.10 亿元(-3.94%)，归母净 利润1.29 亿元(-2.31%)；2024Q4 公司实现营收6.92 亿元(-2.41%)，归母净利润1.13 亿元(-5.47%)； 2025Q1 公司实现营收1.09 亿元(-55.53%)，归母净利润-0.15 亿元，亏损同比收窄。 受城市治理业务减少及确收进度影响业绩短暂承压，研发投入持续增加。 2024 年全年，受城市治理业务减少及应收账款坏账计提金额增加等影响，公司业绩短暂承压，分板块 来看，民航空中交通管理实现营收6.26 亿元(+13.68%)；城市道路交通管理实现营收6.71 亿元 (+33.47%)；城市治理实现营收2.69 亿元(-47.31%)；企业级信息化及其他实现营收0.4 亿元(-63.06%)。 2025 年第一季度，受城市道路交通管理领域销售收入减少及确收进度等影响，公司营收同比下滑，但 亏损同比收窄。2024/2025Q1，公司研发费用为1.46 亿元/0.4 亿元(+12.31%/18.99%)，研发费用率为 9.04%/ 36.81%(+1.37 ...