莱斯信息（688631）：低空信息化主力军，从区域走向全域

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of RMB 124.95 per share [7]. Core Views - The company is recognized as a leader in China's civil aviation air traffic control, with a strong focus on low-altitude information services and a strategic expansion into various markets, including airport information systems and international business [19][21]. - The low-altitude economy is expected to see significant growth, with the cumulative market size for low-altitude flight service platforms projected to reach RMB 189-337 billion by 2027, reflecting a CAGR of 66% from 2025 to 2027 [2][21]. - The company has a solid foundation in traditional air traffic control, holding a 42% market share in air traffic automation systems as of 2022, and is well-positioned to benefit from new opportunities arising from the expansion of regional air traffic control systems [3][20]. Summary by Sections Investment Rating - The company is rated "Buy" with a target price of RMB 124.95 per share [7]. Low-altitude Economy - The report highlights the anticipated breakthroughs in the low-altitude economy across policy, industry, and application sectors in 2024, with the company's low-altitude flight service platform expected to serve as a foundational element for local low-altitude information infrastructure [2][21]. - The company has already established low-altitude service platforms in cities like Zhuhai and Jiangsu, with project values reaching tens of millions [2][21]. Main Business Areas - The company is set to capitalize on the "8+N" expansion opportunities in air traffic control, with an estimated market space of RMB 1.5 billion from new regional air traffic control centers from 2024 to 2027 [3][20]. - The airport information technology market is projected to be around RMB 900 million annually from 2025 to 2027, with the company leveraging its experience from the Huai'an Airport project [3][22]. - Internationally, the company has made significant strides, achieving RMB 72 million in overseas revenue in 2023, marking a substantial increase and indicating a growing international order backlog of RMB 200 million [3][22]. Differentiating Market Perspectives - The report addresses market concerns regarding the company's ability to expand its low-altitude flight service platform beyond the Yangtze River Delta, asserting that the company’s technological strength and integration capabilities will enable it to overcome regional limitations [4][24]. - The company has a strong collaborative history with military and civil aviation authorities, enhancing its ability to navigate complex regulatory environments and expedite project implementations [24][25].