Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing stable revenue growth but a significant decline in net profit due to industry cost fluctuations and non-recurring losses [1] Group 1: 2024 Annual Results - In 2024, the company achieved revenue of 534 million yuan, a year-on-year increase of 9.77% [1] - The net profit attributable to shareholders was 85 million yuan, a year-on-year decline of 34.4% [1] - The revenue from industrial control connectors was 258 million yuan, a year-on-year decrease of 3.5% [1] - The revenue from automotive connectors was 139 million yuan, a year-on-year increase of 15.7% [1] - The revenue from new energy connectors was 131 million yuan, a year-on-year increase of 39.7% [1] Group 2: 2025 Q1 Results - In Q1 2025, the company achieved revenue of 145 million yuan, a year-on-year increase of 44.6% [2] - The net profit attributable to shareholders was 25 million yuan, a year-on-year increase of 39.99% [2] - The revenue and net profit growth rates of approximately 40% indicate a significant recovery trend in overall business [2] Group 3: Market and Industry Outlook - The company’s product structure focuses on three main downstream applications: industrial control, automotive, and new energy, with the industrial automation industry facing cyclical adjustments and increased competition [1] - The emerging field of robotics presents strong growth potential, leveraging the company's long-term technology and customer base in the industrial control sector [2] - The company is expected to benefit from the "embodied intelligence" trend, with products applicable to industrial, service, and humanoid robots [2] Group 4: Profit Forecast and Valuation - The profit forecast for 2025 has been revised down to 128 million yuan, with new forecasts for 2026 and 2027 at 148 million yuan and 176 million yuan respectively [2] - The current stock price corresponds to a PE ratio of 32/28/23 for 2025-2027, while comparable companies have an average PE of 39.6 [2] - The target market value for the company is set at 5.1 billion yuan, indicating over 20% upside potential from the current market value [2]