Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to face challenges due to weak domestic demand but is anticipated to benefit from external sales and new automotive interior leather models, supporting revenue growth [4][5] - The revenue and net profit forecasts for 2024 are 2.95 billion and 140 million yuan, respectively, with a year-over-year change of +9.3% and -24% [4] - The company aims to maintain its strategy as a one-stop supplier of cowhide materials, with successful external sales expansion and new automotive models driving revenue growth [4][5] Financial Summary - The total market capitalization is 2.725 billion yuan, with a circulating market capitalization of 2.697 billion yuan [1] - The company's revenue for 2024 is projected at 2.951 billion yuan, with a year-over-year growth of 9.3% [7] - The net profit for 2024 is expected to be 140 million yuan, reflecting a decline of 24% year-over-year [7] - The gross margin for 2024 is estimated at 21.4%, with a net margin of 4.8% [6][7] - The earnings per share (EPS) for 2025 is projected to be 0.57 yuan, with a price-to-earnings (P/E) ratio of 16.1 [7] Business Performance - The company reported a revenue of 1.44 billion yuan in 2024, with a slight decline of 1% year-over-year, while net profit decreased by 49% to 57 million yuan [5] - The first quarter of 2025 saw a revenue of 296 million yuan, down 3% year-over-year, with a net profit of 8 million yuan, reflecting a significant decline of 61.8% [5] - The automotive leather segment is performing well, with revenue from automotive leather expected to reach 730 million yuan in 2024, a growth of 19.8% [5]