Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant improvement in Q1 performance, with a revenue of 2.14 billion yuan, representing a year-on-year increase of 19.21% and a quarter-on-quarter increase of 13.39% [2][3] - The global panel industry is expected to experience steady growth in 2025, driven by new capacity releases and technological innovations, which will benefit the company as a core supplier of liquid crystal materials [2] - The company has achieved mass production of KrF resin and is preparing for ton-level production in 2025, indicating strong growth potential in the semiconductor materials sector [3] Financial Summary - In 2024, the company achieved a revenue of 737 million yuan, a decrease of 7.77% year-on-year, and a net profit of 77 million yuan, down 28.27% year-on-year [4] - For 2025, the company is projected to achieve revenues of 888 million yuan and a net profit of 129 million yuan, reflecting a year-on-year growth of 20.47% and 67.86% respectively [4] - The gross profit margin for Q1 2025 was reported at 42.63%, an increase of 0.81 percentage points year-on-year [2]