Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative performance above the market benchmark over the next 12-18 months [4][8]. Core Views - The company's high mid-2025 dividend proposal reflects confidence in future rapid growth, with an estimated EPS of RMB 1.14 for 2025, RMB 1.41 for 2026, and RMB 1.69 for 2027. A target price of RMB 39.89 is set based on a 35x PE for 2025, representing a 26% upside [4][10]. - The company plans to distribute a cash dividend of RMB 5.8 per 10 shares, amounting to approximately RMB 389 million, which is about 61% of the 2024 net profit attributable to shareholders [10][11]. - The company is pursuing a "Fully Embrace AI" strategy, aiming to integrate AI technology with business operations and organizational changes, positioning itself as a leader in the smart energy sector and integrated smart solutions globally [11][10]. Financial Summary - The company’s total revenue is projected to grow from RMB 3,251 million in 2023 to RMB 7,251 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [3]. - Net profit attributable to shareholders is expected to increase significantly from RMB 179 million in 2023 to RMB 1,129 million in 2027, with a notable growth rate of 257.6% in 2024 [3]. - The company’s net asset return is projected to rise from 5.6% in 2023 to 24.9% in 2027, indicating improved profitability and efficiency [3]. Dividend and Shareholder Returns - The proposed dividend distribution demonstrates a commitment to returning value to shareholders, with a dividend payout ratio that reflects confidence in sustained business growth [10][11]. - The expected dividend per share is projected to increase from RMB 0.26 in 2023 to RMB 1.05 in 2027, with a corresponding increase in the dividend yield from 0.8% to 3.2% [5].