Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company's profits are under pressure due to strategic investments and market conditions, but it continues to focus on technological improvements and market expansion in its semiconductor business [3][4][7] - The company is expected to achieve revenues of RMB 76.21 billion, RMB 92.79 billion, and RMB 109.86 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 1.08 billion, RMB 3.04 billion, and RMB 4.26 billion [4][6] Financial Summary - The company reported a revenue of RMB 58.17 billion in 2024, a year-on-year increase of 8.53%, but a net loss of RMB 1.98 billion [7] - For Q1 2025, the company achieved a revenue of RMB 15.80 billion, a year-on-year increase of 13.77%, but a net profit of RMB 0.09 billion, down 62.24% year-on-year [7] - The company's PCB business generated revenue of RMB 43.00 billion in 2024, with a gross margin of 26.96%, down 1.76 percentage points year-on-year [7] - The semiconductor business generated revenue of RMB 12.85 billion in 2024, with a gross margin of -33.16%, down 28.60 percentage points year-on-year [7] Revenue and Profit Forecast - The company is projected to have a revenue growth rate of 31.0% in 2025, followed by 21.7% in 2026 and 18.4% in 2027 [6][21] - The projected net profit for 2025 is RMB 108 million, with significant growth expected in subsequent years [6][21] Valuation Metrics - The company is expected to have a PE ratio of 177.6 in 2025, decreasing to 63.3 in 2026 and 45.1 in 2027 [4][6] - The projected EBITDA for 2025 is RMB 732 million, with a significant increase in the following years [6][21]