Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing short-term pressure on performance, with expectations for accelerated progress in semiconductor RF power supply technology as it moves towards 5nm advanced processes [1][2] - The company has established itself as a leader in photovoltaic power supply, with a market share exceeding 70%, and is also making significant strides in the semiconductor power supply sector, which has become its second-largest revenue source after photovoltaics [2][3] - The company is focusing on key processes such as semiconductor etching and thin film deposition, while also expanding into emerging fields like silicon carbide epitaxy and composite copper foil [2] Financial Summary - For 2024, the company reported revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, and a net profit of 320 million yuan, a decline of 25.2% [1] - The gross margin for 2024 was 38.5%, an increase of 1.3 percentage points year-on-year, while the net margin was 18.8%, a decrease of 5.5 percentage points [1] - The company expects net profits to grow significantly from 449 million yuan in 2025 to 712 million yuan in 2027, reflecting year-on-year growth rates of 39%, 21%, and 31% respectively [4]