Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][25] Core Views - The company achieved revenue growth of 7.2% to 16.83 billion and net profit growth of 10.4% to 4.27 billion in 2024, with a steady performance continuing into Q1 2025 [1][4] - The core business of electrical connections showed stable growth, while the smart electrical lighting segment outperformed the industry despite market pressures [2][3] - The new energy business experienced significant growth, with revenue increasing by 104.8% to 780 million and sales volume up by 119.3% [2] - The company effectively controlled expenses, resulting in a gross margin of 43.2% and a net margin of 25.4% for 2024 [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 16.83 billion (+7.2%) and a net profit of 4.27 billion (+10.4%), with Q1 2025 showing a revenue of 3.92 billion (+3.1%) and a net profit of 970 million (+4.9%) [1][5] - The gross margin for 2024 was 43.2%, with a net margin of 25.4% [3][5] Business Segments - The electrical connection business generated 7.68 billion in revenue (+4.0%), while the smart electrical lighting segment brought in 8.33 billion (+5.4%) [2] - The new energy segment's revenue reached 780 million (+104.8%), indicating a strong market position and growth potential [2] Profitability and Cost Control - The company maintained a gross margin of 43.2% and a net margin of 25.4% in 2024, with effective cost management across various expense categories [3][5] - The company has implemented an incentive plan to boost growth confidence, with stock grants aimed at achieving revenue and profit targets [3] Future Projections - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 4.57 billion, 4.95 billion, and 5.50 billion respectively, reflecting growth rates of 6.9%, 8.4%, and 11.1% [4][5]