Core Insights - The company reported a revenue of 3.251 billion yuan for 2024, representing a year-on-year growth of 21.38% and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year, closely aligning with the upper limit of its profit forecast [1] - The company aims for a net profit of 730 million yuan in 2025, indicating a target growth of approximately 25% compared to the previous year [1] - The overall gross margin for 2024 was 58.1%, showing a gradual upward trend, supported by cost reduction strategies and optimization of product design [1] Business Segment Performance - The geographic information segment showed significant growth, with sales reaching 5516 units, a year-on-year increase of 178%, driven by the integration of SLAM and RTK algorithms [2] - The four main business segments reported the following revenues: Resources and Public Utilities at 1.43 billion yuan (up 26.4% YoY), Construction and Infrastructure at 1.05 billion yuan (up 9.0% YoY), Geographic Information at 590 million yuan (up 38.4% YoY), and Robotics and Autonomous Driving at 185 million yuan (up 15.5% YoY) [2] - The company's overseas business accounted for 28.8% of total revenue in 2024, reflecting a year-on-year growth of 30.4%, with a high overseas gross margin of approximately 77.6% [2] Profit Forecast Adjustments - The profit forecasts for 2025 to 2027 have been raised, with expected net profits of 750 million yuan, 949 million yuan, and 1.146 billion yuan respectively, reflecting adjustments based on overseas market expansion and new product launches [3] - The current stock price corresponds to a price-to-earnings ratio of 30, 24, and 20 for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [3]