坚持把发展经济的着力点放在实体经济上，以"加快建设制造强国"的确定性应对时代变局，把发展的主 动权牢牢掌握在自己手中 "保持制造业合理比重"——"十五五"规划建议部署"建设现代化产业体系，巩固壮大实体经济根基"这一 重要战略任务时，突出强调了这一点。 什么是"合理比重"？ 总而言之，"保持制造业合理比重"，紧扣发展形势和现实需求，向全社会释放出发展实体经济的鲜明政 策导向。深耕实业，不断推动制造业高质量发展，中国制造的实力将更强、底盘将更稳，"保持制造业 合理比重"也就不难实现。 (责任编辑：朱赫) 更不能"过低"。从世界经济史看，许多经济强国的诞生，开端皆是制造业。进入后工业化阶段，一些国 家"脱实向虚"、转移产业，出现"产业空心化"，进而影响了经济、就业等稳定增长。作为一个大国，我 们必须防止这种苗头和倾向。 对"十五五"时期的中国来说，制造业事关经济实力、科技实力、综合国力的稳步提升，事关亿万人民的 美好生活，必须守住根基、逐步壮大。从自身发展看，制造业是日常生活的物质基础，是千行百业发展 的坚实依托，也是吸纳就业的重要载体。从外部环境看，国际竞争日趋激烈，也要求制造业百尺竿头、 更进一步。放眼全球，我 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.54 [6][7]. Core Views - The company reported a revenue of RMB 5.2 billion for 2024, a year-on-year increase of 31.8%, but the net profit attributable to the parent company was RMB 212 million, a decrease of 0.8% year-on-year, which was below expectations due to intensified industry competition and unexpected declines in gross margin [1][4]. - The company signed new contracts worth RMB 5.4 billion in 2024, representing a year-on-year increase of 9.5%, with a backlog of orders amounting to RMB 2.9 billion, indicating potential for future growth [1][2]. - The semiconductor and related sectors showed significant revenue growth, with the semiconductor segment achieving a 29% year-on-year increase, driven by domestic substitution trends [2][4]. Summary by Sections Financial Performance - In Q4 2024 and Q1 2025, the company achieved revenues of RMB 1.41 billion and RMB 1.04 billion, respectively, with year-on-year declines of 2.8% and 9.4% [1][2]. - The overall gross margin for 2024 decreased by 1.4 percentage points to 10.0%, but showed improvement in Q4 2024 and Q1 2025, with gross margins of 9.7% and 10.3%, respectively [2][3]. Expense Management - Management expenses increased significantly by 53% year-on-year in 2024, primarily due to business expansion and increased personnel costs [3]. - The company maintained a net cash flow from operating activities of RMB 220 million in 2024, which was stable compared to the previous year [3]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to RMB 236 million, RMB 265 million, and RMB 282 million, respectively, reflecting a downward revision due to anticipated delays in capital expenditures in the downstream electronics industry [4][5]. - The company is assigned a PE ratio of 28x for 2025, with a target price adjustment to RMB 12.54, down from RMB 13.52 [4][6].