Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a slight year-on-year revenue increase of 4.5% in Q1 2025, with revenue of 109 million yuan, but faced a quarter-on-quarter decline of 17.7% due to supply constraints [6] - The company is focusing on improving its supply chain capabilities and has plans to establish a dual-cycle supply system to enhance stability and cost efficiency [6] - Key areas for future research and development include automotive electronics, micro-displays, AR/VR, and high-performance computing (HPC) [6] - The company expects revenue growth to reach 693 million yuan in 2025, with a net profit of 199 million yuan, corresponding to a PE ratio of 49.3 [6] Financial Data and Valuation - Total revenue is projected to grow from 323 million yuan in 2023 to 1.31 billion yuan in 2027, with a compound annual growth rate (CAGR) of 34% to 31% [2][12] - Operating profit is expected to increase from 103 million yuan in 2023 to 391 million yuan in 2027, with a CAGR of 48% to 33% [2][12] - The company's net profit attributable to shareholders is forecasted to rise from 103 million yuan in 2023 to 372 million yuan in 2027, with a CAGR of 48% to 32% [2][12] - The company maintains a healthy balance sheet with a debt ratio of 9.0% and a return on equity (ROE) of 10.2% [3][12] Stock Performance - The company's stock has shown strong performance, with a 1-month absolute return of 31%, a 6-month return of 173%, and a 12-month return of 114% [5]