Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced rapid revenue growth in the 3C and passenger vehicle sectors, driven by new coating solutions [6][8] - The company reported a revenue of 746 million yuan in 2024, a year-on-year increase of 26.41%, and a net profit attributable to shareholders of 86.4 million yuan, up 6.52% year-on-year [5] - The company is focusing on high-end consumer electronics and passenger vehicle markets, with significant partnerships with major clients [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 746 million yuan, with a net profit of 86.4 million yuan, and a quarterly revenue of 2.19 billion yuan in Q4 2024, reflecting a 25.23% year-on-year growth [5] - For Q1 2025, the company reported a revenue of 1.53 billion yuan, a 13.24% year-on-year increase, but a net profit of 381 thousand yuan, down 68.52% year-on-year [5][6] Revenue Growth Drivers - The 3C sector saw a revenue increase of 26.9% in 2024, attributed to deepened cooperation with North American clients and expanded product offerings [6] - The passenger vehicle sector achieved a revenue of 1.28 billion yuan in 2024, a 29.6% increase, with Q4 2024 showing a 51.6% year-on-year growth [6] Strategic Initiatives - The company is advancing new coating solutions and has successfully launched a new molecular coating material solution [7] - The company is also expanding into strategic emerging fields such as aerospace, with ongoing collaborations and product development [7] Profitability and Valuation - The report projects net profits of 127 million yuan for 2025, down from a previous estimate of 154 million yuan, with continued growth expected in the 3C and passenger vehicle sectors [8][9] - The company’s gross margin is expected to decline to 48.9% in 2025, with an increase in operating expenses impacting profitability [12]