Group 1: Financial Performance - In 2024, the company achieved revenue of 1.135 billion yuan, a year-on-year increase of 41.80%, and a net profit attributable to shareholders of 230 million yuan, up 34.02% year-on-year. The net profit excluding non-recurring items was 214 million yuan, reflecting a year-on-year increase of 37.51%. The gross profit margin was 34.55%, with revenue showing a quarterly upward trend due to the continuous ramp-up of new energy customer projects and new project mass production [1] - In Q1 2025, the company reported revenue of 266 million yuan, a year-on-year increase of 23.61%, and a net profit attributable to shareholders of 60 million yuan, up 27.08% year-on-year. The net profit margin was 22.56%, maintaining a high level of profitability [1] Group 2: Market Demand and Regulatory Impact - The recent "strict battery safety regulation" (GB38031-2025) has increased the demand for insulating and fire-resistant mica products, which are core components for thermal runaway protection in new energy vehicles. The regulation has changed the requirement from "5 minutes early warning" to "no fire or explosion after battery thermal runaway," indicating a sustained increase in demand for the company's mica structural components [2] Group 3: Strategic Acquisitions and Growth Potential - The company announced the acquisition of a 51% stake in the leading micro-screw manufacturer, Diz Precision, with commitments from the founding shareholders to achieve net profits of no less than 80 million, 270 million, and 350 million yuan for the years 2025-2027. This acquisition positions the company strategically in the collaborative robotics market, particularly with key clients like Tesla, and is expected to unlock significant growth potential [3] Group 4: International Expansion and Trade Resilience - The company has been steadily advancing its overseas production capacity, with the establishment of production and sales entities in Singapore and Vietnam since 2022. The construction of factories in Thailand (with an annual capacity of 18,000 tons of new materials) and Mexico (with an annual capacity of 500,000 sets of components) is progressing well. The gradual release of overseas capacity is expected to support performance growth effectively. The company’s strategic layout in the automotive and robotics markets remains unaffected by U.S. tariffs [4] Group 5: Profit Forecast and Valuation - The company is projected to achieve revenues of 1.576 billion, 2.248 billion, and 3.334 billion yuan for the years 2025-2027, representing year-on-year growth rates of 38.9%, 42.6%, and 48.3%, respectively, with a CAGR of 43.2%. The net profit attributable to shareholders is expected to be 327 million, 465 million, and 697 million yuan, with year-on-year growth rates of 41.8%, 42.5%, and 49.7%, respectively, resulting in a CAGR of 44.6%. The company is positioned as a leader in the new energy mica materials sector, with a solid competitive moat and high growth potential in the humanoid robotics business [5]