Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve an annual revenue of 8.0-8.3 billion yuan in 2025, representing a year-on-year growth of 23%-28% [6] - The company has successfully developed and mass-produced SiC MOSFET technology, becoming the first in China to apply it on a large scale in new energy vehicles [6] - The new G2.0 technology platform focuses on enhancing performance in new energy and AI data center power applications, with significant improvements in power density and efficiency [6] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 82.4 billion, 108.4 billion, and 127.1 billion yuan respectively, with adjusted net profit forecasts of -475 million, 23 million, and 214 million yuan [6] - The company’s gross margin is expected to improve from 8.8% in 2025 to 19.7% by 2027 [5] - The return on equity (ROE) is projected to turn positive in 2026, reaching 1.2% by 2027 [5] Market Data - As of December 11, 2025, the closing price of the stock was 6.54 yuan, with a market capitalization of approximately 28.971 billion yuan [2] - The stock has seen a one-year high of 7.69 yuan and a low of 4.01 yuan [2]

Group 1 - The United Nations predicts a significant decline in China's birth rate, projecting only 7.37 million births by 2050 and a further drop to 3.1 million by 2100, which could lead to school closures and recruitment challenges for the military [1][3] - China's population decline poses challenges not only domestically but also globally, as a reduction in the labor force may disrupt the world supply chain [3][5] Group 2 - The decrease in population is expected to result in a labor shortage, which could slow down economic growth that previously benefited from a demographic dividend, with growth rates potentially falling below 10% [5][19] - China has been a crucial part of the global supply chain, exemplified by companies like Apple, which relies on China's extensive labor force and manufacturing capabilities [7][14] - As labor costs rise due to population decline, companies like Apple are already shifting parts of their production to countries like India and Vietnam, which may not match the quality standards previously met in China [9][11] Group 3 - The United Nations suggests that increasing China's population growth rate from 1.19% in 2023 to 1.39% by 2050 and 1.48% by 2100 could stabilize the population [15] - However, improving birth rates requires enhancing the willingness of Chinese citizens to have children, which has proven challenging despite various measures taken by the government [17][21] - The trend of declining population alongside economic development is not unique to China, as similar patterns have been observed in developed countries like Japan and South Korea [19][21]