Financial Performance - The company achieved a net profit of 27,923.92 million yuan for the year 2024, with a weighted average return on equity of 5.77% [4] - Basic and diluted earnings per share were both 0.678 yuan per share, with total comprehensive income amounting to 33,417.27 million yuan [4] Inventory and Impairment - The company recorded significant inventory impairment, particularly in dispatched goods, due to increased long inventory age and the complexity of delivery acceptance procedures in the equipment manufacturing industry [2][3] - The impairment provision for inventory was calculated based on the higher of estimated selling price and age-based provisions, reflecting a cautious approach [2] Market Demand and Orders - In the first quarter, the company's revenue increased by 6.03% year-on-year, indicating a gradual recovery in order volume as overall industry demand improves [5] - The company anticipates a rebound in production output following a recovery in market demand [3] Research and Development - R&D expenditure decreased by 14.32% compared to the previous year due to external uncertainties, but the company plans to increase R&D investment in 2025 to enhance product competitiveness [7][9] - The company is focusing on upgrading tantalum capacitor series products and expanding its capabilities in microcircuit modules and semiconductor industries [9][11] Business Strategy and Growth - The company aims to leverage its technological expertise and industry chain integration to enhance its market competitiveness and expand its product offerings [6][10] - Module products now account for over 20% of total revenue, reflecting a strategic shift towards diversified product lines [6] Future Outlook - The high-reliability electronics industry is expected to see a recovery in demand as part of the "14th Five-Year Plan," with the company positioning itself to capitalize on this trend [10] - The company emphasizes the importance of sustainable development and effective communication with investors to enhance long-term value [10][11]