Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved a revenue of 12.262 billion (+3.01%) and a net profit attributable to shareholders of 5.155 billion (+6.80%) for the year 2024. For Q1 2025, the revenue was 2.858 billion (+4.70%) with a net profit of 1.135 billion (+9.14%) [2][4]. - The company plans to distribute a cash dividend of 2.30 yuan (including tax) for every 10 shares to all shareholders, indicating a strong commitment to shareholder returns [2][4]. - The company is experiencing steady revenue growth, with a slight increase in gross margin, and is expanding its media points. The acquisition of New Wave Media is expected to enhance competitive positioning in the elevator media sector [2][10]. Summary by Sections Financial Performance - In 2024, the company's building media business generated revenue of 11.549 billion, a year-on-year increase of 3.87%, while the cinema media business saw a decline of 10.43% to 689 million. The overall gross margin improved to 66.26%, up 0.78 percentage points year-on-year [10]. - The company reported a significant decrease in depreciation costs by 51.81% due to the completion of depreciation for certain fixed assets [10]. - Investment income and government subsidies contributed to net profit growth, with investment income rising by 71.87% to 707 million [10]. Strategic Developments - The company is actively expanding its media points, with a 12.6% and 14.1% increase in self-operated elevator LCD points in first- and second-tier cities, respectively, compared to the end of 2023. In third-tier and below cities, the growth was 68.7% [10]. - The acquisition of New Wave Media, valued at 8.3 billion, is expected to create synergies, particularly in community smart screens, complementing the company's existing media points [10]. Market Position - Daily consumer goods accounted for 58.76% of total revenue in the building media segment, reflecting a 5.96 percentage point increase year-on-year, with notable growth in clothing and cosmetics [10]. - The company maintains a high dividend expectation, with a proposed total distribution of 3.322 billion for the 2024 fiscal year [10].