Core Viewpoint - The company reported a revenue of 7.025 billion yuan for 2024, a year-on-year increase of 19.12%, but a net profit attributable to shareholders of 303 million yuan, a decrease of 20.14% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 1.999 billion yuan, up 14.71% year-on-year, with a net profit of 54 million yuan, an increase of 34.71% [1] - For Q1 2025, the company reported a revenue of 1.905 billion yuan, a year-on-year increase of 28.46%, and a net profit of 95 million yuan, up 39.99% [2] - The company's performance in 2024 was temporarily under pressure due to significant stock incentive expenses and rising shipping costs, but profitability is expected to recover in 2025 as these costs stabilize [2] Business Segments - Traditional business segments showed steady growth, while emerging businesses are rapidly expanding. In 2024, revenue from various segments included: - TPMS: 2.146 billion yuan, up 12.3% - Automotive metal pipes: 1.448 billion yuan, up 1.89% - Intelligent suspension: 999 million yuan, up 41.8% - Valves: 780 million yuan, down 0.55% - Automotive sensors: 665 million yuan, up 25.37% [2] - The company’s traditional business is expected to provide stable cash flow, while new businesses are anticipated to contribute significantly to revenue growth [2] Strategic Initiatives - The company signed a strategic cooperation agreement with Thyssenkrupp Bilstein in April 2025, aiming to target the global automotive intelligent suspension market, particularly in China and Europe [3] - This partnership is expected to enhance the competitiveness of both companies' products in the global market for dampers and air springs [3] Investment Outlook - The company is projected to achieve revenues of 9.024 billion yuan, 11.105 billion yuan, and 13.286 billion yuan from 2025 to 2027, with net profits of 534 million yuan, 683 million yuan, and 810 million yuan, reflecting year-on-year growth rates of 76.4%, 27.9%, and 18.6% respectively [3]