Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's revenue for 2024 was 821 million, a year-on-year increase of 3.55%, while the net profit attributable to shareholders was 88 million, a decrease of 13.55% [1] - In Q1 2025, the company achieved a revenue of 200 million, a year-on-year increase of 10.09%, but the net profit attributable to shareholders dropped significantly by 71.52% to 9 million [1][2] - The company is focusing on high-end product development and expanding its market presence in automotive electronics, with a dedicated automotive electronics division established [9][10] Summary by Sections Financial Performance - In 2024, the company's gross margin was 23.68%, down by 2.48 percentage points year-on-year, and in Q1 2025, it further declined to 17.87%, a decrease of 6.97 percentage points [3] - The operating expense ratio for 2024 was 12.92%, an increase of 1.14 percentage points year-on-year, with specific increases in sales and R&D expenses [3] Market Strategy - The company is implementing a customer demand-oriented strategy, enhancing its market penetration of new products such as active crystals and automotive-grade crystals [2][4] - The company has completed certification for mainstream chip solutions, including Qualcomm mobile platforms and WiFi6/7 high-frequency certifications [4] Research and Development - The company is increasing its R&D efforts, optimizing its high-end product layout, and has established a dedicated R&D laboratory for active modules [5][8] - The company has made significant advancements in high-frequency and small-size product mass production, achieving breakthroughs in processing capabilities [8] Future Projections - Revenue projections for 2025 and 2026 are 985 million and 1.14 billion, respectively, with expected year-on-year growth rates of 20.0% and 15.8% [10][12] - The net profit projections for 2025 and 2026 are 81 million and 113 million, with a year-on-year decrease of 8.0% for 2025, followed by a significant increase of 40.3% in 2026 [10][12]