Core Viewpoint - The company reported lower-than-expected performance for 2024, while the Q1 2025 results met expectations, indicating a potential recovery trend in profitability [2][5]. Financial Performance Summary - For 2024, the company achieved a revenue of 7.03 billion yuan, a year-on-year increase of 19.1%, but the net profit attributable to shareholders decreased by 20.1% to 300 million yuan. The adjusted net profit was 250 million yuan, down 14.0% year-on-year. In Q1 2025, revenue was 1.90 billion yuan, with a quarter-on-quarter increase of 28.5% and a year-on-year increase of 76.5% in net profit [2][4]. Business Segment Analysis - The company's core business remains stable, with strong growth in new business segments. In 2024, revenue from the sensor and air suspension businesses reached 670 million yuan and 990 million yuan, respectively, with year-on-year growth rates of 25.4% and 41.8%. The growth in the sensor business is driven by product expansion and new customer acquisition, while the air suspension business benefits from the rapid production and sales of key models [3][4]. Margin and Expense Analysis - The overall gross margin for 2024 was 25.1%, a decrease of 2.4 percentage points year-on-year, primarily due to lower margins in new businesses. The gross margins for the sensor and air suspension businesses were 17.1% and 22.6%, respectively. The company maintained a stable expense ratio of 18.8% despite increased stock incentive costs, leading to a net profit margin of 4.3% for 2024 [4][7]. Q1 2025 Performance Recovery - In Q1 2025, the company saw a significant improvement in profitability metrics, with a gross margin of 23.3%, a year-on-year decrease of 6.0 percentage points but an increase of 1.1 percentage points quarter-on-quarter. The net profit margin improved to 5.0%, indicating a recovery in performance [5][7]. Revenue and Profit Forecast - The company has adjusted its revenue forecasts for 2025 and 2026 to 9.1 billion yuan and 11.1 billion yuan, respectively, down from previous estimates. The projected revenue for 2027 is 13.5 billion yuan, with expected growth rates of 30%, 22%, and 21% for the respective years. The net profit forecasts for 2025 and 2026 have also been lowered to 510 million yuan and 720 million yuan [8].