Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price in the next six months [1][5]. Core Insights - The company has demonstrated resilience in its core automotive interior business, achieving a revenue of 2.098 billion yuan in 2024, a year-on-year increase of 16.35%, significantly exceeding its target [5]. - The first unlocking phase of the employee stock ownership plan has been completed, with 36 holders unlocking a total of 4.6706 million shares, accounting for 0.32% of the total share capital [5]. - The company is expected to see a recovery in profits in 2025, with a projected net profit of 2.17 billion yuan, reflecting a growth trajectory supported by product structure optimization and the potential of the filter business as a second growth driver [5]. Financial Performance Summary - **Revenue Forecast**: The company’s main revenue is projected to grow from 2.098 billion yuan in 2024 to 2.343 billion yuan in 2025, representing a 12% year-on-year increase [4][6]. - **Net Profit Forecast**: The net profit is expected to rise from 163 million yuan in 2024 to 217 million yuan in 2025, marking a 33% increase [4][6]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from 0.11 yuan in 2024 to 0.15 yuan in 2025 [4][6]. - **Gross Margin**: The gross margin is expected to stabilize at around 24% from 2025 onwards [4][6]. - **Return on Equity (ROE)**: ROE is projected to improve from 4% in 2024 to 6% in 2025 [4][6]. Business Segment Performance - **Automotive Interior Business**: This segment achieved a revenue of 1.926 billion yuan in 2024, with a year-on-year growth of 20.88%, driven by the recovery in the automotive industry and an increase in orders for new energy vehicle components [5]. - **New Energy Business**: The new energy segment faced challenges, with revenue declining by 17.99% to 172 million yuan in 2024 due to insufficient grid consumption capacity and falling market prices [5]. - **Filter Business**: The company’s filter business is expected to contribute positively as production ramps up, with plans to launch new products in 2025 [5].