Core Viewpoint - The company is focusing on solidifying its LED lighting driver chip business while actively expanding into AC/DC power chips and motor control driver chips, aiming for high-quality development through strategic acquisitions and product diversification [2][3][4]. Group 1: Business Performance - In 2024, the company achieved a sales revenue of 1.504 billion yuan, representing a year-on-year growth of 15.38% [2]. - The net profit attributable to the parent company was -33 million yuan, with a non-recurring net profit of -9 million yuan; excluding share-based payment impacts, the net profit was 9 million yuan, and the non-recurring net profit was 4 million yuan [2]. - The company’s motor control driver chip sales reached 318 million yuan, a year-on-year increase of 95.67% [3]. Group 2: Product Development - The company is expanding its product lines, including AC/DC power chips and motor control driver chips, while pushing high-performance computing power chips into mass production [2]. - The high-performance computing product line achieved a sales revenue of 43 million yuan in 2024, a staggering year-on-year increase of 1,402.25% [4]. - The company has received certifications from several international and domestic CPU/GPU chip manufacturers, becoming the first domestic power chip company to enter NVIDIA's recommended supplier list [4]. Group 3: Strategic Acquisitions - The company plans to acquire 100% equity of Yichong Technology through a combination of issuing shares, convertible bonds, and cash payments, which will enhance product complementarity and market competitiveness [2]. - As of the end of 2024, the company increased its stake in Lingou Chuangxin to 80.8068% through a cash acquisition of 19.1930% [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Viewpoints - The company is actively expanding its product lines, including AC/DC power chips and motor control driver chips, while solidifying its core business in LED lighting driver chips. This strategic expansion is expected to enhance market competitiveness and drive revenue growth [1]. - In 2024, the company achieved a sales revenue of 1.504 billion yuan, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, with a non-recurring net profit of -9 million yuan [1]. - The acquisition of 100% equity in Yichong Technology is planned to enhance product offerings and market reach, which is anticipated to contribute to high-quality development [1]. - The motor control driver chip segment saw significant growth, with sales revenue reaching 318 million yuan in 2024, up 95.67% year-on-year [2]. - The high-performance computing power chip line achieved a remarkable sales revenue of 43 million yuan in 2024, marking a year-on-year increase of 1,402.25% [3]. - The company has adjusted its profit forecast for 2025 to 117 million yuan, down 54%, while projecting profits of 205 million yuan and 309 million yuan for 2026 and 2027, respectively [4]. Summary by Sections Business Overview - The company is focusing on internal and external growth strategies, particularly in new product lines, which are expected to open up new growth opportunities [1]. Financial Performance - The company reported a sales revenue of 1.504 billion yuan in 2024, with a 15.38% increase compared to the previous year. The net profit attributable to the parent company was -33 million yuan [1]. - The motor control driver chip segment generated 318 million yuan in sales, reflecting a 95.67% increase year-on-year [2]. - The high-performance computing power chip segment achieved sales of 43 million yuan, a significant increase of 1,402.25% year-on-year [3]. Profit Forecast and Valuation - The profit forecast for 2025 has been revised down to 117 million yuan, with projections of 205 million yuan and 309 million yuan for 2026 and 2027, respectively. The corresponding P/E ratios for 2025, 2026, and 2027 are expected to be 80, 45, and 30 [4].