Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [6]. Core Views - The company anticipates a substantial increase in net profit for Q1 2025, projecting a range of RMB 28.22 billion to RMB 32.26 billion, representing a year-on-year growth of 180% to 220% [2][3]. - The demand for high-speed trains is recovering, with expectations for continued revenue growth in the company's train business due to increased bidding and delivery volumes [4][5]. - The maintenance and repair segment of the railway equipment is expected to see a rise in revenue, with a projected growth of 25.2% in 2024 [5]. Summary by Sections Event - On April 7, the company announced an expected net profit for Q1 2025 of RMB 28.22 billion to RMB 32.26 billion, marking a significant increase from the previous year [2]. Operational Analysis - The increase in product delivery volumes and the substantial rise in train bids from the national railway group are key drivers for the company's revenue growth in the train segment [3]. - The national railway's target for passenger volume and infrastructure investment in 2025 indicates a positive outlook for railway equipment demand [4]. Profit Forecast, Valuation, and Rating - Revenue projections for the company are RMB 266.7 billion, RMB 287.1 billion, and RMB 308.4 billion for 2025, 2026, and 2027 respectively, with net profits expected to be RMB 13.48 billion, RMB 14.67 billion, and RMB 15.94 billion [6].