Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 48.615 billion yuan for 2024, a slight decrease of 0.35% year-on-year. The net profit attributable to shareholders was 4.076 billion yuan, reflecting a year-on-year increase of 0.63%. The non-recurring net profit reached 3.162 billion yuan, up 14.76% year-on-year. In Q4 2024, revenue was 14.565 billion yuan, showing a year-on-year growth of 9.89% and a quarter-on-quarter increase of 17.56%. The net profit attributable to shareholders for Q4 was 0.887 billion yuan, up 41.73% year-on-year but down 15.64% quarter-on-quarter [2][4]. Financial Performance - The company achieved a sales volume of 30.29 GWh for power batteries, a year-on-year increase of 7.87%. The energy storage shipments reached 50.45 GWh, marking a significant year-on-year growth of 91.90%, which is notably higher than the industry growth rate. The revenue from consumer batteries was 10.32 billion yuan, up 23.44% year-on-year, with a gross margin of 27.6%, an increase of 4 percentage points year-on-year [10]. Future Outlook - The company is expected to see continued growth in power battery shipments, driven by the increase in commercial vehicles and the ramp-up of Xiaopeng Motors. The gross profit per watt-hour for power batteries is anticipated to improve due to enhanced utilization rates. The energy storage shipments are expected to remain stable, with unit profitability projected to hold steady. The company aims to mitigate the impact of U.S. tariffs through its energy storage base in Malaysia, and the shipment of large cylindrical batteries is expected to further enhance unit profitability [10]. Financial Projections - For 2025 and 2026, the projected net profits are 5.07 billion yuan and 7.11 billion yuan, respectively, corresponding to price-to-earnings ratios of 17 and 12 times [10].