Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is a leader in wind power aerial work equipment, holding the top market share in the wind power segment. The continuous release of domestic wind power projects is expected to drive growth in the supply chain, significantly benefiting the company. Additionally, with controllable expenses and the expansion into non-wind power businesses, the company's profitability is anticipated to continue improving [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.299 billion yuan, representing an 18% year-on-year increase. The net profit attributable to shareholders was 315 million yuan, up 52% year-on-year. In Q4 2024, revenue was 365 million yuan, down 10% year-on-year, and net profit was 77 million yuan, down 13% year-on-year. In Q1 2025, revenue reached 317 million yuan, a 32% increase year-on-year, with net profit at 99 million yuan, up 69% year-on-year [4]. Business Segments - Wind power sales accounted for 97% of the company's main business revenue in 2024, totaling 1.25 billion yuan. The company is actively expanding into international markets and focusing on steady growth in its core business. Non-wind power sales were 35 million yuan, making up 3% of main business revenue. The company is also innovating in non-wind sectors, including industrial and construction lifting equipment and safety protection products [9]. Cost Management - The company has shown significant cost control, with a decrease in sales, management, and R&D expenses in 2024. Total expenses for sales, management, and R&D were 127 million, 118 million, and 85 million yuan respectively, with a combined year-on-year growth of only 0.7%. The expense ratio dropped to 25.4%, a decrease of 4.2 percentage points year-on-year. The net profit margin in Q1 2025 reached 31.1%, an increase of approximately 7 percentage points year-on-year and 10 percentage points quarter-on-quarter [9]. International Expansion - The company is enhancing its international presence, having established wholly-owned subsidiaries in the USA, Germany, India, Japan, and Brazil. It has a dedicated overseas sales team and local teams in key regions to meet global customer needs. In 2024, overseas business revenue was 650 million yuan, a year-on-year increase of 19.1%, accounting for 50% of the company's main business revenue [9]. Future Outlook - The company is expected to achieve net profits of 400 million yuan and 480 million yuan in 2025 and 2026, respectively, corresponding to a price-to-earnings ratio of 14 and 11 times [9].