Core Viewpoint - The company anticipates a significant decline in revenue and net profit for 2025, primarily due to increased capacity investment and ongoing industry competition [1][2]. Group 1: Financial Forecast - The company expects to achieve revenue of approximately 37 to 37.5 billion yuan in 2025, representing a year-on-year decrease of about 16% to 18% [2]. - The projected net profit attributable to shareholders is estimated to be between -2.95 billion and -2.55 billion yuan, reflecting a year-on-year reduction of approximately 163.46% to 173.41% [2]. Group 2: Business Transformation and Growth Potential - The company is undergoing a transition to a Fab-Lite model, which is currently putting pressure on short-term performance [2]. - In the field of optical communication and satellite communication, the company is actively preparing for future growth, with advancements in SOI technology and the introduction of high-performance, low-power communication signal amplifiers based on germanium-silicon technology [2]. - The company has become a key supplier for smart terminal access to commercial space networks and has products that meet NTN standards in the early stages of shipment [2]. Group 3: Investment Recommendations - Revenue projections for 2025, 2026, and 2027 are estimated at 37.2 billion, 42.0 billion, and 50.0 billion yuan, respectively, with net profits of -2.7 billion, 2.5 billion, and 5.0 billion yuan [3]. - The investment rating is maintained at "Buy" [3].