Core Viewpoint - The company, Aotwei, reported significant revenue growth in 2024 but faced challenges in new orders and backlog, indicating potential market pressures ahead [1][5]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 9.198 billion yuan, representing a year-on-year increase of 45.94% [1][3]. - The net profit attributable to shareholders was 1.273 billion yuan, with a modest growth of 1.36% [1][3]. - The operating cash flow for the year was 788 million yuan, and total assets reached 14.029 billion yuan [1][3]. - For Q1 2025, the company reported a revenue of 1.534 billion yuan and a net profit of 141 million yuan [1][6]. Group 2: Order and Backlog Situation - The new orders signed in 2024 amounted to 10.149 billion yuan, showing a decline of 22.49% year-on-year [1][5]. - As of December 31, 2024, the backlog of orders was 11.831 billion yuan, down 10.40% compared to the previous year [1][5]. - By March 31, 2025, the backlog of orders decreased to 11.271 billion yuan [1][6]. Group 3: Cost and Expense Analysis - In 2024, sales expenses were 143.9018 million yuan, increasing by 9.61% year-on-year [4]. - Management expenses rose to 331.2247 million yuan, reflecting a growth of 29.11% [4]. - R&D expenses reached 430.3609 million yuan, with a growth rate of 31.49% [4]. - The growth rates of sales, management, and R&D expenses were lower than the revenue growth rate [4]. Group 4: Future Outlook and Strategic Initiatives - The company highlighted its technological advantages in aluminum wire bonding machines and anticipates an improvement in gross margins for 2025 [2][8]. - Aotwei is developing next-generation equipment in the photovoltaic, lithium battery, and semiconductor sectors [2][9]. - The establishment of a manufacturing base in Malaysia aims to mitigate the impact of U.S. tariffs and enhance export capabilities [2][9]. - The company does not plan to develop integrated production lines but will focus on core equipment in the industry chain [2][10]. - The company expects opportunities in the overseas market in 2025, despite challenges from tariffs [2][9].