Core Insights - The company reported a revenue of 2.014 billion yuan for 2024, representing a year-on-year increase of 25.20%, and a net profit of 528 million yuan, up 14.40% year-on-year. For Q1 2025, the revenue was 561 million yuan, a 24.55% increase year-on-year, with a net profit of 163 million yuan, up 20.76% year-on-year, meeting expectations [1] Operational Analysis - The company achieved a gross margin of 47.9% in Q1 2025, an increase of 4.4 percentage points quarter-on-quarter, and a net margin of 29.1%, up 4.0 percentage points quarter-on-quarter. The strong competitiveness of the company's photovoltaic laser equipment and processes is a core reason for its stable profitability, significantly outperforming the industry average [2] - As of the end of 2024, the company's contract liabilities were approximately 1.76 billion yuan, a 3% increase from the end of Q3. By the end of Q1 2025, contract liabilities were about 1.75 billion yuan, remaining stable compared to the end of 2024, indicating the company's ability to maintain stable and sustainable operations amid a stagnating industry expansion pace [2] Technological Advancements - The company is increasing its R&D investment, with 280 million yuan allocated in 2024, a 12.7% year-on-year increase. New laser technologies are being developed across various processes, including TOPCon, IBC, HJT, and perovskite [3] - In the TOPCon line, the company has developed laser selective thinning TCP equipment, which reduces the difficulty of the poly thinning process and enhances battery mass production stability. This has already seen small-scale applications [3] - In the BC line, the company maintains a leading technological advantage in laser micro-etching equipment and has developed 0BB component laser welding technology, simplifying production processes and improving welding quality, with prototype deliveries completed [3] - The company is also expanding into consumer electronics, new displays, and integrated circuits, having shipped through-glass vias equipment for panel-level glass substrates, achieving comprehensive coverage of wafer-level and panel-level TGV packaging laser technology [3] Profit Forecast and Valuation - Based on the company's current orders and recent business developments, the profit forecasts for 2025 and 2026 have been revised down to 623 million yuan (a 17% decrease) and 636 million yuan (a 23% decrease), respectively. An additional profit forecast for 2027 is set at 639 million yuan, with corresponding EPS of 2.28, 2.33, and 2.34 yuan. The current stock price corresponds to PE ratios of 25, 24, and 24 times [4]