Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its semiconductor vacuum pump business and overall growth potential [4][6]. Core Views - The company experienced a slight decline in revenue for 2024, with total revenue of 3.674 billion yuan, down 4.6% year-on-year, while net profit remained stable at 863 million yuan, a decrease of only 0.3% [2][3]. - The company's international expansion is progressing steadily, with overseas revenue increasing by 8.3% due to the commencement of operations at its factory in Vietnam [3]. - The semiconductor vacuum pump business is expected to grow, driven by ongoing collaboration with semiconductor equipment manufacturers and the acceleration of domestic substitution [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 36.74 billion yuan, with a net profit of 8.63 billion yuan and a non-recurring net profit of 8.21 billion yuan [2]. - The fourth quarter of 2024 saw a revenue of 8.18 billion yuan, down 13.6% year-on-year, and a net profit of 1.41 billion yuan, down 23.7% year-on-year [2]. Product Line Performance - The compressor business showed stable growth with revenue of 20.30 billion yuan, up 4.3%, while the vacuum product revenue decreased by 18.0% to 13.46 billion yuan [3]. - The gross margin for the vacuum products was 45.8%, reflecting a slight decline of 0.9 percentage points [3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 9.3 billion yuan (down 22%) and 10.3 billion yuan (down 25%) respectively, while introducing a new forecast for 2027 at 11.4 billion yuan [4]. - The report emphasizes the growth potential of the semiconductor vacuum pump business, supported by the ongoing domestic substitution of key components [4].