Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.591 billion yuan for 2024, a year-on-year decrease of 47%, with a net profit attributable to the parent company of -558 million yuan, consistent with preliminary performance reports [2][4]. - In Q4 2024, the company achieved a revenue of 539 million yuan, down 42% year-on-year and 5% quarter-on-quarter, with a net profit of -310 million yuan [2][4]. - For Q1 2025, the company reported a revenue of 316 million yuan, a 64% year-on-year decline and a 41% quarter-on-quarter decline, with a net profit of -57 million yuan [2][4]. - The company is focusing on the automotive business, with positive developments in new products such as PDCLC dimming film, which has been integrated into the Zhiji L6 model, marking a significant technological advancement [10]. - The company is also expanding its overseas market presence, particularly in collaboration with American and Turkish companies, while maintaining a prudent operational strategy in its photovoltaic film business [10]. Financial Summary - The total revenue for 2024 was 2.591 billion yuan, with an operating cost of 2.603 billion yuan, resulting in a gross profit of -11 million yuan [17]. - The company expects to achieve a net operating cash flow of 360 million yuan in 2024, with projections for 2025 indicating a slight increase [17]. - The asset-liability ratio is projected to improve, indicating a reduction in financial risk, with a forecasted asset-liability ratio of 50.2% for 2024 [17].

| 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.5600 | 0.9500 | -41.05 | 1.5400 | | 每股净资产（元） | 8.6 | 8.31 | 3.49 | 9.68 | | 每股公积金(元) | 3.68 | 3.69 | -0.27 | 3.96 | | 每股未分配利润(元) | 3.97 | 3.58 | 10.89 | 4.60 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 134.48 | 153.4 | -12.33 | 154.64 | | 净利润(亿元) | 11.91 | 19.12 | -37.71 | 31.04 | | 净资产收益率(%) | 6.57 | 13.27 | -50.49 | 26.00 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 139221.2万股，累计占流通股比： 65.17%，较上期变化 ...