Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a 44% year-on-year increase in net profit attributable to shareholders in 2024, reaching 251 million yuan, with total revenue projected at 960 million yuan, a 34.94% increase [1] - The company continues to benefit from the rising demand in the semiconductor market, with a 19.1% increase in semiconductor sales expected in 2024 [3] - The company is enhancing its product offerings in high-end markets, leading to increased sales and certifications from overseas clients [4] Financial Performance Summary - Revenue and profit forecasts for 2024-2027 show significant growth, with revenue expected to reach 1.625 billion yuan by 2027, and net profit projected at 461 million yuan [5][11] - The company's earnings per share (EPS) is forecasted to grow from 1.35 yuan in 2024 to 2.48 yuan in 2027, reflecting a strong upward trend [5][11] - The return on equity (ROE) is expected to improve from 16.67% in 2024 to 19.42% in 2027, indicating enhanced profitability [13] Product Performance Summary - The company reported positive growth in production and sales across its main products in 2024, with specific increases of 8.9% and 8.6% for angular inorganic powders, and 40.0% and 42.3% for spherical inorganic powders [2] - The average selling prices for angular and spherical inorganic powders showed slight increases, while other products experienced a price decline of 12.11% [2] Market Trends and Opportunities - The advanced packaging market is projected to grow significantly, with a compound annual growth rate (CAGR) of 10.6% from 2022 to 2028, which is expected to benefit the company's product lines [3] - The high-end CCL market is anticipated to grow at a CAGR of 26% from 2024 to 2026, presenting further opportunities for the company [3]