Investment Rating - The investment rating for the company is "Buy" and is maintained [5][7]. Core Views - The company reported a total revenue of 3.53 billion yuan for 2024, representing a year-on-year increase of 0.38%, while the net profit attributable to shareholders was 480 million yuan, a decrease of 2.42% year-on-year [3][4]. - For Q1 2025, the company disclosed a revenue of 542 million yuan, a year-on-year decline of 22.61%, and a net profit of 60.04 million yuan, down 27.19% year-on-year [3][4]. - The overall business performance in 2024 was relatively stable, with growth in emerging sectors like shipping and new energy, while traditional markets such as ceramics and cement showed no improvement due to cyclical constraints from real estate [4]. - The company plans to enhance its management and production processes by implementing advanced management concepts like Kaizen and WCM, aiming to improve product quality and market share [4][5]. Financial Summary - The revenue forecast for 2025 and 2026 is 5.4 billion yuan and 6 billion yuan, respectively, with corresponding price-to-earnings ratios (PE) of 11 and 10 times [5]. - The company reported a revenue of 3.53 billion yuan in 2024, with a gross profit of 1.08 billion yuan, resulting in a gross margin of 31% [13]. - The company’s cash dividend plan for 2024 is expected to be 410 million yuan, accounting for 85.5% of the net profit attributable to shareholders, indicating a strong commitment to shareholder returns [4].