Investment Rating - The report maintains a "Recommended" investment rating for the company [1][6][11] Core Views - The company achieved a revenue of 497 million yuan in 2024, representing a year-over-year growth of 2.93%, while the net profit attributable to shareholders decreased by 27.79% to 112 million yuan [3][6] - The company continues to push its high-end development strategy, optimizing its product structure with a balanced development across its four main product lines [6][7] - The company has increased its R&D investment, which reached 108 million yuan in 2024, a year-over-year increase of 26.01%, accounting for 21.81% of its revenue [6][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2024: Revenue of 497 million yuan, net profit of 112 million yuan - 2025: Projected revenue of 597 million yuan, net profit of 143 million yuan - 2026: Projected revenue of 716 million yuan, net profit of 180 million yuan - 2027: Projected revenue of 860 million yuan, net profit of 223 million yuan [5][8][9] - Profitability Ratios: - Gross margin for 2024 is 61.1%, with a net margin of 22.5% - Expected gross margin for 2025-2027 is around 63% [6][9] - Earnings Per Share (EPS): - 2024: 0.70 yuan - 2025: 0.90 yuan - 2026: 1.13 yuan - 2027: 1.40 yuan [5][9] Product Development and Market Strategy - The company launched 10 new high-end products in 2024, contributing to a solid foundation for future revenue growth [6][7] - The revenue distribution among high-end, mid-range, and low-end products is 24%, 54%, and 22% respectively, with high-end product revenue increasing by 13.40% year-over-year [6][7] - Direct sales revenue reached 76 million yuan in 2024, a year-over-year increase of 15.80%, with a direct sales gross margin of 67.76% [7]