Core Viewpoint - Tianrun Industrial (002283) is facing challenges in its air suspension business, which is underperforming in terms of revenue and profit compared to expectations, while the overall commercial vehicle market remains weak, impacting the company's main business segments [2][4][8]. Financial Performance - In 2024, the company reported operating revenue of 361.65 million yuan, a decrease of 9.73% year-on-year, and a net profit attributable to shareholders of 33.25 million yuan, down 14.92% from the previous year [4][13]. - The fourth quarter of 2024 saw a significant decline, with operating revenue of 85 million yuan, a year-on-year drop of 19.73%, and a net profit of 6.35 million yuan, down 20.54% [13]. Market Conditions - The commercial vehicle market in 2024 experienced a sales decline of 5%, with total sales of 3.36 million units, attributed to macroeconomic slowdown and excess capacity in the freight industry [8][9]. - The air suspension business is progressing slowly due to low market penetration and complex certification processes, which have hindered rapid scaling [2][9]. Strategic Initiatives - The company plans to mitigate market fluctuations by closely monitoring raw material prices, enhancing customer and product development, and diversifying its product offerings [3]. - A factory is being established in Thailand to leverage cost advantages and enhance competitiveness, with initial production lines already operational [5]. Future Growth Prospects - Expected growth areas for 2025 include passenger vehicle crankshaft business, large crankshaft and connecting rod business, and export activities [6]. - The company is exploring new business opportunities, including potential acquisitions, to enhance investor confidence and market position [12]. Industry Outlook - The commercial vehicle market is anticipated to face challenges from high raw material prices and the shift towards electric and intelligent vehicles, although there are opportunities for growth through vehicle replacement demand [9].