Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on fundamental improvements and potential for new product growth [5]. Core Insights - The company is expected to see a marginal improvement in its fundamentals, with new product development likely to reshape its growth trajectory. The projected net profits for 2025-2027 are estimated at 247 million, 296 million, and 343 million yuan, respectively, reflecting a year-on-year change of -15%, +20%, and +16% [5]. - The current price-to-earnings (P/E) ratios for the upcoming years are projected to be 22, 18, and 16 times [5]. Financial Performance Summary - The company reported a revenue of 2.065 billion yuan in 2023, with a year-on-year growth rate of 41.26%. The revenue is expected to grow to 2.412 billion yuan in 2024 and 2.504 billion yuan in 2025, with growth rates of 16.79% and 3.81%, respectively [6]. - The net profit for 2023 was 210 million yuan, with a significant year-on-year increase of 68.12%. However, a decline of 15.10% is expected in 2025, with profits projected at 247 million yuan [6]. - The company achieved a gross margin of 29.25% in the first three quarters of 2025, which is a decrease of 1.03 percentage points compared to the previous year [7]. - The company’s total market capitalization is approximately 5.43 billion yuan, with a circulating market value of about 3.62 billion yuan [3].