Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 37.041 billion yuan for 2024, representing a year-on-year growth of 21.77%. However, the net profit attributable to shareholders decreased by 9.62% to 4.285 billion yuan, while the net profit excluding non-recurring items was 4.036 billion yuan, down 0.87% [2][6] - In Q1 2025, the company achieved a revenue of 8.978 billion yuan, marking a year-on-year increase of 38.28%. The net profit attributable to shareholders surged by 63.08% to 1.323 billion yuan, and the net profit excluding non-recurring items rose by 55.87% to 1.234 billion yuan [2][6] - The company continues to see high growth in the new energy vehicle sector, with revenue growth of 68% in 2024 and 66% in Q1 2025. The general automation business is showing signs of recovery, with a growth of 1% in 2024 and 28% in Q1 2025 [2][12] - The company is focusing on strategic initiatives, including humanoid robots and AI, which are expected to create new growth drivers. The company has developed low-voltage high-power drivers and other components for humanoid robots, with promising performance in internal tests [12][12] Summary by Sections Financial Performance - For 2024, total revenue was 37.041 billion yuan, with a gross profit margin of 29%. The net profit margin was 11.6% [16] - In Q1 2025, the company reported a net profit margin of 14.96%, an increase of 2.3 percentage points year-on-year [12][12] Business Segments - The new energy vehicle and rail transit businesses showed significant growth, with respective year-on-year increases of 68% and 66% in 2024 and Q1 2025. The general automation business also showed recovery with a 28% growth in Q1 2025 [12][12] - The company’s market share in key product categories such as servo systems and low-voltage frequency converters has improved, ranking first in several categories [12][12] Strategic Initiatives - The company is advancing its strategic initiatives in internationalization, digitalization, and energy management, while also investing in humanoid robots and AI technologies [12][12] - The company plans to launch components for humanoid robots in the market in 2025, leveraging its understanding of industrial scenarios to develop intelligent solutions [12][12]