Core Viewpoint - The company reported a significant revenue increase of 50.22% year-on-year, reaching 331 million yuan, indicating a recovery in profitability driven by increased orders from key military clients and higher delivery of optical fiber devices [1] Financial Performance - Revenue for 2024 was 331 million yuan, up 50.22% year-on-year [1] - Net profit attributable to shareholders was 18 million yuan, reflecting a 15.28% year-on-year increase, although lower than revenue growth due to factors affecting gross margin and credit impairment [1] - Gross margin was 44.5%, down 7.8 percentage points year-on-year, impacted by a rise in accounts receivable and a 96.0% increase in credit impairment losses [1] - Operating expense ratio improved to 36.5%, down 14.6 percentage points year-on-year, with management expenses at 20.5%, showing significant improvement [1] Business Development - The company announced plans to acquire Shengyisheng, which will enhance its technological capabilities and expand its market presence in the optical communication sector [2] - The acquisition is expected to help the company build a complete technical system for optical devices and reduce reliance on a single market [2] - The company is actively developing third-generation optical fiber gyro photon chip business and expanding into non-military markets to create new growth points [2] Future Projections - Projected net profits for 2025, 2026, and 2027 are 73 million, 112 million, and 147 million yuan respectively, with corresponding EPS of 0.60, 0.92, and 1.20 yuan [2] - Current stock price corresponds to PE ratios of 48, 31, and 24 for the years 2025, 2026, and 2027 respectively [2]