Investment Rating - The report maintains a "Buy" rating for the company with a target price of 99.12 RMB [8][9]. Core Insights - The company reported a revenue of 1.295 billion RMB for 2024, representing a year-on-year increase of 20.79%. However, the net profit attributable to the parent company was 261 million RMB, down 16.62% year-on-year, primarily due to a decline in investment income [2][5]. - In Q1 2025, the company achieved a revenue of 316 million RMB, up 27.08% year-on-year, with a net profit of 76 million RMB, reflecting a significant increase of 75.85% year-on-year, mainly driven by substantial growth in investment income from trading financial assets [2][5]. - The company is focusing on the development of new sensor technologies, particularly in tactile sensors and multi-physical quantity sensors, and has made significant progress in its six-dimensional force/moment sensors, with over 50 domestic clients receiving samples [4][5]. Financial Performance Summary - The company's gross margin for 2024 was 43.12%, a slight increase of 0.07 percentage points year-on-year, while the net margin was 23.57%, down 7.7 percentage points year-on-year. In Q1 2025, the gross margin was 43.95%, up 0.6 percentage points year-on-year, and the net margin was 27.78%, up 7.48 percentage points year-on-year [3]. - The company’s operating expenses ratio for 2024 was 23.3%, an increase of 0.64 percentage points year-on-year, mainly due to the consolidation of new subsidiaries [3]. Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company has been adjusted downwards for 2025-2027 to 332 million RMB, 370 million RMB, and 432 million RMB, respectively, reflecting a decrease of 4.9% and 2.47% from previous estimates [5]. - The comparable companies' PE ratio for 2025 is projected at 83x, while the company is given a PE of 84x, with a target price of 99.12 RMB, indicating a significant increase from the previous target of 52.08 RMB [5].