Core Insights - The company expects to achieve a revenue of 8.05 billion yuan in 2024, representing a year-on-year increase of 5.8%, while the net profit attributable to shareholders is projected at 416 million yuan, a decrease of 1.7% year-on-year [1] - The company's performance is under pressure mainly due to the ramp-up of production capacity at subsidiaries Guangzhou Hongtu and Tianjin Hongtu, which have high cost rates and did not achieve profitability during the period [1] - In Q4 2024, the company reported a revenue of 2.5 billion yuan, with a year-on-year increase of 3.1% and a quarter-on-quarter increase of 25% [1] Financial Performance - The net profit attributable to shareholders for Q4 2024 is expected to be 150 million yuan, reflecting a year-on-year increase of 32.5% and a quarter-on-quarter increase of 62% [1] - The net profit margin for Q4 2024 is projected at 5.9%, indicating a rapid recovery in profitability [1] - The company’s net profit and revenue are expected to grow in 2024 if the impacts from Guangzhou and Tianjin projects are excluded [1] Market Outlook - For 2025, the company is expected to benefit from the growth in sales from self-owned brand customers, with a stable customer base and business volume [2] - The company has made significant breakthroughs in self-owned brands, with notable sales figures from Xiaopeng, Geely, and BYD in Q1 2025 [2] - The company is leading in integrated die-casting equipment, with products covering front and rear floor assemblies and battery housings [2] Product Development - The company has introduced multiple large-scale intelligent die-casting units, with tonnage ranging from 6,800 to 16,000 tons, including the world's largest 16,000-ton unit [2] - The company has developed a series of high-strength, heat-treated aluminum alloy materials, which are competitive in performance and cost compared to similar products domestically and internationally [2] Profit Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 416 million, 462 million, and 510 million yuan, respectively, with corresponding PE ratios of 18, 16, and 15 times [2] - The company is rated as a "buy" based on its recovery in profitability and market position [2]