Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported outstanding performance in 2024, achieving a revenue of 345.28 million yuan, a year-on-year increase of 62.49%, and a net profit attributable to shareholders of 76.61 million yuan, up 21.03% year-on-year [1][8] - The growth in performance is attributed to increased demand for phased array radar across various sectors, successful expansion in meteorological and hydrological applications, and enhanced operational efficiency through continuous optimization in R&D, production, and sales [8] - The company has made significant advancements in product development and technology, launching several new products in the X-band dual-polarization active phased array radar field, which has strengthened its market competitiveness [8] - The company plans to increase R&D investment, focusing on developing better radar products and software for various applications, while also exploring related fields such as millimeter-wave radar and radar data services [8] Financial Summary - The company’s total revenue for 2024 is projected to be 345.28 million yuan, with a net profit of 76.61 million yuan, and an EPS of 0.35 yuan per share [1][9] - The forecast for net profit attributable to shareholders for 2025 and 2026 is 212.47 million yuan and 355 million yuan, respectively, with corresponding P/E ratios of 68.54 and 41.02 [1][9] - The company’s gross margin is expected to be 63.89% in 2024, increasing to 76.02% by 2027, indicating improving profitability [9]