Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to the parent company of 352 million yuan, up 76.59% year-on-year [1][2]. - The gross margin and net margin for 2024 were 47.21% and 11.21%, respectively, showing improvements of 4.93 percentage points and 4.07 percentage points year-on-year [2]. - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3]. Financial Performance - In Q4 2024, the company reported a revenue of 1.047 billion yuan, a year-on-year increase of 13.11%, and a net profit of 163 million yuan, up 145.18% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 618 million yuan, a year-on-year increase of 5.16%, while the net profit was 5 million yuan, up 302.86% year-on-year [2]. - The company’s revenue from various segments in 2024 was as follows: Measurement (750 million yuan, +3.8%), Reliability (780 million yuan, +17.5%), Life Sciences (500 million yuan, +2.7%), Electromagnetic Compatibility (360 million yuan, +10.2%), Integrated Circuits (260 million yuan, +26.3%), and EHS Evaluation (180 million yuan, +2.6%) [3]. Market Management - The company actively engaged in market value management, distributing a total of 224 million yuan in dividends and repurchasing shares worth 390 million yuan, totaling 614 million yuan, which is 174% of the net profit attributable to the parent company for the year [4]. - The projected net profits for 2025, 2026, and 2027 are 420 million yuan, 510 million yuan, and 600 million yuan, respectively, reflecting year-on-year growth rates of 20%, 20%, and 18% [4].