Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing short-term pressure on performance, but new customers and projects are emerging across multiple areas, indicating potential for recovery [4][6] - In 2024, the company achieved a revenue of 5.541 billion yuan, a year-on-year increase of 18.46%, but reported a net loss attributable to shareholders of 550 million yuan, which is a larger loss compared to the previous year [4][5] - The first quarter of 2025 showed a revenue of 1.328 billion yuan, a significant year-on-year growth of 49.34%, with a reduced net loss of 120 million yuan [4] - The company has adjusted its earnings forecasts for 2025-2026 and introduced a forecast for 2027, expecting net profits of -60 million yuan, 190 million yuan, and 329 million yuan respectively for those years [4][7] Financial Performance Summary - In 2024, the company's gross margin was 21.51%, down 4.09 percentage points year-on-year, primarily due to intensified industry competition and changes in revenue structure [5] - The company’s R&D expenses reached 1.239 billion yuan in 2024, reflecting a 15.78% increase as it continues strategic investments in R&D [5] - The electronic products business is the main growth driver, with revenues of 4.406 billion yuan in 2024, up 28.89% year-on-year [6] - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are -0.50 yuan, 1.58 yuan, and 2.74 yuan respectively, with corresponding price-to-earnings (P/E) ratios of -154.8, 49.0, and 28.3 [4][7] Business Development - The company is expanding its customer base and project portfolio, with notable developments in the electronic products and advanced driving solutions sectors [6] - Recent product launches include commercial vehicle domain control products in Europe and mass production of central computing platforms for popular vehicle models [6] - The company has successfully expanded its client base for R&D services to include major automotive brands such as Hongqi, BYD, and NIO [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing short-term pressure on performance, but new customers and projects are emerging across multiple areas, indicating potential for recovery [4][6] - The company reported a revenue of 5.541 billion yuan in 2024, a year-on-year increase of 18.46%, but a net loss of 550 million yuan, which is a larger loss compared to the previous year [4][5] - For Q1 2025, the company achieved a revenue of 1.328 billion yuan, a year-on-year growth of 49.34%, with a net loss of 120 million yuan, showing a narrowing of losses compared to the previous year [4] - The company has adjusted its earnings forecasts for 2025-2026 and introduced a forecast for 2027, expecting net profits of -60 million yuan, 190 million yuan, and 329 million yuan respectively for those years [4][7] Financial Performance Summary - In 2024, the company's main business gross margin was 21.51%, down 4.09 percentage points year-on-year, primarily due to intensified industry competition and changes in revenue structure [5] - The company’s R&D expenses reached 1.239 billion yuan in 2024, an increase of 15.78% year-on-year, reflecting ongoing strategic investments in R&D [5] - The electronic products business is the main growth driver, with revenues of 4.406 billion yuan in 2024, a year-on-year increase of 28.89% [6] - The company has launched new products in Europe and expanded its customer base for R&D services, indicating a broadening of its market presence [6] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 7.087 billion yuan, 8.688 billion yuan, and 10.311 billion yuan respectively, with year-on-year growth rates of 27.9%, 22.6%, and 18.7% [7][9] - The projected EPS for 2025, 2026, and 2027 are -0.50 yuan, 1.58 yuan, and 2.74 yuan respectively, with corresponding P/E ratios of -154.8, 49.0, and 28.3 [7][9]