Investment Rating - The report upgrades the investment rating to "Buy" from "Hold" [3][5] Core Views - The TPMS (Tire Pressure Monitoring System) and intelligent connected vehicle businesses are expected to experience explosive growth driven by policies and market demand. The mandatory installation of TPMS in passenger vehicles in China and the replacement cycle in the aftermarket are key factors [2] - The commercial vehicle sector shows significant growth potential, with new regulations requiring TPMS installation in trucks starting July 2024. The company's NLP (Networked Logistics Platform) products are entering a volume production phase, with a gross margin of around 70% [2] - Strategic partnerships, such as the collaboration with Zhejiang University to establish a joint research center, are expected to enhance the company's technological capabilities and expand growth opportunities in embodied intelligence [3] Financial Summary - Revenue projections for 2025-2027 are estimated at 1.262 billion, 1.451 billion, and 1.725 billion yuan, respectively, with corresponding net profits of 205 million, 256 million, and 323 million yuan [4] - The expected compound annual growth rate (CAGR) for revenue is approximately 16.48% from 2024 to 2025 and 18.89% from 2026 to 2027 [4] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 25.44, 20.40, and 16.17, respectively [3][4]