Investment Rating - The investment rating for Tianai Technology is "Buy" (maintained) [1] Core Views - The company's Q4 performance met expectations, with total revenue of 1.449 billion yuan, a year-on-year increase of 3.21%, and a net profit attributable to shareholders of 253.31 million yuan, a year-on-year decrease of 14.75% [8] - The price of traditional carbon tubes has bottomed out, and significant growth is expected from single-wall carbon tubes in 2025, with an estimated output of around 100,000 tons, representing a 20% year-on-year increase [8] - Demand for single-wall carbon tubes is expected to rise significantly, with a projected output of nearly 10,000 tons in 2025, contributing over 100 million yuan in profit [8] Financial Forecasts - Total revenue forecast for 2024 is 1.449 billion yuan, with a projected increase to 2.266 billion yuan in 2025 and 3.121 billion yuan in 2026 [1][9] - Net profit attributable to shareholders is forecasted at 253.31 million yuan for 2024, increasing to 481.53 million yuan in 2025 and 710.67 million yuan in 2026 [1][9] - The earnings per share (EPS) is expected to be 0.73 yuan in 2024, rising to 1.40 yuan in 2025 and 2.06 yuan in 2026 [1][9] Market Data - The closing price of Tianai Technology is 54.50 yuan, with a market capitalization of approximately 18.79 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 74.17 for 2024, decreasing to 39.02 in 2025 and 26.44 in 2026 [1][9]