Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with a focus on enhancing shareholder returns through increased cash dividends [1][8]. Financial Performance - In 2024, the company achieved a revenue of 16.8 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 4.3 billion yuan, up 10% year-on-year [1]. - The company plans to distribute a cash dividend of 24 yuan for every 10 shares, raising the cash dividend ratio to 73% [1]. Business Segments Electrical Connection - The electrical connection segment generated revenue of 7.68 billion yuan in 2024, reflecting a 4% year-on-year growth [2]. - The segment is expected to maintain stable performance in Q1 2025, driven by product upgrades and expansion into new markets [2]. Smart Electrical and Lighting - The smart electrical and lighting segment reported revenue of 8.33 billion yuan in 2024, a 5% increase year-on-year [3]. - The segment faced challenges in H2 2024 due to real estate pressures and weak consumer demand, but is expected to achieve stable growth through product advantages and channel development [3]. New Energy - The new energy segment saw significant growth, with revenue reaching 780 million yuan in 2024, a remarkable 105% increase year-on-year [4]. - The company is expanding its product line and enhancing its self-research capabilities, indicating strong growth potential in this segment [4]. Profitability Metrics - The overall gross margin for 2024 was 43.25%, with variations across segments: electrical connection at 40.97%, smart electrical and lighting at 46.18%, and new energy at 34.81% [5]. - The net profit margin for 2024 was 25.38%, showing a year-on-year increase of 0.72 percentage points [5]. Cash Flow - The operating cash flow for 2024 was 3.73 billion yuan, a decrease of 23% year-on-year, influenced by an increase in online sales [6]. - In Q1 2025, the operating cash flow was 1.41 billion yuan, down 7% year-on-year [6]. Growth Outlook - The company is positioned as a leader in the consumer electrical market, with strong growth potential in smart electrical lighting and new energy sectors [8]. - Revenue projections for 2025-2027 are 18.1 billion, 19.9 billion, and 21.9 billion yuan, with corresponding net profits of 4.57 billion, 5.28 billion, and 5.90 billion yuan [8].