Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company's 2024 annual revenue reached 13.26 billion yuan, a year-on-year increase of 25.5%, with a net profit attributable to shareholders of 977 million yuan, up 21.2% year-on-year. For Q1 2025, revenue was 3.52 billion yuan, a 15.5% increase year-on-year, and net profit was 213 million yuan, up 4.4% year-on-year. The company is accelerating its overseas expansion in interior components, while exterior and seating segments are opening a second growth curve [2][4][9]. - The projected net profits for 2025, 2026, and 2027 are 1.408 billion yuan, 1.809 billion yuan, and 2.255 billion yuan, respectively, with corresponding P/E ratios of 14.67X, 11.42X, and 9.16X [2][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 13.26 billion yuan, with a gross profit margin of 19.6%. The fourth quarter of 2024 saw revenue of 3.659 billion yuan, with a net profit of 291 million yuan, reflecting a 19.0% increase year-on-year [9]. - For Q1 2025, the company reported a revenue of 3.52 billion yuan, with a gross margin of 19.5% and a net profit margin of 6.0% [9]. Business Expansion - The company is focusing on expanding its overseas business, particularly in the seating and exterior components sectors. It has planned production capacities in Mexico and Slovakia for seating components and has acquired Anhui Ruiqi Automotive Company to enhance its seating business [9]. Client Performance - The company's top five clients generated sales of 9.889 billion yuan in 2024, a 38.16% increase year-on-year. Key clients include Chery and Geely, with significant year-on-year growth in vehicle sales [9].