Core Viewpoint - The company reported a strong performance for 2024, with revenue reaching 9.026 billion yuan, a year-on-year increase of 41.25%, and a net profit attributable to shareholders of 632 million yuan, up 83.03% [1] Financial Performance - In Q4 2024, the company achieved revenue of 3.044 billion yuan, reflecting a year-on-year growth of 1.56% and a quarter-on-quarter increase of 16.81%, with a net profit of 204 million yuan, up 8.84% year-on-year and 4.23% quarter-on-quarter [1] - The company set aside a total of 194 million yuan for various impairment provisions as a precautionary measure [1] - The proposed dividend distribution for 2024 is 10 yuan per share (including tax), with a total cash payout of 217 million yuan, representing 34.40% of net profit [1] Product Performance - The shipment volume of tracking brackets increased significantly, reaching 17.41 GW in 2024, a year-on-year increase of 127.93%, accounting for 87.60% of the bracket business revenue, which is an increase of 24.03 percentage points year-on-year [1] - Fixed bracket shipments totaled 5.80 GW, showing a year-on-year decline of 38.26% [1] - The revenue from tracking brackets reached 7.632 billion yuan, a year-on-year increase of 112.10%, with a gross margin of 19.67%, up 0.15 percentage points year-on-year [2] Market Expansion and Innovation - The company is rapidly expanding into emerging markets, utilizing AI algorithms to enhance power generation efficiency [2] - A notable project in Azerbaijan features the company's Tianji 11 tracking system combined with a second-generation intelligent AI algorithm, achieving over 7% power generation gain while maintaining stability in high wind conditions [2] - The newly launched flexible tracking brackets incorporate innovative wireless multi-point parallel drive technology, suitable for various complex scenarios such as agricultural, fishery, and wastewater treatment applications [2] Future Outlook - The company is expected to achieve net profits of 932 million yuan, 1.148 billion yuan, and 1.414 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 47.5%, 23.3%, and 23.1% respectively, with corresponding EPS of 4.26, 5.26, and 6.47 yuan [2]