Core Viewpoint - The company is preparing for its 2024 annual shareholders' meeting, focusing on maintaining shareholder rights and ensuring efficient proceedings through a combination of on-site and online voting methods [2][3]. Group 1: Meeting Procedures - The shareholders' meeting will be held on May 16, 2025, at 14:00 in Guangzhou, with both on-site and online voting options available [1][2]. - The agenda includes the announcement of the meeting rules, the election of representatives for vote counting, and the reading and voting on various proposals [1][3]. Group 2: Proposals for Voting - Key proposals for the meeting include the 2024 annual work reports from the board and supervisory committee, the annual financial report, and the profit distribution plan for 2024 [3][4]. - Additional proposals involve the application for comprehensive credit limits for 2025, guarantees for subsidiaries, and adjustments to the company's registered capital and articles of association [3][4][5]. Group 3: Company Performance Overview - In 2024, the company experienced a 7.78% decline in overall operating performance, with a net profit attributable to shareholders of approximately 248.49 million yuan, a decrease of 24.07% compared to the previous year [5][6]. - The company has focused on brand refinement, channel expansion, and product innovation to stabilize its performance amid industry challenges [5][6][7]. Group 4: Strategic Focus for 2025 - The company aims to enhance project management, solidify its brand leadership, and improve channel management efficiency while exploring new channels [18][19]. - Emphasis will be placed on product innovation and operational efficiency improvements to adapt to external challenges and achieve growth targets [18][19].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 15.57 billion yuan in 2024, a year-on-year decrease of 7.78%, and a net profit attributable to shareholders of 248 million yuan, down 24.07% year-on-year [2] - The company is facing operational pressure due to weak overall industry demand and intensified competition, but performance is expected to gradually improve with national subsidies and increased industry concentration favoring leading companies [2][5] - The company has maintained a leading position in product innovation with over 1,600 patents, and the recent increase in consumer subsidies is anticipated to boost downstream demand [5] Summary by Sections Financial Performance - In 2024, the company's overall revenue declined, with smart home products accounting for 85.24% of total revenue despite a 7.39% year-on-year decrease [3] - The gross margin for 2024 decreased by 3.37 percentage points to 47.98%, primarily due to intensified competition and accounting adjustments [4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares (tax included) [2] Market Position and Strategy - The company is enhancing its online sales channels and optimizing offline channels to cope with market pressures, with a focus on new product iterations [3] - The company has launched several new products, including the GW-129 and GW-118 series, to strengthen its position in the smart drying sector [3] Future Outlook - Revenue forecasts for 2025-2027 are adjusted to 16.35 billion yuan, 18.22 billion yuan, and 20.65 billion yuan respectively, with corresponding EPS estimates of 0.68 yuan, 0.76 yuan, and 0.90 yuan [7] - The company is expected to benefit from the rapid development of the smart home sector and its status as a leading player [7]