Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company has shown improvement in operational quality, with significant growth in AI products and services, which is expected to drive future growth [7]. - The company reported a total revenue of 1.51 billion yuan in 2024, a year-on-year increase of 7.5%, while the net profit attributable to the parent company was 192 million yuan, a decrease of 15.2% [7]. - The first quarter of 2025 saw a revenue of 337 million yuan, down 16.7% year-on-year, and a net profit of 49.9 million yuan, down 12.1% year-on-year, attributed to the delivery rhythm of industrial electrical products and a high base from the previous year [7]. Financial Data and Profit Forecast - The company expects total revenue to reach 1.78 billion yuan in 2025, with a year-on-year growth of 17.7%, and net profit to be 256 million yuan, reflecting a growth of 33.4% [6][9]. - The gross margin is projected to improve, with an overall gross margin of 50.3% in 2025, up from 49.5% in 2024 [6]. - The return on equity (ROE) is expected to increase from 6.6% in 2024 to 8.1% in 2025 [6]. Business Growth Drivers - The company has signed two major contracts worth over 100 million yuan each, which are expected to be significant growth sources in the future [7]. - The AI product revenue surged by 1256% in 2024, indicating strong demand and market potential [7]. - The collaboration with Huawei in smart manufacturing is expected to enhance the company's AI capabilities and market reach [7].