Investment Rating - The investment rating for the company is "Buy" and is maintained [11] Core Views - The company achieved a revenue of 3.493 billion yuan in 2024, representing a year-on-year growth of 7.72%. The net profit attributable to shareholders was 240 million yuan, up 26.45% year-on-year. The net profit after deducting non-recurring items was 229 million yuan, an increase of 25.25% year-on-year. In Q1 2025, the company reported a revenue of 668 million yuan, a year-on-year increase of 1.45%, while the net profit attributable to shareholders decreased by 8.07% to 36 million yuan [2][8] Financial Performance Summary - In 2024, the company benefited from an increase in gross profit margin to 16.09%, up 1.55 percentage points year-on-year, primarily due to a 46.36% increase in revenue from industrial module design and manufacturing, while engineering service revenue grew only by 0.73%. The gross profit margin for Q1 2025 was 12.33%, a decrease of 0.70 percentage points year-on-year [14] - The company reported a net cash inflow from operating activities of 415 million yuan for the year, an increase of 64 million yuan year-on-year, with a cash collection ratio of 95.44%, up 0.17 percentage points [14] - As of September 2024, the company had a backlog of orders amounting to approximately 4.881 billion yuan, with an estimated conversion rate for Q4 2024 orders ranging from 60.94% to 92.48% [14] Growth and Expansion - The company plans to use the funds raised from convertible bonds for the construction of a new large-scale industrial module manufacturing project, which is expected to enhance its capacity to undertake larger projects in the petrochemical, oil and gas energy, and nuclear power sectors [14]