Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has reached a clear inflection point in its performance, with significant revenue growth driven by new business segments, particularly in AI terminals and robotics [1][2] - The company is expected to see gradual improvement in gross margins as new products mature and production scales up, despite a short-term decline in profitability [1] - The company is well-positioned to benefit from the growing global market for humanoid robots and advancements in AI technologies [3][8] Financial Performance - In 2024, the company achieved revenue of 442.11 billion yuan, a year-on-year increase of 29.56%, while the net profit attributable to shareholders decreased by 3.95% to 16.26 billion yuan [1] - The revenue for Q4 2024 reached 127.27 billion yuan, marking a 34.28% year-on-year growth and a 2.93% quarter-on-quarter increase, with net profit for the quarter at 3.48 billion yuan, up 92.90% year-on-year [1] - The company’s gross margin for 2024 was 15.77%, down 4.17 percentage points year-on-year, while the net margin was 3.98%, down 2.02 percentage points [1] Business Segments - The AI terminal segment saw revenue of 407.31 billion yuan in 2024, a 32.75% increase, with AI glasses and XR wearable devices growing by 42.74% [2] - The automotive and low-altitude economy segment generated 21.17 billion yuan, a 52.90% increase, benefiting from the growth of the global electric vehicle market [2] - Other business segments generated 13.63 billion yuan, with clean energy revenue declining by 25.01% due to a significant drop in customer orders [2] Future Projections - Revenue projections for the company are 491 billion yuan in 2025, 591 billion yuan in 2026, and 683 billion yuan in 2027, with expected growth rates of 11.0%, 20.5%, and 15.5% respectively [8] - Net profit forecasts are 23 billion yuan in 2025, 30 billion yuan in 2026, and 38 billion yuan in 2027, with growth rates of 31.0%, 30.9%, and 27.4% respectively [8] - The company is expected to maintain a price-to-earnings ratio of 28, 21, and 17 times for the years 2025, 2026, and 2027 respectively [8]