Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's revenue growth is expected to accelerate, with a projected increase in net profit and gross margin due to strong overseas performance and effective cost management [4][3] - The company is experiencing a decline in domestic displacement monitoring business, but this is offset by rapid growth in overseas markets, particularly in robotics and autonomous driving sectors [4] - The report maintains a positive outlook on the company's profitability, forecasting significant growth in net profit over the next few years [4] Financial Summary - As of October 24, 2025, the company's closing price is 32.39 yuan, with a total market capitalization of 254.33 billion yuan and total shares outstanding of 7.85 billion [2] - Key financial metrics for the upcoming years are as follows: - Total revenue is projected to grow from 32.51 billion yuan in 2024 to 58.11 billion yuan in 2027, with year-on-year growth rates of 21.4%, 16.5%, 24.6%, and 23.1% respectively [3] - Net profit attributable to shareholders is expected to increase from 5.83 billion yuan in 2024 to 12.12 billion yuan in 2027, with growth rates of 29.9%, 26.2%, 30.2%, and 26.3% respectively [3] - The gross margin is forecasted to remain strong, with values of 58.1%, 57.7%, 58.4%, and 58.8% from 2024 to 2027 [3] - Return on equity (ROE) is projected to rise from 16.6% in 2024 to 23.4% in 2027 [3] - Earnings per share (EPS) is expected to grow from 0.74 yuan in 2024 to 1.54 yuan in 2027 [3]