Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.89-3.08 billion yuan in 2024, a year-on-year decline of 61.97%-58.16%. The non-recurring profit from the disposal of shares in Zhejiang Leapmotor Technology Co., Ltd. in 2023 significantly boosted the previous year's profit [1] - The macroeconomic environment shows signs of recovery, with the manufacturing PMI rising to 50.2% in February, indicating a return to expansion territory [1] - The launch of the Starry Sky Model 2.0 enhances the company's capabilities in language, multi-modal, and visual intelligence, positioning it for future growth in AI applications [3] Summary by Sections Financial Performance - The company forecasts a decline in net profit for 2024 due to non-recurring gains in 2023, with estimates of 2.89 billion yuan for 2024 and 3.82 billion yuan for 2025 [4] - Revenue is projected to grow from 33.06 billion yuan in 2024 to 40.99 billion yuan in 2026, with a compound annual growth rate of approximately 10.93% [5] Market Conditions - The manufacturing sector is showing signs of recovery, with a notable increase in production and demand indices, which is expected to positively impact the company's performance [1] - The government's emphasis on national security and digital governance is anticipated to benefit the company's ToG (government-to-government) business [2] Valuation Metrics - The current market valuation corresponds to a P/E ratio of 21X for 2024, 16X for 2025, and 13X for 2026, indicating a favorable investment opportunity based on projected earnings growth [4]