Core Insights - The company achieved a revenue of 392 million yuan in 2024, representing a year-on-year growth of 28.14%, while the net profit attributable to shareholders slightly decreased by 2.75% to 25.82 million yuan due to reduced government subsidies and investment income [1] - The company’s net profit, excluding non-recurring gains and losses, reached 22.57 million yuan, reflecting a year-on-year increase of 6.74%, indicating a sustained improvement in core business profitability [1] - The company’s gross margin slightly declined to 26.67%, yet remains at a relatively high level within the industry, with plans to enhance profitability through product structure optimization and high-value order acquisition [1] R&D and Strategic Focus - The company adheres to a "one core, dual engine" strategy, focusing on circuit boards and smart module modules, with R&D expenses reaching 23.01 million yuan in 2024, a year-on-year increase of 31.39% [2] - Key R&D investments are directed towards high-value areas such as wireless headphone noise reduction modules, optical module PCBs, and automotive electronic control modules [2] - The company has successfully expanded its customer base in the consumer electronics sector and achieved breakthroughs in the automotive electronics market with its CCS products [2] Market Diversification and Future Outlook - The company is addressing concerns regarding high overseas revenue, which accounted for approximately 87.6% in 2024, by diversifying its market strategy and expanding into non-U.S. markets [3] - Domestic revenue grew by 58.58% year-on-year, with a gross margin increase of 2.39 percentage points, indicating a strong domestic market presence [3] - The company plans to implement a dividend scheme of "10 shares converted to 4 shares and 1 yuan per share" in 2024, distributing a total cash dividend of 9.88 million yuan, reflecting confidence in long-term value [3] Emerging Business Opportunities - The company is actively pursuing opportunities in automotive electronics, medical electronics, and high-end consumer electronics, while exploring potential acquisitions to extend its industry chain [3] - The successful mass shipment of AI glasses-related FPCs and the entry of self-developed HDI PCB products into the optical module supply chain testing phase are expected to become new growth points [2][3] - The company anticipates a strong start in Q1 2025, with revenue growth of 26.68% and net profit growth of 29.80%, laying a solid foundation for achieving its annual targets [3]