Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 1.565 billion yuan in 2024, a year-on-year increase of 1.35%, but reported a net loss of 26 million yuan. In Q1 2025, revenue reached 403 million yuan, up 7.52% year-on-year, with a net profit of 8 million yuan, down 46.91% [1][2] - The catalyst business has shown significant market expansion, with the internal combustion engine exhaust purification catalyst revenue at 1.453 billion yuan in 2024, a decline of 3.90%. However, the industrial catalyst revenue surged by 65.73% to 13.8786 million yuan. The hydrogen energy product revenue was 732.06 thousand yuan, indicating continuous breakthroughs in business development [2] - The high-end composite material business is expected to become a new growth point, with the company actively developing carbon fiber PEEK prepreg technology. The composite structure project is under construction, with a planned annual production capacity of 1 million square meters of prepreg and 80 tons of aerospace composite materials [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1,565 million yuan, with a growth rate of 1.35%. The net profit attributable to the parent company was -26 million yuan. For 2025, the estimated revenues are projected to be 2,270 million yuan, with a net profit of 57 million yuan [4][10] Revenue Growth - The company is expected to see significant revenue growth in the coming years, with projections of 2,906 million yuan in 2026 and 3,544 million yuan in 2027, reflecting growth rates of 27.98% and 21.96% respectively [4][10] Profitability Metrics - The report forecasts a return to profitability with net profits of 238 million yuan in 2026 and 302 million yuan in 2027, indicating a strong recovery from the current losses [4][10] Research and Development - The company has increased its R&D investment to 110 million yuan in 2024, a year-on-year increase of 26.44%, highlighting its commitment to innovation and development in new technologies [1][4] Market Positioning - The company has successfully entered new markets, including hydrogen energy and energy storage, with the latter showing a remarkable revenue increase of 309.47% in 2024 [2][3]