Investment Rating - The report maintains a "Buy-A" rating for the company [2][7] Core Views - The company has shown significant growth in revenue and net profit, with a 46.17% year-on-year increase in revenue to 1.028 billion yuan and a 189.23% increase in net profit to 290 million yuan for the year 2024 [3][4] - The growth is attributed to the rapid increase in shipments of SPD products and automotive-grade EEPROM, driven by strong downstream demand [4][5] - The company's gross margin improved to 54.81%, up 8.22 percentage points year-on-year, while the net margin reached 26.84%, an increase of 15.08 percentage points [5] Financial Performance - For 2024, the company achieved a revenue of 1.028 billion yuan, a 46.17% increase from the previous year, and a net profit of 290 million yuan, up 189.23% [3][4] - The fourth quarter of 2024 saw a revenue of 259 million yuan, a 28.45% year-on-year increase, and a net profit of 79 million yuan, reflecting a 339.79% increase [3][4] - The company’s gross margin for 2024 was 54.81%, and the net margin was 26.84%, indicating improved profitability [5] Product Development - The company is expanding its product lines, focusing on high-value markets such as SPD products for DDR5 memory modules, automotive-grade EEPROM, and NOR Flash for various applications [6] - The successful introduction of automotive-grade EEPROM to leading Tier 1 suppliers has significantly boosted sales [4][6] Future Projections - The company is projected to achieve earnings per share (EPS) of 2.74 yuan in 2025, 3.83 yuan in 2026, and 4.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 26.5, 19.0, and 15.1 [7][9] - Revenue is expected to grow to 1.497 billion yuan in 2025, 2.010 billion yuan in 2026, and 2.476 billion yuan in 2027, reflecting a strong growth trajectory [9][13]