Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively expanding into the new energy market and developing high value-added new products, with a significant year-on-year growth in non-recurring profit [7] - The company reported a revenue of 286 million yuan for 2024, representing a year-on-year increase of 23.63%, and a net profit of 63 million yuan, up 56.86% year-on-year [7] - The company is enhancing its market share in the new energy vehicle sector while improving product quality and production efficiency through digital transformation [7] Financial Performance Summary - Total revenue is projected to grow from 231.19 million yuan in 2023 to 606.45 million yuan in 2027, with a compound annual growth rate (CAGR) of 23.15% [1][8] - The net profit attributable to the parent company is expected to increase from 39.85 million yuan in 2023 to 128.82 million yuan in 2027, reflecting a CAGR of 25.25% [1][8] - The latest diluted EPS is forecasted to rise from 0.60 yuan in 2023 to 1.94 yuan in 2027 [1] Business Segmentation Summary - The company has adjusted its business classification, with significant growth in the automotive window system components, which saw a revenue increase of 60.54% year-on-year [7] - The precision transmission system generated revenue of 94 million yuan, up 25.85%, accounting for 32.78% of total revenue [7] - The automotive vision system contributed 78 million yuan in revenue, a 10.51% increase, representing 27.24% of total revenue [7] Client and Market Strategy - The company has established strong ties with leading downstream clients, including Valeo and Bosch, which enhances its market position [7] - The new energy precision component manufacturing project is expected to generate annual revenue of 165 million yuan upon reaching full capacity [7] - The company has expanded its international market presence, with overseas revenue growing by 20.14% year-on-year [7]

Core Viewpoint - The company, Jiezhong Technology, reported significant growth in its 2024 annual report, achieving a revenue of 285.81 million yuan, a year-on-year increase of 23.63%, and a net profit of 62.51 million yuan, up 56.86% [1][2] Group 1: Financial Performance - In 2024, Jiezhong Technology achieved operating revenue of 28580.59 million yuan, representing a 23.63% year-on-year growth [1] - The net profit attributable to shareholders reached 6251.14 million yuan, reflecting a 56.86% increase compared to the previous year [1] Group 2: Market Position and Strategy - Jiezhong Technology is recognized for its precision automotive components and has established a strong reputation in the domestic market [2] - The company supplies various components to leading global automotive parts suppliers, including Valeo, Entenhua, and Dongyang Electric, and is a first-tier supplier for SAIC General [2] - The products are utilized in well-known automotive brands such as Mercedes-Benz, BMW, Audi, Volkswagen, General Motors, as well as in electric vehicles from Tesla, BYD, Li Auto, NIO, and Xpeng [2] Group 3: Future Outlook - The company aims to adhere to a specialized and innovative development strategy, seizing opportunities in the continuously growing automotive industry [2] - Jiezhong Technology plans to leverage its competitive advantages through technological and management innovations, closely tracking industry trends to explore market potential [2] - The company is focused on accelerating the development of products related to new energy vehicles, aspiring to become a global leader in automotive parts supply [2]