Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [11]. Core Insights - The company reported a revenue of 8.224 billion yuan in 2024, representing a year-on-year growth of 14.50%. The net profit attributable to shareholders reached 485 million yuan, a significant increase of 775.84% year-on-year [3][5]. - For Q1 2025, the company achieved a revenue of 1.367 billion yuan and a net profit of 70 million yuan, reflecting a year-on-year growth of 12.28% [3]. - The material handling equipment segment saw a revenue increase of 43% year-on-year, contributing 5.894 billion yuan to the total revenue [4]. - The company has a healthy cash position with 3.747 billion yuan in cash as of Q1 2025, indicating strong liquidity [4]. Financial Performance Summary - The company’s gross margin improved to 23.85% in 2024, up by 3.42 percentage points year-on-year, while the net margin increased to 8.89%, up by 6.09 percentage points [4]. - The projected revenues for 2025-2027 are 7.871 billion yuan, 9.370 billion yuan, and 10.820 billion yuan, with expected growth rates of -4.3%, 19.06%, and 15.47% respectively [5][9]. - The estimated net profit for the same period is projected to be 456 million yuan, 590 million yuan, and 725 million yuan, with growth rates of -5.91%, 29.26%, and 22.98% respectively [5][9]. - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 12.06, 9.33, and 7.59 respectively [5][9].