Core Viewpoint - The company's Q1 performance fell short of market expectations, primarily due to a decline in high-end product orders in the consumer electronics structural components business, while net profit saw a slight year-on-year increase due to improved cost management [1]. Financial Performance Summary - Q1 revenue was 36.88 billion yuan, up 1.1% year-on-year but down 33.2% quarter-on-quarter - Gross profit was 2.32 billion yuan, down 7.4% year-on-year and down 28.2% quarter-on-quarter - Net profit attributable to shareholders was 620 million yuan, up 1.9% year-on-year but down 48.3% quarter-on-quarter - Gross margin was 6.30%, down 0.57 percentage points year-on-year and up 0.43 percentage points quarter-on-quarter - Net margin was 1.69%, up 0.01 percentage points year-on-year and down 0.49 percentage points quarter-on-quarter [1]. Business Segment Outlook - Consumer Electronics: The acceleration of AI applications is expected to drive a new replacement cycle, with the company increasing its market share in A customer iPad and mobile phone glass businesses. The focus will be on high-end products and AI-enabled devices, which are anticipated to contribute to revenue growth [2]. - New Energy Vehicles: The company is set to benefit from the rapid evolution of electric and intelligent vehicles, with significant growth in smart cockpit and thermal management shipments. Collaborations with major players like NVIDIA are expected to enhance its market position [2]. - Computing Power Products: The expansion in AI data centers is projected to lead to rapid growth in AI servers and liquid-cooled power supplies, with a focus on high-speed communication [2]. - AI Robotics: The company plans to leverage its expertise in system integration to develop core components for AI robots, including sensors and controllers [2]. Investment Recommendation - The company is recognized as a leading precision manufacturing enterprise with strong material research and product design capabilities. It has significant growth potential due to its quality customer base and forward-looking business strategies. The expected revenue for 2025-2027 is projected to be substantial, with a favorable market position in the A customer innovation cycle and automotive electronics [3].