Core Viewpoint - In 2024, the company achieved a revenue of 37.052 billion yuan, a year-on-year increase of 1.73%, and a net profit attributable to shareholders of 3.934 billion yuan, a year-on-year increase of 20.16% [1] Group 1: Coal Machinery Segment - The coal machinery segment generated a revenue of 19.470 billion yuan in 2024, a year-on-year increase of 3.27%, and a net profit of 4.165 billion yuan, a year-on-year increase of 30.44% [1] - The gross margin for hydraulic supports and other coal machinery products increased to 33.44%, up by 4.18 percentage points year-on-year, contributing significantly to profitability [1] - The improvement in profitability is attributed to a higher proportion of high-margin products and a decrease in material costs [1] Group 2: Automotive Parts Segment - The automotive parts segment reported a revenue of 17.582 billion yuan in 2024, a year-on-year increase of 0.07%, but a net profit of 0.257 billion yuan, a year-on-year decrease of 6.99% [2] - The subsidiary Yaxin Technology achieved a revenue of 5.039 billion yuan, a year-on-year increase of 18.94%, while SEG reported a revenue of 12.419 billion yuan, a year-on-year decrease of 7.01% [2] - The new energy vehicle-related business incurred a net loss of 0.161 billion yuan due to significant investment during the cultivation period [2] Group 3: Shareholder Returns - The company plans to distribute a cash dividend of 1.12 yuan per share (before tax), totaling 1.956 billion yuan, with a dividend payout ratio increased to 49.72% [2] Group 4: Profit Forecast and Investment Advice - The company slightly adjusted its revenue growth forecast due to short-term pressure in the coal industry, while expecting a gradual return to normal profit margins in 2025 [2] - The forecast for net profit attributable to shareholders for 2025-2027 is 3.934 billion, 4.363 billion, and 4.865 billion yuan, respectively, with earnings per share of 2.20, 2.44, and 2.73 yuan [2] - The company is assigned a target price of approximately 23.32 yuan based on a 10.6 times PE ratio for 2025, maintaining a buy rating [2]