Core Viewpoint - The company reported a solid revenue growth in Q1 2025, but profit growth was hindered by increased R&D and sales expenses, indicating a focus on long-term innovation and market expansion [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.469 billion yuan, a year-over-year increase of 24.69% [1] - The net profit attributable to shareholders was 93 million yuan, reflecting a year-over-year growth of 2.00% [1] - The net profit after deducting non-recurring items was 88 million yuan, with a year-over-year increase of 2.48% [1] - Operating cash flow was 122 million yuan, showing a decline of 25.44% year-over-year [1] Product Development - The company launched three major products at the Thunder World 2025 conference, enhancing its smart ecosystem [2] - The products include Drip Water OS1.0 Evo, TurboX AI glasses, and new forklift models in the AMR sector, showcasing advancements in smart automotive, XR devices, and industrial automation [2] Strategic Partnerships - The company signed a strategic cooperation framework agreement with Hyundai to advance smart cockpit platform development [3] - Collaborations with ETAS, 面壁智能, and 瑞萨电子 aim to enhance safety and functionality in automotive solutions [3] - In the IoT sector, a partnership with Consult Red is set to expand global market reach [3] Investment Outlook - The company is viewed positively under its "Operating System + Edge Intelligence" strategy, with expectations for significant growth in smart automotive, robotics, and smart terminal sectors [3] - Projected net profits for 2025-2027 are 553 million, 803 million, and 967 million yuan, with corresponding P/E ratios of 45X, 31X, and 26X [3]