Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company reported a revenue of 690 million yuan in 2024, a year-on-year increase of 20.6%, but faced a net loss of 50 million yuan, which is an increase in loss by 18.9 million yuan. In Q1 2025, revenue reached 220 million yuan, up 22.0% year-on-year, with a net profit of 10 million yuan, a significant increase of 131.0% [3]. - The decline in gross margin in 2024 was attributed to rising prices of upstream coolant, while Q1 2025 saw a gross margin of 25.1%, an increase of 0.8 percentage points year-on-year, indicating a recovery trend [3]. - The company secured a significant order for a ±500 kV flexible DC transmission project in Saudi Arabia, valued at no less than 500 million yuan, which aligns with Saudi Arabia's 2030 development plan to invest approximately 100 to 150 billion USD in energy infrastructure [4]. - The company has established deep ties with major clients, including Tencent and ByteDance, and is positioned as a key supplier for AI infrastructure projects in the Middle East, which is expected to drive rapid business growth [5]. Financial Forecasts - The company is projected to achieve revenues of 923 million yuan, 1.281 billion yuan, and 1.825 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 26 million yuan, 65 million yuan, and 124 million yuan [6][7]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.09 yuan, 0.21 yuan, and 0.41 yuan, respectively [6][7]. - The revenue growth rates are forecasted at 33.5%, 38.8%, and 42.4% for the years 2025, 2026, and 2027, respectively [7][12].