Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 1.076 billion yuan for 2024, a year-on-year decrease of 1.8%, while the net profit attributable to shareholders was 277 million yuan, reflecting a year-on-year increase of 12.8%, meeting expectations [5] - The company plans to distribute a cash dividend of 0.38 yuan per share, totaling approximately 136 million yuan, with a full-year dividend of 277 million yuan, achieving a dividend payout ratio of 100%, exceeding the promised 70% [5] - The electric power instrument business saw significant growth, with revenue reaching 157 million yuan, a year-on-year increase of 134%, and a gross margin improvement to 56.4%, up 14.7 percentage points [6] - The environmental protection business faced challenges, with revenue from operation services declining by 10% to 240 million yuan and revenue from intelligent instruments dropping by 57% to 68 million yuan [6] - The company has committed to a dividend payout ratio of no less than 70% for 2024-2026, with the actual payout for 2024 being 100% [7] - The company has repurchased shares worth 80 million yuan as of April 1, 2025, with a maximum potential repurchase amount of 100 million yuan [7] - The forecasted net profit for 2025-2027 is 354 million, 426 million, and 476 million yuan, with growth rates of 28%, 20%, and 12% respectively [7] Financial Summary - The company achieved a total revenue of 1.077 billion yuan in 2024, with a projected increase to 1.308 billion yuan in 2025, representing a growth rate of 21.47% [8] - The net profit for 2024 is projected at 277 million yuan, with expected growth to 354 million yuan in 2025, reflecting a growth rate of 27.63% [8] - The earnings per share (EPS) is forecasted to be 0.73 yuan in 2024, increasing to 0.93 yuan in 2025 [8] - The return on equity (ROE) is expected to rise from 9.27% in 2024 to 11.32% in 2025 [9]