Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 1.265 billion, a slight increase of 0.1% year-on-year, and a net profit attributable to shareholders of 24 million, which represents a significant growth of 73.0% year-on-year [2][4]. - The company is expected to see improvements in its new materials business and the ramp-up of its UTG cover glass production, with projected net profits of 190 million and 260 million for 2025 and 2026, respectively, corresponding to PE ratios of 53 and 39 [10]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.265 billion, with a year-on-year growth of 0.1%. The net profit attributable to shareholders was 24 million, marking a 73.0% increase year-on-year. The non-recurring net profit was 12 million, recovering from a loss of 31 million in the same period last year [2][4][10]. - The gross margin for the period was 17.7%, an increase of 3.4 percentage points year-on-year, indicating a notable improvement in profitability [10]. Business Developments - The company is focusing on innovation and R&D, supported by national-level innovation platforms. It has made significant advancements in various new technologies, including UTG iteration technology and high-purity synthetic silica [10]. - The zirconium products continue to play a crucial role, with a 24.4% increase in sales volume year-on-year. The introduction of nano-zirconia into the mainstream customer base for new energy cathode materials saw a remarkable growth of 232.89% in sales volume [10]. Market Outlook - The company anticipates a gradual increase in its new materials product categories, despite ongoing pressure in consumer electronics demand. The traditional display materials business is expected to improve, contributing positively to profits [10]. - The company has established itself as a core supplier for major clients in the flexible display market, particularly with its UTG technology, which is being utilized in high-end automotive applications [10].