Investment Rating - The report maintains a "Buy" rating for the company, expecting a profit increase in the coming years [5]. Core Viewpoints - The company is actively expanding into new business areas such as electric vehicle PTC, pre-plated nickel, and molten salt energy storage, which are expected to offset declines in the photovoltaic business and promote the layout of robotics-related businesses [5]. - The company's revenue for 2024 is projected to be 3.71 billion RMB, a decrease of 9.62% year-on-year, while the net profit attributable to the parent company is expected to be 318 million RMB, down 50.62% year-on-year [9]. - The company has successfully developed over 20 new customers in the home appliance PTC sector and is expanding into overseas markets for equipment, including molten salt energy storage and semiconductor heating [4]. Performance Summary - In 2024, the company reported revenues of 3.7 billion RMB, with a year-on-year decrease of 10%, and a net profit of 290 million RMB, down 29% year-on-year [2]. - For Q1 2025, the company reported revenues of 680 million RMB, a decrease of 22% year-on-year, and a net profit of 34 million RMB, down 59% year-on-year [2]. - The gross profit margin for 2024 was 23.35%, a slight decrease of 0.2 percentage points year-on-year, while the net profit margin was 7.8%, down 2.1 percentage points year-on-year [3]. Business Segment Analysis - The revenue breakdown for 2024 shows significant growth in electric vehicle PTC revenue, which increased by 73% year-on-year, while home appliance PTC revenue decreased by 10% [3]. - The gross profit margins for different segments in 2024 were as follows: home appliance PTC at 18.6%, electric vehicle PTC at 20.1%, new energy equipment at 32.8%, and optical communication at 10.6% [3]. Profit Forecast - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 292 million RMB, 394 million RMB, and 432 million RMB, respectively [5].