Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 19.8 CNY [2][8]. Core Views - The company's 2024 performance aligns with expectations, showing a revenue of 27.2 billion CNY, a year-on-year increase of 17%, and a net profit attributable to shareholders of 710 million CNY, also up 17% year-on-year [2][4]. - The company is seeking breakthroughs in new fields for 2025, particularly in the areas of robotics and drones, as well as in the development of new materials for automotive applications [8][9]. Financial Summary - **2024 Financial Performance**: - Total revenue: 27,246 million CNY, with a growth rate of 16.6% [4]. - Net profit attributable to shareholders: 707 million CNY, with a growth rate of 16.8% [4]. - Earnings per share: 1.12 CNY [4]. - **2025-2027 Financial Projections**: - Expected revenue for 2025: 30,628 million CNY, with a growth rate of 12.4% [4]. - Expected net profit for 2025: 759 million CNY, with a growth rate of 7.3% [4]. - Projected earnings per share for 2025: 1.20 CNY [4]. - **Valuation Metrics**: - Price-to-earnings ratio for 2025: 13 times [4]. - Price-to-book ratio for 2025: 1.3 times [4]. Market Performance - The company has shown a significant performance improvement in Q4 2024, achieving a revenue of 79 billion CNY, which is a 26% increase quarter-on-quarter and a 15% increase year-on-year [8]. - The net profit for Q4 2024 reached 214 million CNY, reflecting a 12% increase quarter-on-quarter and a 92% increase year-on-year [8]. Strategic Developments - The company has successfully launched its heat-free materials in the market, with significant partnerships and certifications from leading new energy vehicle manufacturers [8][9]. - The company is actively exploring applications for its materials in various sectors, including energy storage and computing centers [8].