Investment Rating - The report assigns an "Accumulate" rating for the company [2][6]. Core Views - The company's Q1 performance is under pressure, but industry recovery may drive performance recovery [1]. - The company reported a revenue of 41.8 billion yuan in 2024, a year-on-year decrease of 41.2%, and a net profit of 0.33 billion yuan, down 93.4% year-on-year [5]. - In Q1 2025, the company achieved a revenue of 8.75 billion yuan, a year-on-year decrease of 22.5% and a quarter-on-quarter decrease of 17.7%, with a net profit of 0.12 billion yuan, an increase of 1.69 billion yuan year-on-year but a decrease of 98.0% quarter-on-quarter [5]. - The company is focusing on high-end and terminal products, with high-end products accounting for 55.27% of total production in 2024, an increase of 6.84 percentage points from 2023 [5]. - The company is implementing energy-saving and emission-reduction modifications, with a target of creating a benchmark for low-carbon practices in the industry [5]. - The controlling shareholder plans to repurchase shares, demonstrating confidence in the company's future [5]. Financial Summary - The company expects net profits of 0.89 billion yuan, 1.16 billion yuan, and 1.36 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 14.1x, 10.9x, and 9.3x based on the closing price on May 13 [6]. - Revenue projections for 2025, 2026, and 2027 are 37.01 billion yuan, 36.82 billion yuan, and 37.05 billion yuan, with growth rates of -11.47%, -0.50%, and 0.63% respectively [7]. - The EBITDA for 2025, 2026, and 2027 is projected to be 2.49 billion yuan, 2.89 billion yuan, and 3.25 billion yuan respectively [7]. - The company’s total assets are projected to be 52.36 billion yuan in 2024, with a slight increase to 52.99 billion yuan in 2025 [10][13].