Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to challenges in the photovoltaic (PV) sector and increased asset impairment losses [1][3]. Financial Performance - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, while net profit attributable to shareholders was 320 million yuan, a year-on-year decrease of 25.2% [1]. - For Q1 2025, the company reported revenue of 325 million yuan, a decline of 13.3%, and a net profit of 50 million yuan, down 36.84% [1]. Business Segments - The PV business experienced a decline of 10.3% in 2024, while the semiconductor and other industries maintained growth, with increases of 6.4% and 18.9%, respectively [2]. - The decline in the PV sector was attributed to reduced orders for equipment power due to weakened downstream silicon material and wafer production capacity, as well as extended payment terms from customers [2]. - The semiconductor and electronic materials segment saw growth due to increased investment in key processes such as etching and deposition, with some RF power models already in mass production [2]. - The charging pile business faced a 13.2% decline due to fluctuations in terminal demand, while other industries, including steel metallurgy and glass fiber, experienced overall revenue growth of 18.9% [2]. Profitability and Margins - The gross margins for the PV, other industries, and semiconductor segments changed by -2.36, -1.97, and +11.14 percentage points, reaching 28.53%, 44.64%, and 53.98%, respectively [3]. - The semiconductor business saw significant margin improvement due to rapid growth in RF power, while the PV sector faced narrowing margins due to weak demand [3]. - Overall gross margin for the company improved by 1.27 percentage points to 38.5% in 2024 [3]. Asset and Credit Impairment - The company recorded high asset impairment losses of 58.93 million yuan and credit impairment losses of 12.49 million yuan in 2024 [3]. - As of Q1 2025, inventory was approximately 1.56 billion yuan, and contract liabilities were about 1.15 billion yuan, supporting revenue growth [3]. Future Outlook - Due to the decline in PV demand and associated impairment losses, the company has adjusted its 2025 net profit forecast down by 36.7% to 365 million yuan and introduced a 2026 net profit estimate of 439 million yuan [3]. - The current stock price corresponds to a price-to-earnings ratio of approximately 24.9x for 2025 and 20.7x for 2026, with a target price of 55 yuan, indicating a potential upside of 33.9% compared to the current stock price [3].