Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company is focusing on improving profitability through quality enhancement and efficiency optimization, with new business ventures opening up growth opportunities [1] - The financial performance shows a revenue increase of 23.8% year-on-year for 2024, with a projected revenue of 3,098 million for 2025, reflecting a growth rate of 27.5% [5][6] - The company has made significant advancements in its electric vehicle (EV) business, with a revenue contribution of 20.68 billion from this segment in 2024, marking a 30.15% increase [6] - Strategic partnerships in low-altitude economy and robotics are expected to diversify revenue streams and enhance market competitiveness [6] Financial Data and Profitability Forecast - Total revenue projections for the company are as follows: - 2024: 2,430 million - 2025: 3,098 million - 2026: 3,856 million - 2027: 4,644 million - The net profit forecast shows a recovery with expected figures of: - 2024: 71 million - 2025: 111 million - 2026: 186 million - 2027: 246 million - The gross margin is projected to improve from 14.9% in 2024 to 17.4% by 2027 [5][7]