Core Viewpoint - Company reported a decline in overall performance for 2024, with significant drops in revenue and net profit, attributed to customer order delivery schedules, market competition, industry policies, and increased R&D investment [2][3]. Business Overview - Company operates in four main business segments: smart metering, smart IoT, smart distribution network, and smart energy [2][3][9]. - Key products include smart electric meters, power information collection devices, communication modules, and various smart devices for energy management [2][3]. Financial Performance - For 2024, the company achieved revenue of 937.39 million yuan, a decrease of 16.26% year-on-year [2][3]. - Operating profit was 133.20 million yuan, and net profit attributable to shareholders was 118.92 million yuan, down 53.81% and 52.45% respectively compared to the previous year [2][3]. - Total assets at the end of the reporting period were 1.57 billion yuan, a slight decrease of 0.65% from the previous year [2][3]. - The smart metering segment generated revenue of 760 million yuan, down 26.57%, while the smart distribution network segment saw a revenue increase of 46.65% [3]. R&D Investment - R&D expenditure reached 83.13 million yuan in 2024, up 41.95%, accounting for 8.87% of total revenue [4][5]. - The company has received numerous accolades for its technological advancements and has established a national-level postdoctoral research station [5]. Client Base - Major clients include state-owned enterprises such as State Grid and Southern Power Grid [3]. Order Status - As of March 31, 2025, the company had a backlog of orders totaling 1.30 billion yuan [6]. Future Development Goals - The company aims to strengthen its core business in smart metering while expanding into digital economy and renewable energy sectors [9]. - Plans include enhancing product quality, expanding market share domestically and internationally, and improving internal management processes [9]. Dividend Distribution - The profit distribution plan for 2024 includes a cash dividend of 0.5 yuan per 10 shares, subject to approval at the annual shareholders' meeting [7]. Market Outlook - The industry is expected to benefit from increased government support for smart grid construction and the implementation of policies promoting energy digitalization and intelligence [9].