Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance reversal is basically confirmed, with over 100 million yuan in orders for glass substrates [1] - The company has seen significant improvements in the shipment of nano-microcrystalline glass, driven by the demand for advanced packaging technology [8] - The market for glass substrates is expected to reach a scale of 460 million USD by 2030, with optimistic forecasts suggesting widespread adoption starting in 2027-2028 [8] - The company has received multiple customized orders in the high-end glass sector, providing stable support for overall operations [8] - Due to recent developments in the semiconductor sector and fluctuations in expenses, revenue forecasts for 2025-2027 have been slightly adjusted downwards [8] Financial Summary - For 2023, total revenue is projected at 808.34 million yuan, with a year-on-year growth of 88.26% [1] - The net profit attributable to shareholders is expected to be 104.21 million yuan, reflecting a year-on-year increase of 127.37% [1] - The earnings per share (EPS) for 2025 is estimated at 0.37 yuan, with a price-to-earnings (P/E) ratio of 108.12 [1] - The company anticipates total revenue of 606.38 million yuan in 2025, with a net profit of 54.07 million yuan [1] - The company's total assets are projected to reach 1,393 million yuan in 2024, with a debt-to-asset ratio of 37.89% [6][9]