Core Insights - The company reported a decline in revenue for 2024 but saw significant growth in net profit and non-recurring net profit, indicating improved operational efficiency despite lower sales [1] - The sales of high-end composite films have driven net profit growth, with optical film revenue increasing significantly [2] - The solar panel segment experienced a revenue decline, but gross margin improved, reflecting a shift in product mix [4] Financial Performance - For 2024, total revenue was 2.18 billion, down 6% year-on-year; net profit attributable to shareholders was 190 million, up 32% year-on-year; and non-recurring net profit was 152 million, up 93% year-on-year [1] - In Q4 2024, revenue was 540 million, down 19% year-on-year but up 3% quarter-on-quarter; net profit was 21 million, down 63% year-on-year and down 54% quarter-on-quarter [1] - In Q1 2025, revenue was 480 million, down 11% year-on-year; net profit was 59 million, up 20% year-on-year; and non-recurring net profit was 50 million, up 35% year-on-year [2] Segment Performance - Optical film revenue reached 1.34 billion in 2024, up 19% year-on-year, accounting for 61% of total revenue, with a gross margin of 31.1%, up 2.8 percentage points [2] - The window film business generated 70 million in revenue, down 7% year-on-year, with a gross margin of 45.9%, down 0.4 percentage points [3] - The solar panel segment saw revenue of 500 million, down 43% year-on-year, with a gross margin of 18.4%, up 4.5 percentage points [4] Future Outlook - Revenue projections for 2025-2027 are 2.18 billion, 2.22 billion, and 2.33 billion, with expected growth rates of 0%, 2%, and 5% respectively; net profit forecasts are 240 million, 290 million, and 340 million, with compound annual growth rates of 21% [6]