Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of approximately 1.967 billion yuan for 2024, representing a year-on-year growth of 1.1%, while the net profit attributable to shareholders was 173 million yuan, a decline of 58.0% year-on-year [2][4] - In Q4 2024, the company achieved a revenue of 654 million yuan, a year-on-year increase of 7.3%, but the net profit attributable to shareholders dropped by 72.05% to 24 million yuan [2][4] - The company expects to ship approximately 160,000 tons of wind power castings in 2024, a year-on-year increase of about 1.51%, while other castings are expected to reach 37,000 tons, a growth of 41.53% [10] - The company anticipates a significant increase in net profit for Q1 2025, projected between 50 to 56 million yuan, representing a year-on-year growth of 70.96% to 91.47% [10] - The company has announced an employee stock ownership plan, indicating confidence in future performance with targets for net profit growth of at least 32%, 40%, and 48% from 2025 to 2027 [10] Financial Summary - For 2024, the company achieved a gross margin of 21.3%, which is a decline compared to previous periods, primarily due to product price reductions [10] - The projected revenue for 2025 is approximately 3.09 billion yuan, with a net profit of around 450 million yuan, corresponding to a PE ratio of about 15 times [10] - The company’s total assets are expected to grow from 6.65 billion yuan in 2024 to 9.53 billion yuan by 2027 [15]