Core Viewpoint - The company, Haichuang Optoelectronics, has experienced a significant decline in performance for 2024, with revenue and net profit expected to drop by 20.75% and 46.56% respectively compared to the previous year [1][2]. Group 1: Financial Performance - Haichuang Optoelectronics reported revenues of 606 million, 833 million, and 661 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 74 million, 122 million, and 65 million yuan for the same years [1]. - The expected decline in 2024 is attributed to underperformance in the laser radar business and a decrease in industrial laser business revenue due to industry demand weakness and intense competition [2]. Group 2: Business Operations - The company's laser radar revenue is heavily reliant on two major clients, Tudatong and Luminar, which together contributed 78.40% of the revenue from this segment [2]. - Uncertainties in the cooperation with these key clients have emerged, including Tudatong's introduction of a second supplier and Luminar's unstable operations due to underperformance in vehicle deliveries [2][3]. Group 3: Market Position and Governance - The company faces inquiries regarding its market position, share, and ranking in its niche, as well as its role in the supply chain of downstream clients [3]. - The ownership structure of Haichuang Optoelectronics is relatively dispersed, with the controlling shareholder holding only 30.21% of the voting rights, raising concerns about governance stability post-IPO [3].