Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [6]. Core Views - The company achieved a significant milestone with its 1500V SiC MOS module series, winning the "2025 Innovative Technology" award at the 17th International Automotive Power System Technology Conference. This product line is expected to provide high-performance solutions across various power segments [6]. - The company reported a revenue of 1.016 billion yuan from its silicon carbide (SiC) business in 2024, marking a year-on-year growth of over 100%. The production capacity for SiC has reached 8,000 wafers per month, with full utilization [6]. - The company has a comprehensive platform for MEMS, power chips (IGBT, MOSFET, SiC), and high-power BCD, enabling it to offer one-stop system foundry solutions. Revenue from wafer foundry services increased by 25.11% year-on-year, while module packaging revenue grew by 54.54% [6]. - The company ranks third in the domestic new energy passenger vehicle terminal sales rankings, with a significant increase in revenue from automotive power modules, which grew by 106% year-on-year [6]. - The report projects an increase in revenue forecasts for 2025 and 2026, with expected revenues of 8.24 billion yuan and 10.84 billion yuan, respectively. The net profit forecast for 2025 is adjusted to -483 million yuan, with a positive net profit of 24 million yuan expected in 2026 [6]. Financial Summary - The total revenue for 2024 is projected at 6.509 billion yuan, with a year-on-year growth rate of 22.3%. The company is expected to achieve a gross margin of 1.0% in 2024, improving to 8.8% in 2025 [2][8]. - The company’s net profit attributable to shareholders is forecasted to improve from -962 million yuan in 2024 to a positive 205 million yuan by 2027, reflecting a significant turnaround [2][8]. - The report indicates a stable growth in R&D expenses, with rates projected at 24%, 20%, and 18% for 2025, 2026, and 2027, respectively [6].