Core Viewpoint - The company aims to achieve dual business growth in traditional cable accessories and the new energy sector through a comprehensive strategy focusing on five new dimensions: new opportunities, new products, new technologies, new markets, and new systems [1] Financial Performance - In 2024, the company reported a revenue of 1.242 billion yuan, representing a year-on-year increase of 19.18% - The net profit attributable to shareholders reached 74.68 million yuan, up 3.53% year-on-year [1] Business Development - The company achieved a sales revenue of 937 million yuan from cable accessories in 2024, benefiting from the investment pace of the State Grid [1] - The growth in traditional business is attributed to the resonance of new opportunities, new products, and new technologies, which are expected to lay the foundation for performance growth in 2025 [1] New Opportunities - The National Energy Administration reported that the total investment in power grid projects for 2024 reached 608.3 billion yuan, a year-on-year increase of 15.3% - The investment in the power grid continues to present new opportunities, with the State Grid's investment increasing by 27.7% year-on-year as of the end of March [1] New Products - The company’s 500kV AC/DC series products have been applied on a large scale in offshore wind power, pumped storage, and urban grid renovation, contributing to revenue and profit growth in 2024 [2] - The company collaborated with China Three Gorges Construction Group and China Electric Power Research Institute to develop innovative products that passed national-level technical appraisal [2] Strategic Acquisition - In 2024, the company acquired a 55% stake in Jiangsu Shuangjiang Energy Technology Co., Ltd., entering the transformer insulating oil sector, which is expected to create a second growth curve [2] - Shuangjiang Energy is one of the few companies in China with mass production technology for natural ester insulating oil, which has superior environmental performance compared to traditional mineral oil [2] Competitive Advantage - The collaboration with Shuangjiang Energy is enhancing the company's competitive edge by enriching its product matrix and entering the new materials market for electrical insulation [3] - The company plans to implement a robust marketing system reform in 2025, consolidating subsidiaries into six regional companies and forming 50 specialized sales teams to achieve market coverage [3] Market Outlook - The revenue and profit growth in 2024 reflects the company's strong market position in cable accessories and the strategic foresight of acquiring Shuangjiang Energy, which opens new growth avenues [3]