Core Viewpoint - The company reported a revenue of 524 million yuan in 2024, a year-over-year decrease of 5.08%, and a net profit of -438 million yuan, a year-over-year decrease of 7.32%, which aligns with previous forecasts [1] - In Q1 2025, the company achieved a revenue of 137 million yuan, a year-over-year increase of 30.63%, and a net profit of 4 million yuan, a year-over-year increase of 104.40% [1][2] - The company is optimistic about future growth driven by product iterations and market penetration, maintaining a "buy" rating [1][3] Group 1: Financial Performance - The company’s revenue in Q1 2025 showed significant year-over-year growth, benefiting from the iteration of 4G products and 5G LPAMiF, with a gross margin improvement to 12.85%, up 4.88 percentage points year-over-year [1][2] - The total expenses (sales, management, and R&D) in Q1 2025 were 71 million yuan, a decrease of 19.69% year-over-year, contributing to the first quarterly profit turnaround [2] Group 2: Market Outlook - For 2025, the company is expected to benefit from the anticipated 5.64% year-over-year growth in the Chinese Android smartphone market, with successful product validation and gradual mass production [3] - The company’s Phase8L product is expected to achieve significant scale in 2025, alongside the new generation of 4G products gaining traction in the smartphone and IoT sectors [3] - The company has set a target price of 13.2 yuan, maintaining a "buy" rating, with revenue forecasts of 730 million yuan for 2025 and 1.39 billion yuan for 2027 [3]