Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved a revenue of 5.926 billion yuan, representing a year-on-year increase of 10.34%. The net profit attributable to shareholders was 822 million yuan, up 65.03% year-on-year, while the net profit excluding non-recurring items reached 746 million yuan, reflecting a 93.97% increase year-on-year [2][6][12]. - The fourth quarter of 2024 saw a revenue of 1.286 billion yuan, which was a decrease of 15.00% year-on-year and a 20.79% decline quarter-on-quarter. The net profit attributable to shareholders for Q4 was 228 million yuan, up 23.79% year-on-year but down 1.52% quarter-on-quarter [2][12]. - The company emphasizes research and development, with R&D expenses amounting to 1.353 billion yuan in 2024, a 5.46% increase year-on-year, representing 22.83% of total revenue [12]. Summary by Sections Financial Performance - The company reported a total revenue of 5.926 billion yuan for 2024, with a gross profit of 2.166 billion yuan, yielding a gross margin of 37% [16]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.129 billion yuan, 1.460 billion yuan, and 1.779 billion yuan respectively [16]. Product Development - The company has successfully launched new products, including 6nm chips, which are expected to achieve sales of over 10 million units in 2025. The 8K chips have captured all domestic market shares and received orders from top international operators [12]. - The Wi-Fi 6 2*2 chips sold over 1.5 million units in 2024, with expectations for accelerated growth in 2025 [12]. Market Expansion - The S series products continue to gain market share in domestic operator tenders, while the T series chips have seen over 30% year-on-year sales growth, with further international market expansion anticipated [12]. - The company is diversifying its product lines and expanding into automotive and AIoT sectors, which are expected to drive long-term growth [12].