Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 3.406 billion yuan for 2024, representing a year-on-year growth of 35.82%, and a net profit attributable to the parent company of 1.023 billion yuan, up 41.40% year-on-year [2][6] - For Q1 2025, the company achieved a revenue of 912 million yuan, a year-on-year increase of 34.14%, with a net profit of 233 million yuan, reflecting a growth of 15.47% year-on-year [2][6] - The company is focusing on platform development to enhance long-term growth capabilities, with significant increases in sales of CMP products and other key services [14] Financial Performance - In 2024, the sales revenue from CMP and thinning equipment reached 2.987 billion yuan, a year-on-year increase of approximately 31.16%, while revenue from wafer regeneration and key consumables surged by about 81.92% to 419 million yuan [14] - The gross margin for 2024 was 43.20%, and the net margin was 30.05%, with Q1 2025 gross margin at 46.37% and net margin at 25.58% [14] - The operating cash flow for 2024 was 1.155 billion yuan, indicating strong sales collection [14] Product Development and Market Position - The company has successfully launched new CMP systems and thinning equipment, with significant orders from leading clients in advanced processes [14] - The product line is continuously being enhanced, with successful development and validation of various semiconductor equipment, including edge polishing and ion implantation equipment [14] - The company expects net profits of 1.3 billion yuan and 1.69 billion yuan for 2025 and 2026, respectively, with corresponding P/E ratios of 30 and 23 [14]