Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.607 billion yuan in Q1 2025, a year-on-year decrease of 7.55%, and a net profit attributable to shareholders of 120 million yuan, down 17.42% year-on-year. The company is experiencing short-term pressure on revenue and profits but is expected to see growth from emerging businesses [2][6]. - The company has a stable market share, with domestic market shares for DCS/SIS at 40.4% and 31.2% respectively in 2024, maintaining its position as the leader in the domestic market. Additionally, new growth avenues are being developed, including significant overseas business expansion and the establishment of a robotics product line [2][11]. Summary by Sections Revenue and Profitability - The company’s revenue growth is under pressure, with Q4 2024 and Q1 2025 showing declines of 5% and 8% respectively. The overall revenue growth is in a downward trend due to macroeconomic pressures and the divestment of certain integrated businesses. The company’s Q1 2025 net profit margin was 30.4%, reflecting a decrease of 0.7 percentage points year-on-year [11][12]. - The company is expected to achieve net profits of 1.29 billion, 1.51 billion, and 1.79 billion yuan from 2025 to 2027, with corresponding PE ratios of 29.0x, 24.6x, and 20.9x [11][12]. Business Development - The company is actively exploring opportunities in the industrial AI sector, having launched its first time-sequence large model TPT in June 2024, which has been successfully applied in various industrial fields. The robotics sector is also being developed, with expected revenues of 56.01 million yuan and new orders of 167 million yuan in 2024 [11][12]. - The company has made significant investments in AI and robotics, including a stake in a humanoid robotics innovation center, indicating a strategic focus on future growth areas [11][12].