Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is positioned as a leading controller manufacturer, benefiting from a long-term growth trajectory driven by both traditional and emerging markets. The growth logic is not limited to existing market competition but focuses on expanding into new markets and acquiring new customers [6][22]. - The company has a strong global presence, with over 68% of its revenue coming from overseas clients in 2024, supported by five production bases in four countries [6][53]. - The automotive controller segment is maturing, with significant long-term orders and partnerships with major Tier 1 suppliers, indicating a peak in order deliveries is approaching [6][41]. - The report highlights two key product categories with growth potential: Hands Off Detection (HOD) and smart glass control systems, both of which are expected to see substantial market growth [6][41]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 12,397 million yuan in 2025, with a year-on-year growth rate of 28.3% [2]. - The net profit attributable to shareholders is expected to reach 691 million yuan in 2025, reflecting a significant year-on-year increase of 89.8% [2]. - Earnings per share are forecasted to be 0.75 yuan in 2025, with a projected gross margin of 19.7% [2]. - The return on equity (ROE) is anticipated to improve to 12.9% in 2025 [2]. Market Position and Growth Drivers - The company has diversified its business structure, focusing on smart controllers for home appliances, electric tools, automotive electronics, and intelligent products, which are all experiencing robust growth [36][41]. - The home appliance segment is expected to grow steadily, while the automotive electronics segment is projected to see rapid growth rates of 80% in 2025 [8][41]. - The company has established a strong customer base, including partnerships with major global brands such as Electrolux, Whirlpool, and BYD, which enhances its market competitiveness [31][32]. Global Operations - The company has strategically established production bases in Vietnam, Italy, Romania, and Mexico to optimize its global supply chain and respond quickly to local market demands [57][62]. - The overseas production capacity accounts for 30%-40% of the company's total capacity, ensuring it can meet future business development needs [60][62].