Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [3][8]. Core Insights - The company has demonstrated steady revenue growth, with a reported revenue of 2.33 billion yuan in 2024, reflecting a year-on-year increase of 4.62%. The net profit attributable to shareholders was 156 million yuan, up 3.59% year-on-year [3][4]. - The company is focusing on high-growth sectors such as low-altitude economy and artificial intelligence (AI), which are expected to drive future revenue growth [4][6]. - The company has made significant advancements in AI capabilities, with numerous AI applications developed to enhance operational efficiency and reduce costs for clients [7][8]. Financial Performance Summary - For 2024, the company achieved a gross margin of 58.25%, a decrease of 3.65 percentage points from the previous year, primarily due to changes in product mix [5]. - The company’s net profit margin for 2024 was 6.80%, showing a slight decline of 0.17 percentage points year-on-year, but overall profitability remained stable due to effective cost control measures [5][10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.76 yuan, 0.93 yuan, and 1.17 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 49.1, 39.9, and 31.7 [8][10]. Market Performance - As of May 8, 2025, the company's closing price was 37.17 yuan, with a year-to-date high of 48.56 yuan and a low of 14.47 yuan [2]. - The total market capitalization of the company is approximately 10.09 billion yuan, with a circulating market value of about 10.01 billion yuan [2]. Regional Performance - The company experienced a slowdown in revenue growth in mainland China due to weak downstream demand, but saw a 6.46% year-on-year increase in Q1 2025 revenue from this region [4]. - In non-mainland regions, the company achieved a revenue of 1.75 billion yuan in Q1 2025, with a year-on-year growth of 2.87%, and a 7.08% increase when excluding currency fluctuations [4]. AI Development and Commercialization - The company is actively enhancing its AI capabilities, with the launch of new AI applications that have significantly improved efficiency in inventory management and supply chain collaboration [6][7]. - The integration of AI technology into product lifecycle management (PLM) has led to a substantial increase in sales and contract values in the R&D and design sectors [7].