Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 16.106 billion yuan in 2024, an increase of 14.61% year-on-year, while the net profit attributable to shareholders was 253 million yuan, a decrease of 31.02%. In Q1 2025, the revenue reached 4.312 billion yuan, up 21.23% year-on-year, with a significant net profit increase of 78.46% to 212 million yuan [2][6][11]. Financial Performance Summary - In 2024, the company achieved a gross margin of 11.90%, an increase of 1.54 percentage points year-on-year. The net profit margin for Q1 2025 improved significantly, reaching 5.04% [11]. - The company’s inventory turnover days and accounts receivable turnover days decreased by 13.11% and 7.02% respectively in 2024, indicating improved operational efficiency [11]. - The company’s LED business revenue grew by 6.56% in 2024, with high-end LED products increasing by 13.91% [11]. - The integrated circuit business saw a revenue increase of 23.86% in 2024, benefiting from a recovery in terminal market demand [11]. Future Projections - The company is projected to achieve net profits of 982 million yuan, 1.306 billion yuan, and 1.631 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 63X, 47X, and 38X [11].