Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported better-than-expected performance in Q1 2025, with revenue reaching 717 million yuan, a year-on-year increase of 97.8% [8] - The automotive electronics business is a key growth driver, with revenue from this segment exceeding 36% in 2024 [8] - The company has adjusted its revenue forecasts for 2025 and 2026 to 2.93 billion yuan and 4.09 billion yuan respectively, reflecting strong demand in the automotive chip market [8] Financial Data and Profit Forecast - Total revenue for 2024 was 1.96 billion yuan, with a year-on-year growth of 49.5% [8] - The company expects to achieve a net profit of 186 million yuan by 2027, with a significant turnaround from a net loss of 403 million yuan in 2024 [7][10] - The gross margin is projected to improve from 32.7% in 2024 to 35.7% by 2027 [7]