Core Viewpoint - The company reported a revenue of 16.758 billion yuan for 2024, reflecting a year-on-year increase of 5.35%, while the net profit attributable to shareholders was 405 million yuan, showing a decline of 4.76% [3] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, and a net profit of 142 million yuan, which is a significant increase of 16.22% year-on-year [3] - The gross margin for Q4 2024 was 38.13%, representing a quarter-on-quarter increase of 6.29 percentage points [3] Group 2: Product Innovation and Development - The company made breakthroughs in network infrastructure products, particularly in the data center sector, enhancing its innovation capabilities and driving the development of data center infrastructure [4] - The AI-FlexiForce intelligent computing center network solution achieved large-scale delivery and won the "Annual Influential Solution Award" [4] - The company launched innovative products such as the TH5 switch, 51.2T CPO switch, and globally leading 400G/800G LPO optical modules in 2024 [4] Group 3: Expansion in AI Applications - In the field of trusted computing (信创), the company developed the "Shenghua" series machines based on Huawei's latest Kirin 9000C chip, aiding various sectors like government, state-owned enterprises, education, and healthcare in achieving intelligent upgrades [5] - The company received telecom equipment network access licenses for multiple AI voice core products, enhancing its competitiveness in the operator market and industry private networks [5] - In the vehicle networking sector, the company advanced its ODM and EMS businesses, solidifying its presence in North America while expanding into over 20 countries across Europe, Africa, Asia, and South America [5]

Core Viewpoint - The company reported a revenue of 16.758 billion yuan for 2024, reflecting a year-on-year increase of 5.35%, while the net profit attributable to shareholders was 405 million yuan, down 4.76% year-on-year [1] Group 1: Financial Performance - The company achieved Q4 revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, up 16.22% year-on-year [1] - The gross margin for Q4 was 38.13%, showing a quarter-on-quarter increase of 6.29 percentage points [1] Group 2: Product and Market Development - The company made significant breakthroughs in network infrastructure products, particularly in the data center sector, enhancing its innovation capabilities [2] - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and won the "Annual Influential Solution Award" [2] - The company launched innovative products such as the TH5 switch, 51.2T CPO switch, and leading global 400G/800G LPO optical modules [2] Group 3: AI Applications Expansion - In the field of trusted computing, the company developed the "Shenghua" series machines based on Huawei's Kirin 9000C chip, aiding various sectors in achieving intelligent upgrades [2] - The company received telecom equipment access licenses for multiple AI voice core products, enhancing competitiveness in the operator market and industry private networks [3] - The company made strides in smart medical solutions, which were implemented in national regional medical centers across provinces like Shandong, Shanghai, and Beijing [3] Group 4: Market Outlook and Profit Forecast - The company adjusted its net profit forecasts for 2025 and 2026 downwards by 39% and 42% to 510 million yuan and 622 million yuan, respectively, while introducing a new forecast of 728 million yuan for 2027 [3] - The company maintains a "buy" rating, anticipating growth opportunities from AI intelligent computing center networks and increased demand for white-label switches in data centers driven by operator investments [3]