Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [3][8]. Core Views - The company is projected to achieve revenue growth from 1,976 million yuan in 2024 to 2,493 million yuan in 2025, reflecting a year-on-year growth rate of 26% [3][6]. - The net profit attributable to the parent company is expected to recover from a loss of 126 million yuan in 2024 to a profit of 10 million yuan in 2025, indicating a significant turnaround [3][6]. - The company is focusing on the innovation and growth path in the intelligent connected vehicle sector, which has shown promising growth despite profit pressures [5][6]. Financial Performance Summary - In 2024, the company reported revenue of 1,976 million yuan, a 5.23% increase year-on-year, but incurred a net loss of 126 million yuan [5]. - The first quarter of 2025 saw a revenue increase of 13.59% year-on-year, with a reduced net loss of 42 million yuan [5]. - The overall gross margin for 2024 was 15.23%, down 2.17 percentage points from the previous year, indicating margin pressure [5]. Business Segment Analysis - The mobile intelligent terminal software segment generated revenue of 936 million yuan in 2024, a decline of 3.76% year-on-year, primarily due to decreased income from some clients [5]. - The intelligent connected vehicle software segment achieved revenue of 490 million yuan in 2024, marking a 16.91% increase year-on-year, supported by expanding overseas markets [5]. - The company has established a comprehensive technical moat in the operating system technology field, collaborating closely with chip manufacturers [5][6]. Profitability Forecast - The company forecasts revenues of 2,493 million yuan for 2025, 3,128 million yuan for 2026, and 3,800 million yuan for 2027, with corresponding net profits of 10 million yuan, 81 million yuan, and 146 million yuan respectively [6][7]. - The report anticipates a gradual improvement in profitability, with a projected net profit margin of 4.0% by 2027 [6][7].