Core Insights - The company reported a revenue of 9.937 billion yuan for 2024, representing a year-over-year increase of 32.95%, and a net profit attributable to shareholders of 1.209 billion yuan, up 35.60% year-over-year [1] - The fourth quarter saw a revenue of 3.358 billion yuan, with a year-over-year growth of 41.80% and a quarter-over-quarter increase of 28.80% [1] Revenue and Profit Growth - The rapid growth in revenue is attributed to the quick ramp-up of electric control products, with Q4 sales of smart electric control products increasing by 48% year-over-year and 32% quarter-over-quarter, totaling 1.78 million sets [2] - The company added 40 and 22 new designated projects for EPB/WCBS, respectively, contributing to the revenue growth [2] Margin Improvement - The gross margin for 2024 was reported at 21.14%, with Q4 gross margin at 20.86%, which is expected to improve to approximately 22.2% after adjusting for warranty costs [3] - The net profit margin for 2024 increased by 0.2 percentage points year-over-year to 12.2% [3] Global Expansion - The company’s overseas revenue grew by 25.9% year-over-year to 1.09 billion yuan, with a gross margin of 31.9%, significantly higher than domestic operations [4] - The first phase of the Mexican factory has quickly reached production capacity, and the second phase is expected to support major North American automakers [4] Profit Forecast - The company maintains profit forecasts of 1.51 billion yuan and 1.93 billion yuan for 2025 and 2026, respectively, with an expected net profit of 2.42 billion yuan for 2027 [5] - A target price of 65.49 yuan is set for 2025, based on a PE ratio of 26.3 times [5]