Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company reported a revenue of 2.7 billion yuan for 2024, representing a year-on-year growth of 60.74%, while the net profit attributable to shareholders decreased by 16.16% to 227 million yuan. For Q1 2025, revenue reached 510 million yuan, showing a significant year-on-year increase of 198.95%, with net profit attributable to shareholders soaring by 2253.57% to 84 million yuan [2][6] Summary by Sections Financial Performance - In 2024, the company's semiconductor equipment revenue was 327 million yuan, a year-on-year increase of 168.44%, while photovoltaic equipment revenue was 2.29 billion yuan, up 52.94%. The proportion of semiconductor equipment revenue in the main business increased from 7.27% in 2023 to 12.14% in 2024 [6][12] - The total order backlog at the end of 2024 was 6.772 billion yuan, with significant contributions from the photovoltaic sector (5.188 billion yuan) and the semiconductor sector (1.505 billion yuan). The semiconductor order backlog grew by 65.91% year-on-year [12] Market Position and Strategy - The company is recognized as a leading supplier of atomic layer deposition (ALD) equipment in China, continuously expanding its technological coverage and launching new solutions for various applications in the semiconductor field [12] - The product portfolio includes iTomic series ALD equipment and iTronix series chemical vapor deposition (CVD) equipment, addressing the needs of advanced packaging, logic chips, and storage chips [12] Future Projections - The projected net profit attributable to shareholders for 2025 and 2026 is 304 million yuan and 374 million yuan, respectively, with corresponding price-to-earnings ratios of 47 and 38 [12]