Xin Lang Cai Jing·2025-08-12 01:41Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating a robust operational capability and market position [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.17 billion yuan, representing a year-on-year increase of 29.20% - The net profit attributable to the parent company was 327 million yuan, up 38.27% year-on-year - In Q2 2025, the company recorded revenue of 609 million yuan, a year-on-year growth of 33.81% [1]. Operational Analysis - The company's profitability remains stable, with a gross margin of 47.4% in Q2 2025, remaining relatively flat quarter-on-quarter - The net profit margin was 26.9%, down 2.2 percentage points quarter-on-quarter, but the overall profitability has been maintained within a stable range over the past year [1]. - The company is enhancing its innovation capabilities in the photovoltaic sector by launching TOPCon+ laser solutions, aiming to adapt to the industry's shift towards new production capabilities [1]. Growth Opportunities - The company is actively developing laser processing equipment for consumer electronics, new displays, and integrated circuits, which may open a second growth curve - The TGV laser micro-hole equipment and its TGV appearance detection AOI equipment are part of this expansion into the semiconductor field [1]. Profit Forecast and Valuation - Based on current orders and business developments, the company forecasts profits of 650 million yuan, 660 million yuan, and 652 million yuan for 2025, 2026, and 2027 respectively - Corresponding EPS is projected to be 2.37 yuan, 2.41 yuan, and 2.38 yuan, with current stock prices reflecting a PE ratio of 32, 31, and 31 times for the respective years [1].