Core Viewpoint - The report highlights the strong performance of Jun Ding Da in the automotive sector and its strategic expansion into overseas markets, leading to a dual-driven growth model [1][2]. Financial Performance - In the first half of 2025, Jun Ding Da achieved revenue of 479 million yuan, a year-on-year increase of 31.67%, and a net profit attributable to shareholders of 95 million yuan, up 17.70% year-on-year [1]. - The gross margin for the first half of 2025 was 41.03%, while the net margin was 19.76% [1]. - In Q2 2025, the company reported revenue of 249 million yuan, a year-on-year increase of 25.59% and a quarter-on-quarter increase of 8.47%, with a net profit of 48 million yuan, reflecting a year-on-year growth of 36.66% and a quarter-on-quarter growth of 0.92% [1]. Product and Market Analysis - The functional protective casing segment showed steady growth, contributing significantly to revenue with 356 million yuan in the first half of 2025, a year-on-year increase of 22.97%, accounting for 74.34% of total revenue [1]. - The automotive sector is the primary application area, generating 324 million yuan in revenue, a year-on-year increase of 43.32%, representing 67.79% of total revenue [1]. - The new energy vehicle segment achieved revenue of 145 million yuan, marking a year-on-year growth of 54.70% [1]. Strategic Initiatives - The company is actively developing emerging fields such as humanoid robots, low-altitude economy, photovoltaics, wind power, energy storage, and healthcare [2]. - In the energy storage sector, new products like exhaust valves and liquid cooling pipes for supercharging harnesses have been successfully launched [2]. - The company has established a subsidiary in Mexico and plans to invest in Morocco, aiming to expand its international presence and create a dual-driven growth model [2]. Investment Outlook - Revenue projections for 2025 to 2027 are 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan, with year-on-year growth rates of 22.0%, 21.8%, and 19.7% respectively [3]. - Net profit forecasts for the same period are 214 million yuan, 273 million yuan, and 336 million yuan, with corresponding growth rates of 21.4%, 27.8%, and 23.0% [3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.73 yuan, 3.48 yuan, and 4.28 yuan, with price-to-earnings (PE) ratios of 26.2, 20.5, and 16.7 respectively [3].