振华风光（688439）：业绩受降价影响短期承压，拓市场、拓品类卓有成效，看好长期发展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 73.79 CNY [4][2] Core Views - The company's performance is under short-term pressure due to price reductions, but it is effectively expanding its market and product categories, indicating a positive long-term outlook [1][7] - In H1 2025, the company achieved revenue of 465 million CNY, a decrease of 23.90% year-on-year, and a net profit attributable to the parent company of 62 million CNY, down 73.03% [1] - The company is focusing on new product development and market expansion, with significant breakthroughs in new product R&D and orders [7] Financial Summary - Revenue projections for 2025 are adjusted to 1,198 million CNY, with an estimated EPS of 1.57 CNY [2] - The company expects revenue growth of 12.7% in 2025, followed by 26.0% in 2026 and 23.6% in 2027 [10] - The gross margin is projected to decline to 60.9% in 2025, with a recovery to 63.5% in 2026 and 64.4% in 2027 [10] - The net profit margin is expected to be 26.2% in 2025, improving to 30.1% in 2026 and 33.3% in 2027 [10] - The company is positioned as a leading supplier of high-reliability amplifiers in the military integrated circuit sector, benefiting from industry growth [7]