Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [11]. Core Insights - The company has demonstrated strong revenue growth, achieving 1.461 billion yuan in revenue for the first half of 2025, a year-on-year increase of 18.7%, and a net profit of 282 million yuan, up 26.49% from the previous year [1]. - The company benefits from favorable national policies and structural market growth, particularly in the automation equipment sector, which is experiencing accelerated domestic replacement due to government support and increasing demand [1][2]. - The company has established a robust one-stop supply chain platform, with a diverse product range covering 199 major categories and over 4.57 million SKUs, enhancing customer engagement through dual-channel collaboration [2][3]. Summary by Sections Industry Policy and Market Growth - The automation equipment industry is supported by national policies aimed at manufacturing transformation and equipment upgrades, creating a favorable environment for growth [1]. - The trend of "machine substitution" is deepening due to a decline in the proportion of the working-age population, with the domestic automation equipment localization rate expected to exceed 70% by 2025 [1]. Supply Chain and Revenue Performance - The company has restructured its supply chain through a model that combines non-standard parts standardization and centralized ordering, resulting in significant revenue growth in the new energy and automotive sectors, with increases of 53.17% and 53.25% respectively [2]. - Online orders account for 17.42% of total orders, with a higher gross margin compared to offline orders, indicating effective channel synergy [2]. Digitalization and Globalization - The company leverages digital tools to enhance global operations, utilizing e-commerce platforms and ERP systems for efficient management and coordination of international business [3][10]. - The integration of digitalization and globalization has improved operational efficiency and customer satisfaction, supporting the company's international strategy [10]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.998 billion yuan, 3.539 billion yuan, and 4.144 billion yuan respectively, with corresponding EPS of 0.85, 1.05, and 1.30 yuan [11][13]. - The current stock price corresponds to a PE ratio of 32.0, 25.9, and 20.9 for the years 2025, 2026, and 2027 respectively, reflecting the company's stable growth trajectory [11].