Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - In the first half of 2025, the company achieved revenue of 166 million yuan (yoy +7%) and a net profit attributable to shareholders of 32.94 million yuan (yoy +3%) [6] - The company has established a strategic partnership with Konghui Automotive to co-develop new products, enhancing its market position [6][7] - The company is focusing on the research and development of new energy vehicle components, with significant growth in traditional fuel vehicle components as well [6] Financial Performance - In 2025H1, the company's revenue from new energy vehicle components, general automotive components, and traditional fuel vehicle components were 69.3 million yuan (yoy +8%), 37.92 million yuan (yoy +7%), and 43.2 million yuan (yoy +28%) respectively [6] - The gross profit margins for these segments were 33% (yoy +2pcts), 38%, and 32% respectively [6] - The company’s total market capitalization is 2,522.71 million yuan, with a circulating market value of 1,342.77 million yuan [3] Business Development - The company has successfully completed the acceptance of its third-generation welding ring production line, which is expected to achieve mass production within the year [6] - The company is actively expanding its overseas presence, including establishing joint ventures in Slovenia to enhance supply chain security [7] - The company’s investment in new technologies and partnerships is expected to improve its competitive edge and market share [6][7] Earnings Forecast - The forecasted net profits for the company from 2025 to 2027 are 65 million yuan, 80 million yuan, and 100 million yuan respectively, corresponding to PE ratios of 38.9, 31.6, and 25.2 times [6][8]