Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 75.13 CNY per share and 49.06 HKD per share for its AH shares [2][8]. Core Views - The company's revenue for the first half of 2025 was 1.839 billion CNY, showing a year-on-year increase of 2.49%, while the net profit attributable to shareholders decreased by 44.38% to 194 million CNY [2][8]. - The FPGA product line experienced significant growth, with revenue reaching 681 million CNY in the first half of 2025, a year-on-year increase of 23.15% [8]. - The demand for high-reliability products is improving, although high inventory levels are impacting short-term profit performance [8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 3,590 million CNY, 4,220 million CNY, 4,850 million CNY, and 5,510 million CNY respectively, with expected growth rates of 1.5%, 17.5%, 14.9%, and 13.6% [4]. - The net profit attributable to shareholders is projected to be 573 million CNY in 2024A, increasing to 1,227 million CNY by 2027E, with growth rates of -20.4%, 40.3%, 28.1%, and 19.3% respectively [4]. - The company’s gross margin for the first half of 2025 was 56.8%, a slight increase of 0.31 percentage points year-on-year [8]. Market Performance - The company’s stock price as of August 27, 2025, was 58.60 CNY, with a 12-month high of 58.60 CNY and a low of 23.68 CNY [5][8]. - The report indicates that the company has maintained a competitive advantage in the smart meter chip product line, achieving revenue of 248 million CNY in the first half of 2025, a year-on-year increase of 16.98% [8].