Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company is positioned at the forefront of domestic manufacturers in terms of process node layout and is steadily advancing its high-generation, high-precision mask production capacity [1]. - The company has become a key supplier for BOE's G8.6 AMOLED production line, with plans to deliver the first set of G8.6 AMOLED masks in Q3 2025 [2]. - The company is expanding its semiconductor mask production capabilities, with ongoing projects aimed at advanced process nodes, including 14nm technology [3][8]. Financial Performance - The company reported a revenue of 672 million yuan in 2023, with projected growth rates of 30.2% in 2024 and 37.5% in 2025, reaching 1.204 billion yuan [1][9]. - The net profit attributable to the parent company is expected to grow from 149 million yuan in 2023 to 275 million yuan in 2025, reflecting a growth rate of 44.3% [1][9]. - The company's return on equity (ROE) is projected to increase from 9.7% in 2023 to 22.5% by 2027 [1][9]. Market Position and Strategy - The company has successfully attracted over 70 new clients in the first half of 2025, with total cooperative clients exceeding 500, indicating strong market demand [8]. - The company is investing in a new high-generation, high-precision mask production base in Xiamen, which is expected to enhance its production capacity and market share [2][3]. - The company plans to invest 4-6 billion yuan in the second phase of its semiconductor mask project, focusing on 40-28nm process nodes, with construction expected to begin in 2026-2027 [3].