Investment Rating - Investment Rating: "Accumulate" (Maintain) [1] Core Views - The company reported a significant increase in performance, with a 33.42% year-on-year growth in revenue to 1.05 billion yuan and a 348.95% increase in net profit to 192 million yuan for the first half of 2025 [4] - The semiconductor business continues to grow, with a 27.17% increase in revenue and a substantial order backlog of 2.328 billion yuan, reflecting a 54.72% increase since the beginning of the year [6][7] - The photovoltaic segment is also showing resilience, with ongoing technology upgrades and new battery technology development, contributing to stable growth [8] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.05 billion yuan, with a gross margin of 36.05% and a net profit margin of 18.32% [4] - In Q2 2025, revenue was 540 million yuan, a 12.43% decline year-on-year but a 5.76% increase quarter-on-quarter, with net profit reaching 108 million yuan, up 175.65% year-on-year [5] - The company forecasts revenues of 2.946 billion yuan, 3.332 billion yuan, and 3.589 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 318 million yuan, 496 million yuan, and 530 million yuan for the same years [9][10] Business Segment Analysis - Semiconductor: The company is focusing on expanding its semiconductor product offerings, with several new ALD and CVD equipment series gaining market acceptance and orders from key clients [7] - Photovoltaic: The company is enhancing its technology capabilities and optimizing costs while expanding its market presence, particularly with its JW series edge passivation equipment and new XBC battery line solutions [8]