Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 16.61 CNY per share, reflecting a 10x PS valuation for 2025 [4][6]. Core Insights - The company is expected to achieve significant revenue growth from 2025 to 2027, with projected revenues of 15.46 billion CNY, 20.96 billion CNY, and 25.18 billion CNY, respectively. Corresponding net profits are forecasted to be 2.4 billion CNY, 3.35 billion CNY, and 3.72 billion CNY [4][11]. - The company has successfully transitioned to a leading bismuth materials platform following the establishment of Anhui Wandao Electronics, which has significantly boosted revenue and profit [2][10]. - The company has accelerated the construction of new bismuth production lines, expected to commence production in the second half of 2025, aiming to meet customer demand and mitigate raw material price volatility [10][11]. Financial Performance - In the first half of 2025, the company reported a net profit attributable to shareholders of 0.3-0.4 billion CNY, marking a turnaround from previous losses. The net profit after deducting non-recurring items was projected to be between -0.2 and -0.1 billion CNY, indicating a year-on-year increase in losses of 159.47% to 29.74% [1][2]. - The second quarter of 2025 saw a net profit attributable to shareholders of 0.5-0.6 billion CNY, again reflecting a recovery, while the net profit after non-recurring items narrowed losses to between -0.16 and -0.06 billion CNY, a year-on-year improvement of 21.96% to 70.67% [1][2]. Market Position and Growth - The company has achieved record deliveries of ion implantation machines, with five 12-inch machines delivered in June 2025, indicating strong demand and operational capabilities in advanced semiconductor manufacturing [3][10]. - The company has enhanced its liquidity through the sale of its stake in Zhejiang Princ Electronics, which not only improved net profit but also provided funding for future R&D and capacity expansion [2][10].