Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 709 million yuan for H1 2025, a year-on-year increase of 2.24%, but a significant decline in net profit by 79.09% to 16 million yuan [2][6]. - The gross margin decreased to 36.26%, down 4.0 percentage points year-on-year, indicating pressure on profitability [2][6]. - The company is expected to achieve net profits of 285 million yuan, 433 million yuan, and 604 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 88x, 58x, and 41x [6]. Summary by Sections Financial Performance - In Q2 2025, the company generated revenue of 434 million yuan, a decrease of 3.47% year-on-year, with net profit dropping 81.27% to 11 million yuan [2][6]. - The company’s R&D expenses reached 132 million yuan in H1 2025, a 12.87% increase year-on-year, accounting for 19% of total revenue [10]. Market Position and Growth Drivers - The company leads the domestic market for front-end coating and developing equipment, with a stable order intake for its products [6][10]. - The introduction of new chemical cleaning machines is expected to drive future growth, supported by a robust demand for advanced packaging solutions [6][10]. Industry Outlook - The global semiconductor equipment market is projected to grow to $125.51 billion in 2025, a year-on-year increase of 7.40%, driven by the expansion of logic and memory capacities to meet rising AI application demands [10].