Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][12]. Core Insights - The company achieved a revenue of 16.142 billion yuan in the first half of 2025, representing a year-on-year growth of 29.51%. The electronic process equipment segment contributed 15.258 billion yuan, with a year-on-year increase of 33.89% [3]. - The company has strengthened its product line in the semiconductor equipment sector through strategic acquisitions, notably the acquisition of Chip Source Micro, enhancing its capabilities in lithography process equipment [3][4]. - The gross profit margins for electronic process equipment and electronic components were 41.70% and 50.43%, respectively, showing a decline of 2.93 percentage points and 6.96 percentage points year-on-year [3]. Financial Projections - The company is projected to achieve revenues of 39.485 billion yuan, 49.924 billion yuan, and 59.924 billion yuan for the years 2025, 2026, and 2027, respectively. Correspondingly, the net profit attributable to the parent company is expected to be 7.428 billion yuan, 9.598 billion yuan, and 12.036 billion yuan [5][10]. - The earnings per share (EPS) are forecasted to be 10.29 yuan, 13.30 yuan, and 16.68 yuan for the years 2025, 2026, and 2027, with a decreasing price-to-earnings (P/E) ratio from 36.62 to 22.60 over the same period [10][11]. Industry Context - The semiconductor equipment market in China is rapidly growing, with domestic equipment manufacturers narrowing the performance gap with foreign counterparts. The market share of China's semiconductor equipment is expected to continue increasing [4]. - By 2030, China is projected to become the largest semiconductor wafer foundry center globally, with its share of global installed capacity expected to rise from 21% in 2024 to 30% [4].