Core Viewpoint - The company is actively collaborating with robotics manufacturers to test and develop various products, including infrared thermal imaging modules and multi-dimensional perception modules, aimed at enhancing its competitive edge in the market [1] Group 1: Product Development and Applications - The company is engaged in partnerships with robotics firms to conduct sample testing of products such as infrared thermal imaging modules and multi-dimensional perception modules [1] - The infrared modules are applicable in logistics robots and unmanned delivery systems, indicating a focus on automation and efficiency in these sectors [1] - The vehicle-mounted infrared solutions operate independently of environmental lighting, allowing for effective performance in adverse weather conditions like fog, haze, and dust [1] Group 2: Future Strategy and R&D Focus - The company plans to continue its strategy of "multi-dimensional perception + AI," focusing on core technologies such as infrared thermal imaging, laser, and microwave [1] - Investment in research and development will target intelligent perception, multi-modal analysis and decision-making, and intelligent operational execution across both software and hardware products [1] - The goal is to enhance product value and strengthen the company's competitive position in the market [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 2.544 billion yuan in the first half of 2025, representing a year-on-year growth of 25.82%, and a net profit attributable to shareholders of 351 million yuan, up 56.47% year-on-year [5][11]. - The growth is driven by simultaneous demand release in multiple domestic and international sectors, with product technology upgrades and capacity expansion supporting operational improvements and cost reductions [2][11]. - The company is advancing its non-cooling infrared detector chip technology towards miniaturization, lightweight design, and high resolution, while also expanding its millimeter-wave radar product line into satellite internet terminals and 4D vehicle imaging radar [2][11]. - The establishment of an artificial intelligence subsidiary aims to enhance AI applications across various business areas, thereby improving the company's long-term competitiveness [2][11]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.407 billion yuan, a year-on-year increase of 38.67% and a quarter-on-quarter increase of 23.82% [5]. - The gross profit margin for the first half of 2025 was 50.72%, an increase of 1.26 percentage points year-on-year, with Q2 gross profit margin reaching 54.57%, up 2.31 percentage points year-on-year and 8.61 percentage points quarter-on-quarter [11]. - The company’s operating expenses ratio decreased to 32.15%, down 1.81 percentage points year-on-year, leading to a net profit margin increase of 2.83 percentage points to 11.37% [11]. Business Segments - The infrared thermal imaging and optoelectronic business revenue grew by 36.56% year-on-year to 2.403 billion yuan, while the microwave RF business revenue declined by 65.88% to 75 million yuan [11]. - The company is actively pursuing projects in various fields, including smart guidance, optoelectronic pods, individual soldier equipment, and unmanned equipment, in line with its strategic plans [11]. Future Outlook - The company expects to achieve net profits attributable to shareholders of 860 million yuan, 1.179 billion yuan, and 1.655 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 38, 28, and 20 times [11].