Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is experiencing pressure on pricing and profitability in the domestic market, but the new national standards are expected to bring significant order increases [1][4]. - The company is a leader in the vacuum insulation panel industry, benefiting from its scale, cost advantages, and customer base, with a positive outlook for the coming years despite current price competition [4]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 469 million yuan, a year-on-year increase of 3.7%, but the net profit attributable to shareholders fell by 77.66% to 12.1 million yuan [1]. - The company's vacuum insulation panel revenue was 452 million yuan, accounting for 96.47% of total revenue, with a year-on-year growth of 1.78% [2]. - The gross margin for the first half of 2025 was 23.9%, a decrease of 9.57 percentage points year-on-year, primarily due to price declines and increased raw material costs [3]. - The company’s domestic revenue reached 285 million yuan, a year-on-year increase of 26.34%, while export revenue was 184 million yuan, a decline of 18.79% [2]. Profit Forecast and Investment Recommendations - The profit forecast for the company has been adjusted downwards due to intense price competition, with expected net profits for 2025, 2026, and 2027 at 60 million, 120 million, and 170 million yuan respectively [4]. - The report projects a price-to-earnings ratio (PE) of 59X for 2025, 32X for 2026, and 22X for 2027 [4].