Core Viewpoint - The company has experienced rapid growth in defense, new energy vehicles, data centers, and high-end civil manufacturing sectors, but has faced a decline in net profit due to rising raw material costs and changes in business structure [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.183 billion yuan, a year-on-year increase of 21.60%, while net profit attributable to the parent company was 1.437 billion yuan, a decrease of 13.87% [1]. - The gross profit margin fell from 36.97% in the same period last year to 30.31%, primarily due to a 34.77% increase in operating costs [1]. - Total assets at the end of the period were 41.355 billion yuan, a slight increase of 0.26% from the beginning of the year, with a debt-to-asset ratio rising to 39.11% [1]. Cash Flow and Receivables - Accounts receivable increased to 15.437 billion yuan, leading to a significant drop in net cash flow from operating activities from 1.135 billion yuan in the first half of 2024 to 323 million yuan in the first half of 2025 [2]. - Contract liabilities and inventory rose to 323 million yuan and 5.173 billion yuan, respectively, in line with increased orders [2]. Business Segments and Growth - The company has solidified its position as a preferred supplier in the defense sector and has made significant inroads into emerging markets such as unmanned systems, deep water, and space launch vehicles [2]. - The new energy vehicle business has steadily progressed, becoming part of the core supply chain for major domestic automakers [2]. - The data center business has shown rapid growth, with a clear advantage in liquid cooling products [2]. Research and Development - R&D investment reached 883 million yuan, accounting for 7.90% of revenue, with breakthroughs in key technologies such as high-power transmission and deep-water sealing [2]. - The company has initiated a share repurchase plan of 150 to 300 million yuan, having repurchased 72 million yuan to support future equity incentives [2]. Profit Forecast - The company's performance aligns with market expectations, with projected net profits for 2025-2027 estimated at 3.704 billion, 4.261 billion, and 4.636 billion yuan, respectively, corresponding to PE ratios of 24, 21, and 19 times [3].