Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17.23 CNY, compared to the current price of 12.06 CNY [5][9]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 463-471 million CNY in the first half of 2025, representing a year-on-year increase of 6.06-7.80%. The non-recurring net profit is projected to be 436-443 million CNY, reflecting a growth of 8.13%-10.01% year-on-year [2][5]. - The company continues to demonstrate operational resilience in Q2 2025, with a net profit of 327-334 million CNY, showing a year-on-year increase of 7.5-10% and an acceleration compared to Q1 [9]. - The international expansion strategy is opening up growth opportunities, with ongoing acquisitions, including a deal with Carlyle Group to acquire Safety SA in South Africa, expected to enhance service capabilities in Africa [9]. Financial Summary - Total revenue is projected to grow from 6,084 million CNY in 2024 to 8,158 million CNY in 2027, with year-on-year growth rates of 10.3% for 2025 and 10.2% for 2026 [4][10]. - Net profit attributable to shareholders is forecasted to increase from 921 million CNY in 2024 to 1,274 million CNY in 2027, with growth rates of 12.5% for 2025 and 10.9% for 2026 [4][10]. - The company’s earnings per share (EPS) is expected to rise from 0.55 CNY in 2024 to 0.76 CNY in 2027, with a corresponding decrease in price-to-earnings (P/E) ratio from 22x in 2024 to 16x in 2027 [4][10].