Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [7][12]. Core Views - The company's performance in the first half of 2025 was impacted by a decrease in demand from the new energy sector, leading to a revenue decline of 9.62% year-on-year to 2.826 billion yuan and a net profit drop of 28.51% to 328 million yuan [4][5]. - Despite short-term challenges, the company is actively developing its supporting equipment market, which has seen continuous growth in orders and revenue, although at lower margins [5]. - The company has initiated partial production of its second phase of complete equipment, which is expected to contribute to future growth [6]. Financial Summary - For the first half of 2025, the company's revenue from various sectors was as follows: minerals and processing (32.81%), environmental protection (29.78%), new energy (13.39%), and chemicals (9.02%) [5]. - The gross margin decreased by 3.53 percentage points to 25.89%, while the expense ratio increased slightly to 9.43% [5]. - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 425.07 million yuan, up 59.04% year-on-year [6]. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 5.811 billion yuan, 6.442 billion yuan, and 7.255 billion yuan, with year-on-year growth rates of -5.20%, 10.86%, and 12.63% respectively [7][10]. - The expected net profit for the same period is 685 million yuan, 784 million yuan, and 918 million yuan, with growth rates of -19.24%, 14.46%, and 17.03% respectively [7][10]. - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 12.98, 11.34, and 9.69 [7][10].