Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6] Core Views - The company has shown rapid revenue growth quarter by quarter, with a focus on expanding its military trade market [1][5] - In the first half of 2025, the company's revenue reached 5.727 billion yuan, a year-on-year increase of 19.62%, while the net profit attributable to shareholders was 290 million yuan, up 9.99% year-on-year [2][4] - The company is actively developing new orders in unmanned equipment, maintenance support equipment, and simulation training devices, solidifying its position in the core equipment field of ground weapons [5][6] Financial Performance - In Q2 2025, the company achieved revenue of 2.996 billion yuan, a year-on-year increase of 19.64%, and a net profit of 104 million yuan, up 8.17% year-on-year [4] - The company's foreign sales revenue reached 1.064 billion yuan in the first half of 2025, a significant year-on-year increase of 280.96% [4] - The total liabilities decreased by 5.75% year-on-year to 8.719 billion yuan, while cash and cash equivalents decreased by 44.20% to 2.372 billion yuan [2][4] Market Position and Strategy - The company is positioned as a total assembly enterprise for ground assault equipment in China's military industry, focusing on high-tech warfare needs and expanding into high-end military trade products [5][6] - The geopolitical conflicts have catalyzed market demand, allowing the company to transition from mid-to-low-end products to high-end markets, with significant achievements in new market development [5][6] Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.41, 0.49, and 0.56 yuan, respectively, corresponding to PE ratios of 58.1, 49.5, and 43.1 based on the closing price of 24.09 yuan on August 27 [6][8]