Performance Overview - In the first half of 2025, the company achieved operating revenue of 1.772 billion yuan (+24.20%) and a net profit attributable to shareholders of 261 million yuan (+59.04%), with an EPS of 0.57 yuan and a non-recurring net profit of 253 million yuan (+62.71%) [1] - In Q2, the company reported operating revenue of 1.01 billion yuan (YoY +30.3%, QoQ +32.5%) and a net profit attributable to shareholders of 155 million yuan (YoY +71.8%, QoQ +44.9%) [1] Industry Turning Point - The company’s main business segments, including components and ceramic new materials, have reached a turning point in 2025 [1] - In the components sector, the competitive landscape for mid-to-high-end products is favorable, with a recovery in orders from high-reliability application areas leading to positive revenue growth across all product lines [1] - The new materials segment has seen rapid sales growth due to the acceleration of customer pilot line projects, with strong demand driving significant increases in business scale and profitability [1] Main Business Recovery - The company’s core business is recovering rapidly, with the components segment generating revenue of 692 million yuan (+27.62%) due to low inventory levels among downstream customers and a full recovery of military orders [2] - The international trade segment achieved revenue of 941 million yuan (+15.86%) driven by increased investment in core products and the trend of domestic substitution in industries like new energy vehicles and industrial automation [2] - The new materials segment saw a strong sales increase, achieving revenue of 133 million yuan (+101.88%), with improved operational efficiency contributing to enhanced profitability [2] Future Growth Potential - The demand for passive components in high-reliability fields is expected to maintain high growth during the 14th Five-Year Plan period due to the increasing trend of weapon electronicization and domestic substitution [2] - The development of ceramic materials is anticipated to exceed expectations, with stable production of third-generation ceramic fibers and increasing demand from downstream customers [2] - The company has entered the liquid cooling market through a strategic acquisition, aiming to expand its applications in data centers, industrial equipment, and special equipment [2] Investment Outlook - The company is positioned as a dual-driven enterprise in components and new materials, with rapid performance growth expected to continue due to the recovery of component orders and increasing downstream demand for new materials [2] - Projected revenues for 2025-2027 are 3.591 billion yuan, 4.569 billion yuan, and 5.940 billion yuan, with corresponding net profits of 528 million yuan, 661 million yuan, and 847 million yuan, indicating significant growth rates [2]