Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's overseas manufacturing layout advantages are gradually becoming apparent, particularly due to its early investment in a production base in Vietnam, which has established a solid foundation in customer resources, production capacity, localized supply chains, personnel quality, and technical processes [2][3] - The company aims to maintain its "top one or two" market strategy while actively responding to tariff impacts, focusing on insights and expansion efforts towards top customers in key countries [4] - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 52 billion, 58 billion, and 66 billion respectively, with net profits of 3.3 billion, 3.7 billion, and 4.3 billion, corresponding to P/E ratios of 12, 10, and 9 times [5] Financial Performance Summary - In Q2 2025, the company reported revenue of 1.2 billion, a decrease of 1% year-on-year, and a net profit of 70 million, a decrease of 10% year-on-year. For the first half of 2025, revenue was 2.2 billion, an increase of 7% year-on-year, and net profit was 130 million, an increase of 5% year-on-year [1] - The company has established strong localized supply chain capabilities, with vertical integration in manufacturing for components such as injection molding, foam, and hardware, leading to stable supply chains and cost advantages [2] - The company has seen continuous improvement in manufacturing capabilities and process levels, supported by international certifications, enhancing its ability to undertake higher technical requirements for products [2][3] Market Strategy - The company is expanding its sales organization internationally, establishing multiple sales offices to better understand market trends and customer needs, thereby increasing market penetration [4] - The establishment of the Romanian production base in 2023 is accelerating new product introduction and capacity ramp-up, supporting the company's expansion into the European and American markets [3]