Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 3.45 billion yuan in the first half of 2025, representing a year-on-year growth of 6.16%, and a net profit attributable to shareholders of 570 million yuan, up 27.42% year-on-year [7] - The gross margin improved to 29.25%, an increase of 1.11 percentage points year-on-year, while the expense ratios for sales, management, and R&D showed slight increases [7] - The company is consolidating its position as a "hidden champion" in small and medium-sized components and is steadily advancing its overseas strategic layout, including the commencement of production at its second factory in Mexico [7] - The company is expected to achieve net profits of 1.116 billion, 1.280 billion, and 1.492 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 17.0, 14.8, and 12.7 respectively, maintaining the "Accumulate" rating [7] Financial Performance Summary - Revenue forecast for 2023A is 5.957 billion yuan, with a growth rate of 39.7%, and projected revenues for 2024A, 2025E, 2026E, and 2027E are 6.746 billion, 7.743 billion, 8.888 billion, and 10.203 billion yuan respectively [6] - Net profit attributable to shareholders for 2023A is 913 million yuan, with a growth rate of 40.8%, and projected net profits for 2024A, 2025E, 2026E, and 2027E are 940 million, 1.116 billion, 1.280 billion, and 1.492 billion yuan respectively [6] - The company’s EPS for 2023A is 1.03 yuan, with projections of 0.98 yuan for 2024A, 1.13 yuan for 2025E, 1.30 yuan for 2026E, and 1.52 yuan for 2027E [6] Market Performance - Over the last 12 months, the company's stock performance has been -4%, 12%, 27%, 43%, 58%, and 74% compared to the CSI 300 and Shanghai Composite Index [4]