Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 shows a slight decline in revenue but a significant increase in net profit, driven by the recovery in the semiconductor sector and a rebound in aerospace orders [8] - The gross margin improved due to lower raw material costs and optimized product structure, indicating better profitability [8] - The company is strengthening its core competitiveness by obtaining certifications from major international players and launching new products, which may open new market opportunities [8] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 908 million yuan, a year-on-year decrease of 0.77%, while net profit attributable to the parent company was 222 million yuan, an increase of 28.72% [8] - The gross margin for the first half of 2025 was 49.21%, up 5.82 percentage points from the previous year [8] - The company expects net profits for 2025-2027 to be 510 million, 683 million, and 787 million yuan respectively, with corresponding P/E ratios of 96, 72, and 62 [8][9]