Investment Rating - The report maintains an "Accumulate-A" rating for the company [4] Core Views - The company achieved steady growth in H1 2025, with revenue reaching 1.113 billion yuan, a year-on-year increase of 14.71%, and a net profit of 55 million yuan, up 45.14% year-on-year. The growth was driven by three main business segments, particularly the air conditioning compressor business, which saw a significant increase [8] - The company is expanding its planetary roller screw production capacity, contributing to a second growth curve, leveraging over 20 years of experience in precision metal processing [8] - The forecast for net profit growth from 2025 to 2027 is 57.6%, 39.2%, and 69.4% respectively, with key indicators such as gross margin and net margin steadily improving [8] Financial Performance - For H1 2025, the company reported a revenue of 1.113 billion yuan, with a breakdown showing chassis business revenue at 714 million yuan (up 25.0%), air conditioning compressor revenue at 306 million yuan (up 42.13%), and aluminum forging lightweight business revenue at 92 million yuan (up 35.04%) [8] - The company’s gross margin for H1 2025 was 19.12%, with a net profit margin of 5.13% [8] - The projected financial data for the upcoming years indicates a revenue increase from 1.881 billion yuan in 2023 to 3.972 billion yuan in 2027, with net profit expected to rise from 51 million yuan to 266 million yuan over the same period [6][9]