Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 26.78 [1][5]. Core Views - The company reported a significant revenue growth of 44.8% year-on-year in H1 2025, with Q2 revenue increasing by 56.7% [1]. - The acceleration in project turnover in the photovoltaic EPC business is expected to drive new growth opportunities, particularly in heavy-duty vehicle battery swapping [1][5]. - The gross margin has been under pressure, decreasing by 4.9 percentage points year-on-year to 12.4% in H1 2025, primarily due to intense market competition [2]. - The company has successfully entered overseas markets with its energy storage systems and is actively expanding its heavy-duty vehicle battery swapping business [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 90 million and a net profit of RMB 3 million, with Q2 figures reaching RMB 59 million and RMB 2 million, respectively [1]. - The photovoltaic power station system integration and operation businesses generated revenues of RMB 87 million and RMB 3 million, reflecting year-on-year increases of 44.5% and 76.7% [2]. - The operating cash flow improved significantly, with a net cash flow of RMB 200 million, an increase of RMB 46 million year-on-year, driven by improved collections [3]. Business Development - The company has successfully launched its energy storage systems in Europe and the Middle East, aiming for growth in overseas business volume and local operations [4]. - A new dual-side battery swapping station for electric mining trucks has been established in Xinjiang, indicating potential for new growth in the heavy-duty vehicle sector [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits of RMB 80 million, RMB 110 million, and RMB 130 million for 2025 to 2027, reflecting a CAGR of 35.5% [5]. - The target price has been revised to RMB 26.78, based on a PEG ratio of 1.5x for 2025, considering the continued growth in the core photovoltaic business [5].