Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown impressive performance in its financial results, with a significant increase in revenue and net profit for the first half of 2025 [1][4] - The growth in the company's two core business segments is expected to continue, driven by high-performance new products and strong demand in the market [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 1.473 billion yuan, a year-on-year increase of 8.85%, and a net profit of 172 million yuan, up 70.98% [1] - In Q2 2025, revenue reached 888 million yuan, growing by 0.88%, with a net profit of 102 million yuan, reflecting a 67.12% increase [1] - The pre-stressed materials segment generated 1.158 billion yuan in revenue, accounting for 78.58% of total revenue, with a year-on-year growth of 8.12% [2] - The gross profit margin for the company improved to 24.26%, an increase of 8.14 percentage points year-on-year [3] - The net profit margin for H1 2025 was 12.24%, up 4.45 percentage points year-on-year [3] Business Segment Performance - The pre-stressed materials segment's net profit was 130 million yuan, representing a 67.05% year-on-year increase, contributing 75.49% to the company's total net profit [3] - The concrete products segment achieved a net profit of 43 million yuan, up 76.69% year-on-year, contributing 25.03% to the total net profit [3] - The company expects continued strong growth in both core business segments, supported by market demand and product innovation [4] Earnings Forecast - The company is projected to achieve net profits of 350 million yuan, 560 million yuan, and 650 million yuan for the years 2025, 2026, and 2027, respectively [4] - Corresponding P/E ratios are expected to be 24X, 15X, and 13X for the same years [4]