Investment Rating - The report maintains a "Buy-A" rating for the company [2][7]. Core Views - The company has shown continuous improvement in revenue and is actively expanding into new business areas. In Q2 2025, the company achieved revenue of 319 million yuan, a year-on-year increase of 10.29%, marking a return to growth after Q1 [5][6]. - The company is experiencing a recovery in downstream demand, with increasing orders and delivery volumes. The construction of funded projects is progressing smoothly, and the company is expected to benefit from increased national investment in aerospace and other high-reliability specialty fields [6]. Financial Data and Valuation - For the fiscal year 2023A, the company reported revenue of 1,467 million yuan, with a year-on-year decrease of 14.4%. The projected revenue for 2025E is 1,542 million yuan, reflecting a significant year-on-year increase of 67.3% [5][12]. - The net profit for 2023A was 97 million yuan, with a projected net profit of 103 million yuan for 2025E, indicating a recovery from a loss of 501 million yuan in 2024A [5][12]. - The gross margin is expected to improve from 40.0% in 2024A to 47.4% in 2025E, while the return on equity (ROE) is projected to rise from -19.5% in 2024A to 4.0% in 2025E [5][12]. - The company’s earnings per share (EPS) are projected to be 0.19, 0.48, and 0.75 for the years 2025E, 2026E, and 2027E respectively, with corresponding price-to-earnings (P/E) ratios of 104.0, 41.4, and 26.3 [5][7]. Market Performance - As of August 22, 2025, the company's closing price was 19.84 yuan, with a market capitalization of 107.63 billion yuan [3].