Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [8]. Core Views - The company reported a revenue of 599 million yuan for H1 2025, a year-over-year decrease of 18.16%, and a net profit attributable to shareholders of 93 million yuan, down 51.41% year-over-year, which aligns with expectations [5][8]. - The company has a robust order backlog, with 1.75 billion yuan in signed contracts yet to be fulfilled, ensuring future revenue growth [8]. - The company is positioned as a core supplier of high-temperature alloys for military applications, benefiting from high demand in the aerospace engine sector [8]. Financial Data and Profit Forecast - For H1 2025, the company achieved a gross margin of 27.92%, a decline of 10.42 percentage points compared to H1 2024 [8]. - The company’s revenue projections for 2025 have been adjusted down to 308 million yuan, with new profit forecasts for 2026 and 2027 set at 396 million yuan and 506 million yuan, respectively [8]. - The company’s earnings per share for 2025 is projected at 0.78 yuan, with a price-to-earnings ratio of 37 for 2025, 29 for 2026, and 22 for 2027 [8].