Investment Rating - The investment rating for the company is "Buy-A" with a target price of 126.71 CNY per share, maintaining the rating [4][8]. Core Insights - The company is actively participating in national strategic projects, aligning with the "14th Five-Year Plan" and "15th Five-Year Plan" to drive breakthroughs in key technologies in integrated circuits, high-end instruments, and other critical areas [1]. - The high-end microscope business is expected to see a recovery in growth, with the proportion of high-end products exceeding 40% of total microscope sales [2]. - The company is diversifying its optical business, with semiconductor optics expected to contribute significantly to revenue growth [3]. Summary by Sections Business Development - The company is leading national major instrument projects, focusing on ultra-high resolution imaging technology and surgical navigation microscopes, which are expected to enhance its competitive edge [2]. - The high-end microscope segment is projected to recover in the second half of 2025, with a significant increase in high-end product orders [2]. Optical Business Diversification - Barcode scanning and machine vision businesses are growing steadily, with successful collaborations with major clients like Zebra and Honeywell [3]. - The automotive laser radar optical components have achieved mass production, with shipments nearing one million units in the first half of 2025 [3]. - The medical optical segment has seen substantial growth, driven by domestic substitution and increased overseas demand for medical imaging components [3]. Financial Projections - Revenue projections for 2025-2027 are 1.09 billion CNY, 1.40 billion CNY, and 1.78 billion CNY, respectively, with net profits of 270 million CNY, 367 million CNY, and 480 million CNY [8][10]. - The company is expected to maintain a strong competitive advantage in precision optical manufacturing, with continued growth in microscopes and semiconductor optics [8].