Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Views - The company is experiencing rapid growth in its communication cable segment, driven by increased demand from downstream industries such as data communication. This has led to a significant rise in revenue and net profit [2][3]. - The company has a robust order backlog and is actively developing next-generation high-speed communication cables, including a focus on 448G technology [2]. - The lifecycle of high-speed copper cables is expected to extend, supported by the ongoing construction of AI infrastructure overseas, which favors copper cables for short-distance transmission [3]. Financial Performance Summary - The company forecasts a net profit attributable to shareholders of 5.45-5.87 billion yuan for the first half of 2025, representing a year-on-year increase of 30%-40%. The net profit after excluding non-recurring items is expected to be 5.11-5.50 billion yuan, also reflecting a 30%-40% increase [1]. - For the second quarter of 2025, the company anticipates a net profit of 2.95-3.37 billion yuan, indicating a quarter-on-quarter growth of 18%-35% and a year-on-year growth of 26%-43% [1]. - Revenue projections for 2025-2027 are 82.89 billion yuan, 125.68 billion yuan, and 156.51 billion yuan, respectively, with net profits expected to reach 13.51 billion yuan, 23.92 billion yuan, and 30.86 billion yuan [3]. Operational Insights - The company is enhancing its production efficiency through automation and optimizing its product structure, which is contributing to improved profitability [2]. - The company has secured production capacity ahead of demand, with key equipment already delivered and more on the way, positioning it well for future growth [3]. Market Position - The company is recognized as a leading international supplier of high-speed communication cables, leveraging its technological and production capacity advantages to maintain a competitive edge [3].