Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [2][13]. Core Views - The company is projected to achieve robust revenue growth driven by the consumer electronics sector, AI computing capabilities, and automotive business expansion, with a forecasted revenue of 310.1 billion yuan in 2025, representing a 15% year-over-year growth [2][6]. - The automotive segment is expected to open a second growth curve, with a year-over-year revenue increase of 82.1% in the first half of 2025 [8][9]. - The company is positioned to benefit significantly from Apple's upcoming product innovations, including foldable screens and AI/AR devices, enhancing its role in the supply chain [9]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of 124.5 billion yuan, a year-over-year increase of 20.2%, and a net profit of 6.64 billion yuan, up 23.1% year-over-year [6]. - The second quarter of 2025 saw revenue of 62.72 billion yuan, with a year-over-year growth of 22.5% and a quarter-over-quarter increase of 1.5% [6]. - The forecast for the third quarter of 2025 estimates a net profit between 4.25 billion and 4.70 billion yuan, indicating a year-over-year growth of 15.4% to 27.7% [6]. Business Segments - The communications business is experiencing significant growth, with new products like 224G copper connections and 800G optical modules entering large-scale deployment [7]. - The automotive business is rapidly expanding, with Tier 1 clients in both domestic and international markets, contributing to the overall revenue growth [8]. Valuation Metrics - The projected net profit for 2025-2027 is estimated at 16.77 billion, 19.74 billion, and 22.71 billion yuan, respectively, with corresponding P/E ratios of 19.7, 16.8, and 14.6 [9][12]. - The company's market capitalization is approximately 330.69 billion yuan, with a share price of 45.60 yuan [3].