Investment Rating - The report maintains a "Buy" investment rating for the company [2][9]. Core Insights - The company is positioned to lead in the domestic copper-clad laminate (CCL) industry, with a focus on high-frequency and high-speed products that are gradually increasing in volume, indicating promising future growth [6]. - The company has developed core technologies in HDI (High-Density Interconnect) materials, achieving domestic leadership in performance levels and gaining recognition from terminal customers [7]. - The company is on the path to achieving domestic self-sufficiency in IC substrate materials, with successful product development and certifications from major global clients [8]. - Revenue forecasts for 2025-2027 are projected at 48.14 billion, 62.15 billion, and 76.75 billion yuan, respectively, with corresponding EPS of 1.05, 2.20, and 3.48 yuan, indicating significant growth potential [9][11]. Summary by Sections Market Performance - The company reported a revenue of 2.305 billion yuan for the first half of 2025, a year-on-year increase of 43.06%, and a net profit of 87 million yuan, up 57.69% year-on-year [5]. Investment Highlights - The company offers a wide range of products categorized by resin types, including ordinary FR-4, lead-free FR-4, halogen-free FR-4, high-frequency and high-speed products, automotive boards, energy boards, HDI, and IC packaging substrates [6]. - The company has achieved import substitution, particularly in high-end high-speed products, which have received certification from globally recognized AI server manufacturers [6]. Financial Forecast - The company is expected to see substantial revenue growth, with a projected increase of 43.2% in 2025, followed by 29.1% in 2026 and 23.5% in 2027 [11]. - The net profit is forecasted to grow significantly, with an expected increase of 388.3% in 2025 and 110.6% in 2026 [11].