Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.25 RMB [6][7]. Core Views - The company's Q1 2025 revenue was 714 million RMB, a year-over-year decrease of 15.39% but a quarter-over-quarter increase of 39.99%. The net profit attributable to the parent company was 47.96 million RMB, up 8.18% year-over-year and up 235.15% quarter-over-quarter. However, the non-recurring net profit dropped significantly by 95.38% year-over-year [1][3]. - The decline in non-recurring net profit is primarily attributed to order delays in the photovoltaic sector, which negatively impacted the specialized equipment manufacturing and installation segment. The company is actively expanding its materials business to support performance amid a challenging market environment [3][4]. - The company received government subsidies of 48.81 million RMB in Q1 2025, which significantly contributed to its profits for the quarter [2]. Financial Summary - The comprehensive gross margin for Q1 2025 was 18.8%, a decrease of 1.3 percentage points year-over-year, while the net margin was 6.74%, an increase of 1.46 percentage points year-over-year. The total expense ratio for the quarter was 21.17%, up 4.26 percentage points year-over-year [2]. - The company forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 0.22 RMB, 0.26 RMB, and 0.27 RMB respectively. The expected price-to-earnings (PE) ratio for 2025 is 37.5 times, leading to a target price of 8.25 RMB [4][5].