Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company focuses on intelligent control and commercial display sectors, maintaining a leading position in the market. In H1 2025, the company's education interactive smart panel had a domestic market share of 45.3%, while the MAXHUB brand conference interactive smart panel held a 26.5% market share [6] - The company is actively promoting AI in education, with significant achievements in enhancing teaching efficiency and optimizing educational management through tools like the AI lesson preparation assistant and smart feedback systems [6] - The MAXHUB brand is accelerating its overseas expansion, having received official compatibility certifications from Microsoft Teams and Zoom, and is collaborating with Microsoft for hardware development and cloud integration [6] - The company has made significant advancements in robotics, with over 600 patent applications and the launch of the MAXHUB X7 industrial robot, which has been applied in various industry scenarios [6] - The company maintains a stable operation with promising prospects in AI education and robotics, projecting net profits of 1.041 billion, 1.250 billion, and 1.450 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27, 22, and 19 [6] Financial Summary - Total revenue is projected to grow from 22,401 million yuan in 2024 to 29,794 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.5% [5] - The net profit attributable to the parent company is expected to increase from 971 million yuan in 2024 to 1,450 million yuan in 2027, reflecting a recovery and growth trajectory [5][7] - The company's gross margin is projected to improve from 21.3% in 2024 to 23.1% in 2027, indicating enhanced operational efficiency [5]