Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.384 billion yuan in H1 2025, representing a year-on-year increase of 9.11%, and a net profit attributable to shareholders of 188 million yuan, up 23.91% year-on-year [1] - The company has secured over 1.5 billion yuan in orders for its two-machine business, with significant progress in partnerships with major global clients [3] - The nuclear power business is experiencing an upswing, with multiple contracts signed for nuclear power projects [4] - The low-altitude economy segment is advancing with a focus on engine and aircraft integration, targeting high-altitude and cold-weather markets [5] - Profit forecasts for 2025-2027 project net profits of 420 million, 574 million, and 801 million yuan respectively [5] Financial Data Summary - Revenue for 2023 is projected at 2.412 billion yuan, with a growth rate of 9.75% [11] - The net profit attributable to shareholders for 2025 is estimated at 419.51 million yuan, reflecting a growth rate of 46.49% [12] - The company’s EBITDA for 2025 is expected to be 849.74 million yuan [11] - The earnings per share (EPS) for 2025 is projected to be 0.62 yuan [12] - The price-to-earnings (P/E) ratio for 2025 is estimated at 45.26 [12]