Core Viewpoint - The company forecasts a net profit attributable to shareholders of 1.4-1.45 billion yuan for H1 2025, representing a year-on-year increase of 50%-56%, with a non-recurring net profit of 1.35-1.4 billion yuan, up 49%-54% [1] Group 1: Q2 Performance - Q2 performance exceeded expectations, primarily driven by the ramp-up of NV high-speed materials, improved product mix, strong order demand, and continuous price increases, confirming previous positive trend assessments [1] - For Q2, the net profit attributable to shareholders is estimated at 860 million yuan, a year-on-year increase of 59.4% and a quarter-on-quarter increase of 52.8%, while the non-recurring net profit is projected at 820 million yuan, up 56.0% year-on-year and 45.7% quarter-on-quarter [1] - Key factors for Q2 performance include: 1. Structural optimization with increased revenue from S8/S9 materials for overseas clients, enhancing profitability [1] 2. High order volume with shipments exceeding production capacity by over 10% [1] 3. Successful price increase strategies due to full order books and slight increases in upstream material costs [1] 4. Accelerating performance trends in related electronic sectors [1] Group 2: Q3 Outlook - Demand and capacity utilization rates are expected to continue the momentum from Q2, with price increase strategies and order structure adjustments being executed in Q3 [2] - High visibility of orders from leading PCB manufacturers, with a continued increase in orders for AI servers, automotive HDI, and high-end consumer products, driving improvements in gross margins [2] - The AI-related high-speed materials are expected to see month-on-month growth, with new clients being certified and integrated, leading to an increase in market share [2] - The company is actively expanding its client base to include major overseas clients such as AWS, Meta, and Google, with a focus on developing new materials [2] Group 3: Long-term Growth Potential - The company is positioned for a new round of high-quality growth driven by the ramp-up of high-speed materials starting in 2025, with expectations of exceeding market forecasts in the medium to long term [3] - The company’s technical leadership and management capabilities are anticipated to be recognized and valued by the market, supporting its growth trajectory in the PCB upstream materials sector [3] - Revenue and net profit forecasts for 2025-2027 have been adjusted upwards based on Q2 performance and optimistic Q3 growth prospects [3]