Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 1.884 billion yuan in the first half of 2025, representing a year-on-year growth of 36.39%, and a net profit attributable to shareholders of 243 million yuan, up 56.79% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 1.111 billion yuan, a year-on-year increase of 33.33% and a quarter-on-quarter increase of 43.60%, with a net profit of 137 million yuan, reflecting a year-on-year growth of 38.11% and a quarter-on-quarter growth of 30.34% [1]. - The company's gross margin for H1 2025 was 36.66%, a decrease of 1.89 percentage points year-on-year, while the net profit margin improved by 0.65 percentage points to 13.11% [1]. - The company has established a strong competitive barrier in the wind power converter sector and is expanding its market share through high-performance and reasonably priced products [2]. - The transmission business segment reported a revenue of 226 million yuan in H1 2025, with a gross margin of 47.71%, an increase of 8.26 percentage points year-on-year [2]. - The company is actively launching innovative power supply solutions across various applications, including high-voltage and special power systems [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 4.947 billion yuan, 5.945 billion yuan, and 7.052 billion yuan, with corresponding growth rates of 32.5%, 20.2%, and 18.6% [4]. - Net profit attributable to shareholders is projected to be 623 million yuan, 751 million yuan, and 899 million yuan for the years 2025, 2026, and 2027, with growth rates of 41.4%, 20.5%, and 19.8% respectively [4]. - The report anticipates earnings per share of 1.37 yuan, 1.65 yuan, and 1.98 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings ratios of 27X, 22X, and 19X [4].