Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue of 391 million yuan, a year-on-year increase of 8.75%, and a net profit attributable to shareholders of 99 million yuan, up 4.95% year-on-year [8] - The company is actively expanding its robot components and automation production lines, with the first production line already operational and plans for a second line investment in 2025 [8] - The company has a strong global presence, with stable orders from leading global clients and ongoing capacity upgrades [8] - Profit margins have improved due to changes in customer structure, with a gross margin of 34.82% in the first half of 2025, up 1.94 percentage points year-on-year [8] Financial Summary - Total revenue is projected to reach 950.19 million yuan in 2025, with a year-on-year growth of 22.71% [1] - Net profit attributable to shareholders is expected to be 221.36 million yuan in 2025, reflecting a year-on-year increase of 16.48% [1] - The company’s earnings per share (EPS) is forecasted to be 1.39 yuan in 2025, with a price-to-earnings (P/E) ratio of 78.16 based on the current price [1]