Investment Rating - The report maintains an "Overweight" rating for the company [1][5]. Core Views - The company reported a strong performance in the first half of 2025, with a year-on-year revenue growth of 49% and a net profit increase of 49.26% [3][8]. - The company's diverse technology portfolio in photovoltaic equipment supports its profitability, while its semiconductor business is expected to contribute to long-term growth [3][8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of RMB 8.37 billion, a 26.41% increase year-on-year, and a net profit of RMB 1.83 billion, reflecting a 49.26% growth [8][9]. - The company’s EBITDA for 2025 is projected at RMB 2.55 billion, with a net profit forecast of RMB 2.41 billion [7][10]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to RMB 6.92, RMB 4.57, and RMB 5.11 respectively, with corresponding price-to-earnings ratios of 14.6, 22.1, and 19.8 [5][11]. Market Position - The company is noted for its comprehensive technology solutions in the photovoltaic sector, being the only supplier capable of providing a full range of solutions across multiple technology routes [8][9]. - The semiconductor segment is highlighted for its advancements, particularly in wet processing equipment for wafer manufacturing, which is expected to enhance the company's market position [8][9].