Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.30 yuan per share [7][4]. Core Insights - The company has demonstrated stable operations with revenue and profit growth, achieving a revenue of 1.876 billion yuan in H1 2025, a year-on-year increase of 2.34%, and a net profit of 163 million yuan, up 69.69% year-on-year [1]. - The gross margin for H1 2025 was 32.64%, a decrease of 3.62 percentage points year-on-year, while the net margin improved by 2.85 percentage points to 8.21% [1]. Business Development - The company has diversified its business across various sectors, including consumer electronics, new energy equipment, and automotive automation equipment, enhancing its competitive edge through vertical integration and smart manufacturing technologies [2][3]. - In the consumer electronics segment, the company covers a wide range of products, including smartphones, tablets, and smart wearables, while also extending its capabilities into component assembly and testing [2]. - The new energy equipment sector has seen significant growth, with lithium battery equipment shipments increasing and new orders for smart charging stations and logistics solutions rising by over 70% compared to the same period in 2024 [2]. - The automotive automation equipment division has established stable partnerships with well-known domestic and international manufacturers, significantly increasing the number of new international projects [2]. Financial Forecast - The company is projected to achieve revenues of 5.834 billion yuan, 6.826 billion yuan, and 7.937 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 514 million yuan, 649 million yuan, and 815 million yuan [4][6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.15 yuan, 1.45 yuan, and 1.82 yuan, respectively, with price-to-earnings (P/E) ratios of 32, 25, and 20 times [4][6].

Core Viewpoint - The article emphasizes the growth potential of the company in the 3C automation equipment sector, driven by advancements in consumer electronics and the integration of flexible automation solutions with MR devices [3]. Group 1: 3C Automation Equipment - The company is a leading manufacturer in the 3C automation equipment field, with the capability to cover the FATP segment, having successfully delivered over 40 flexible modular production lines in 2023 [3]. - As consumer electronics evolve with AI advancements, the company is positioned to benefit from product innovation and increased automation rates, anticipating expansion into more process segments and other consumer electronic product categories [3]. Group 2: Diversified Business Layout - In the renewable energy sector, the company offers lithium battery specialized equipment, smart charging and swapping station equipment, and automotive automation equipment, with significant orders from major clients like CATL and others [4]. - The semiconductor sector is strategically targeted, with products including die bonding machines and AOI inspection equipment, having secured bulk orders for 400G/800G die bonding machines [4]. - The core components business is managed by a subsidiary, focusing on self-supply and external sales, with applications extending across various industries including 3C, renewable energy, and healthcare [4]. - The low-altitude economy segment, also managed by a subsidiary, is projected to reach a market size of trillions in China, indicating significant growth potential [4].