Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 performance shows a sequential improvement, with a recovery in its main business and the robot segment opening a second growth curve [1] - The photovoltaic industry is experiencing a recovery, with the company's core business competitiveness highlighted by its significant market share in wafer processing [7] - The company is actively entering the humanoid robot market, leveraging its core technology in grinding equipment and tungsten wire materials to create new growth opportunities [7] Financial Performance Summary - For 2023, total revenue is projected at 6,184 million yuan, with a year-on-year growth of 73.19%. However, revenue is expected to decline in 2024 and 2025, with forecasts of 4,474 million yuan and 3,817 million yuan respectively [1][8] - The net profit attributable to the parent company is expected to recover from a loss of 44.23 million yuan in 2024 to a profit of 52.54 million yuan in 2025, reflecting a significant year-on-year growth of 218.78% [1][8] - The earnings per share (EPS) is projected to improve from -0.06 yuan in 2024 to 0.07 yuan in 2025, indicating a recovery trend [1][8] Business Segment Analysis - The company's photovoltaic segment faced challenges in H1 2025, with a significant decline in revenue from photovoltaic cutting equipment, down 91.99% year-on-year. However, the segment is expected to benefit from the industry's recovery [7] - The robot business is positioned to capitalize on the growing demand for humanoid robots, with the company developing key components such as planetary roller screws and innovative tungsten wire tendons for robotic hands [7] Market Position and Competitive Advantage - The company is strengthening its leading position in the wafer processing market, benefiting from the trend of "anti-involution" in the photovoltaic manufacturing sector, which is expected to enhance its competitive edge [7] - The integration of equipment, consumables, and processing services creates a closed-loop business model that enhances customer loyalty and establishes a competitive barrier [7]