Investment Rating - The investment rating for the company is "Outperform the Market" [6][20]. Core Viewpoints - The company experienced a decline in revenue and profit in the first half of 2025, with revenue down 9.71% year-on-year to 263 million yuan and net profit down 27.82% to 43 million yuan, primarily due to weak downstream demand and a decline in consumables sales [2][3]. - Despite the challenges, the company has made significant progress in semiconductor equipment research and development, completing several new projects aimed at high-end markets [3][4]. - The company is expanding its production capacity and enhancing its overseas presence, with 19.87% of its revenue coming from international sales [4]. Financial Performance Summary - In the first half of 2025, the company's gross margin was 31.07%, and net margin was 16.21%, both showing a decline compared to the previous year [2]. - The company’s revenue from vacuum coating equipment reached 234 million yuan, a year-on-year increase of 9.52%, while revenue from the consumer electronics sector fell significantly [3]. - The company has a robust pipeline of new products and has established a strong customer base, including major clients like Apple and BYD [4]. Earnings Forecast and Financial Metrics - The company is projected to achieve net profits of 103 million yuan, 161 million yuan, and 286 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 111, 71, and 40 [5][21]. - Revenue is expected to grow significantly in the coming years, with a forecasted increase of 22.4% in 2025 and 44.1% in 2026 [5][21]. - The company maintains a high level of R&D investment, which is crucial for its long-term growth and competitiveness in the high-end equipment market [4][21].