Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 722 million yuan for the first half of 2025, a year-on-year decrease of 9.42%, and a net profit attributable to shareholders of 119 million yuan, down 32.71% year-on-year [1]. - The photovoltaic business is facing a downturn, with a revenue of 298 million yuan in the first half of 2025, a decrease of 25.18% year-on-year, while the semiconductor and nuclear fusion power businesses are progressing well [2][3]. - The company is actively expanding its overseas photovoltaic market and enhancing project acceptance management and accounts receivable collection to mitigate domestic market challenges [2]. - The semiconductor sector saw a revenue of 160 million yuan, down 13.45% year-on-year, but the company is increasing its R&D investment and customer base in this area [2]. - The company is also expanding into other power supply businesses, including charging stations and nuclear fusion, with significant growth in orders in the steel metallurgy sector [3]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 397 million yuan, a year-on-year decrease of 5.98% but a quarter-on-quarter increase of 22.36% [1]. - The company's net profit for Q2 2025 was 69 million yuan, down 29.32% year-on-year but up 36.64% quarter-on-quarter [1]. Revenue and Profit Forecast - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 281 million yuan, 329 million yuan, and 383 million yuan respectively, which represents a downward adjustment of 30%, 27%, and 24% [3][4]. - The expected EPS for 2025-2027 is 1.27 yuan, 1.49 yuan, and 1.73 yuan, with corresponding P/E ratios of 41, 35, and 30 times [3][4]. Business Segments - The photovoltaic sector is under pressure, while the semiconductor and nuclear fusion sectors are seen as having significant growth potential [3]. - The company is forming partnerships in the charging station sector and has secured over 10 million yuan in nuclear fusion-related power orders for 2024 [3].

Core Viewpoint - The company reported a decline in revenue and net profit due to challenges in the photovoltaic industry, while also pursuing strategic adjustments and expanding into new markets [1] Financial Performance - The company achieved operating revenue of 722.07 million yuan in the first half of 2025, a year-on-year decrease of 9.42% [1] - The net profit attributable to the parent company was 11 million yuan during the same period [1] Industry Challenges - The photovoltaic industry is currently in a downward adjustment phase, leading to a significant reduction in new domestic orders, delayed customer acceptance progress, and extended payment cycles [1] Strategic Adjustments - The company continues to pursue its strategic direction from 2024, actively exploring overseas photovoltaic markets [1] - Increased investment in the semiconductor sector, focusing on research and development in semiconductor equipment power supply [1] - Investment in a national headquarters and production base for key components in the integrated circuit equipment field in Chengdu High-tech Zone [1] New Business Ventures - The company is enhancing collaboration with leading domestic enterprises in the charging pile business, with new product development entering the verification stage [1] - Plans to establish a joint venture with domestic leading companies to enter the charging pile market [1] Other Business Developments - The company is expanding its other power supply business, with significant growth in orders from the steel metallurgy industry [1] - Involvement in controllable nuclear fusion research projects, leveraging core technologies in high voltage control, high current output, and anti-interference design [1]