Investment Rating - The report maintains a "Buy" rating for the company [1][9][14] Core Insights - The company has demonstrated strong growth momentum with revenue and profit both increasing significantly, driven by high R&D investment leading to technological breakthroughs [4][5][6] - The company achieved a revenue of 4.961 billion yuan in the first half of 2025, representing a year-on-year growth of 43.88%, with net profit reaching 706 million yuan, up 36.62% year-on-year [5] - The introduction of six new semiconductor equipment products accelerates the company's transition towards high-end equipment platformization, addressing the growing demand for advanced semiconductor technologies [6][8] - The domestic semiconductor equipment market is rapidly expanding, with the company positioned to benefit from downstream capacity expansion and the domestic substitution process [7][8] Financial Performance - The company is projected to achieve revenues of 12.089 billion yuan, 15.691 billion yuan, and 19.789 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 2.107 billion yuan, 3.155 billion yuan, and 4.450 billion yuan [9][11] - The company's R&D expenses for the first half of 2025 amounted to 1.492 billion yuan, accounting for 30.07% of its revenue, significantly higher than the average level of 10%-15% for companies listed on the Sci-Tech Innovation Board [5][14] - The company’s asset-liability ratio stands at 24.7%, indicating a strong financial position [3][11]