Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its performance, with a revenue of 654 million yuan in the first half of 2025, representing a year-on-year increase of 1.08%. The net profit attributable to shareholders was 117 million yuan, also up by 1.07%. However, the non-recurring net profit decreased by 6.93% due to an increase in government subsidies and financial income [4] - The traditional multi-wall carbon nanotube business remains solid, with a domestic market share of 53.2% expected in 2024, reinforcing its leading position in the industry. The company has achieved continuous and large-scale production through its self-developed technology, breaking foreign monopolies [5] - The single-wall carbon nanotube business is entering a phase of mass shipment, driven by strong downstream demand. The technology barriers are high, and once scaled, it is expected to become a core profit growth point for the company [6] Financial Summary - The company is projected to achieve net profits of 419 million yuan, 654 million yuan, and 843 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 45, 29, and 22 times [7] - Key financial indicators for 2025E include revenue of 2,045 million yuan, a year-on-year growth of 41.2%, and a gross margin of 32.2% [9] - The return on equity (ROE) is expected to increase from 10.2% in 2025 to 13.2% in 2027, indicating improving profitability [9]