Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of HKD 6.671 billion in 1H25, representing an 8% year-on-year growth, with automotive display revenue increasing by 9% to HKD 6.245 billion, driven by demand from major Chinese customers [1] - The company's Tier1 system business is expected to break even by 4Q25, with a projected revenue increase of over 20% in 2025 [3] - The establishment of a factory in Vietnam is progressing, with the second phase expected to be operational by June 2025, and the Chengdu factory has turned profitable in 1H25 [4] Summary by Sections Financial Performance - In 1H25, the company reported a net profit of HKD 180 million, a 5% increase year-on-year, with a net profit margin of 2.7% [1] - The automotive display business accounted for HKD 6.25 billion in revenue, while industrial display revenue reached HKD 426 million, showing a 5% increase [2] Business Segments - The automotive display segment remains the global leader, with a market share of 18.2% in total shipments and 21.8% in large-size shipments of 8 inches and above [2] - The industrial display segment is projected to contribute 10% of total revenue by 2027, indicating a strategic focus on this area [2] Future Outlook - The company anticipates that its overseas business revenue will account for 50% of total revenue by 2027, supported by a strong technological foundation and global sales channels [3] - The report forecasts a decline in net profit for 2025 to HKD 365 million, but expects a recovery in subsequent years, with a projected net profit of HKD 521 million by 2027 [9]