Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The company has shown a turnaround in Q2, achieving a net profit of 0.12 million yuan, indicating a potential operational inflection point [5][6] - The company expects significant revenue growth driven by the recovery in the photovoltaic industry and the expansion of new customers in the electric vehicle and energy storage sectors [6][7] Financial Summary - In the first half of 2025, the company achieved a revenue of 1.53 billion yuan, a year-on-year increase of 37.95% [5] - The net profit attributable to the parent company for the first half of 2025 was a loss of 32 million yuan, but this represents a year-on-year improvement of 67.31% [5] - The company forecasts net profits of 185 million yuan, 390 million yuan, and 673 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.46, 0.97, and 1.68 yuan per share [5][8] Market Demand and Growth - The company’s product applications span photovoltaic, energy storage, new energy vehicles, and security sectors, with the electric vehicle segment becoming the largest revenue contributor [6] - The energy storage sector has seen substantial growth due to increasing demand in overseas markets and the acquisition of key new customers [6] Product Offering and Services - The company offers a wide range of customized precision structural components, providing a "one-stop" procurement service that enhances customer loyalty and product value [7] - Advanced production equipment allows the company to offer comprehensive services including mold design, structural research and development, sample development, and precision machining [7]