Investment Rating - The report maintains an "Accumulate-A" rating for the company [5] Core Views - The company reported a revenue of 720 million yuan in the first half of 2025, a year-on-year decrease of 9.4%, and a net profit of 120 million yuan, down 32.7% year-on-year. In Q2 2025, revenue was 400 million yuan, a decrease of 6.0% year-on-year but an increase of 22.4% quarter-on-quarter, with a net profit of 70 million yuan, down 29.3% year-on-year but up 36.6% quarter-on-quarter [1] - The company's gross margin for H1 2025 was 36.6%, down 5.7 percentage points year-on-year, and the net margin was 16.9%, down 6.5 percentage points year-on-year. The photovoltaic sector saw a revenue decline of 25.2% year-on-year, while the semiconductor and electronic materials sector also experienced a revenue drop of 13.5% year-on-year [1][2] - The company is increasing its investment in the semiconductor sector, establishing a national headquarters and production base for key components in the integrated circuit equipment field, with stable orders and production [2][3] - The company is actively expanding into emerging fields such as controllable nuclear fusion, providing critical power supply equipment for related research projects [3][4] Financial Data and Forecast - The company expects EPS for 2025-2027 to be 1.27, 1.56, and 1.97 yuan, respectively, with corresponding P/E ratios of 40.0, 32.7, and 25.9 based on the closing price of 50.98 yuan on August 28, 2025 [4][5] - Revenue projections for 2025-2027 are 1.685 billion yuan, 1.892 billion yuan, and 2.237 billion yuan, with year-on-year growth rates of -5.3%, 12.3%, and 18.2%, respectively [7][8] - The company’s net profit is projected to be 282 million yuan in 2025, with a year-on-year decrease of 12.6%, followed by increases in subsequent years [7][8]

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [7]. Core Views - The company's performance is under pressure due to the photovoltaic cycle, while the semiconductor business is steadily improving [1]. - In 2024, the company achieved operating revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, and a net profit attributable to the parent company of 323 million yuan, a year-on-year decrease of 25.19% [1][3]. - The company is actively expanding its semiconductor business and increasing research and development investment in semiconductor equipment power supply [5][6]. Financial Performance - In Q1 2025, the company reported operating revenue of 325 million yuan, a year-on-year decrease of 13.30%, and a net profit of 50 million yuan, a year-on-year decrease of 36.84% [1][3]. - The gross profit margin for 2024 was 38.50%, with a year-on-year increase of 1.27 percentage points, while the net profit margin was 18.84%, a year-on-year decrease of 5.53 percentage points [3]. - Research and development expenses increased by 40.18% year-on-year to 137 million yuan, representing a research expense ratio of 7.67% [3][4]. Business Segments - The photovoltaic business generated revenue of 874 million yuan in 2024, a year-on-year decrease of 10.27%, contributing 49.08% to total revenue [4]. - The semiconductor and electronic materials segment achieved revenue of 351 million yuan in 2024, a year-on-year increase of 6.41%, contributing 19.69% to total revenue [5]. Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.87 yuan, 2.26 yuan, and 2.71 yuan, respectively [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 23.8, 19.8, and 16.5, respectively [7].