Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company reported a significant recovery in performance for the first half of 2025, with total revenue reaching 295 million yuan, a year-on-year increase of 84.83%, and a net profit attributable to shareholders of 38.3 million yuan, up 2147.93% year-on-year [8] - The core reason for the performance surge is the concentrated release of downstream customer orders, particularly in demand for airborne, missile-mounted, and unmanned equipment, leading to rapid expansion in delivery scale [8] - The company’s main revenue source remains airborne embedded computers, contributing 200 million yuan, accounting for approximately 67.8% of total revenue, showing a significant increase compared to the same period last year [8] - The company has achieved key breakthroughs in both technology and market, solidifying its leading position in high-reliability embedded computing [8] Financial Summary - The company’s total revenue for 2023 is projected at 663 million yuan, with a year-on-year growth of 22.58%, and a net profit of 96.26 million yuan, reflecting a growth of 27.73% [1] - For 2025, the expected net profit is 111.17 million yuan, corresponding to a staggering growth rate of 471.42% [1] - The report forecasts the company’s net profit for 2025-2027 to be 111 million, 142 million, and 165 million yuan respectively, with corresponding P/E ratios of 51, 40, and 34 times [8]

Group 1: Company Performance - Longchuan Technology achieved revenue of 2.167 billion yuan, a year-on-year increase of 41.8%, and net profit of 427 million yuan, a year-on-year increase of 98.73%, exceeding the previous forecast range of 360 million to 420 million yuan [1] - Xiamen Tungsten's revenue for the first half of the year was approximately 7.534 billion yuan, a year-on-year increase of 18.04%, with net profit of 307 million yuan, a year-on-year increase of 27.76% [2][3] - West Mining reported revenue of 31.619 billion yuan and net profit of 1.869 billion yuan, representing year-on-year growth of 27% and 15%, respectively, driven by an increase in copper production and prices [3] - Zhimin Technology's revenue reached 295 million yuan, a year-on-year increase of 84.83%, and net profit surged to 38.3 million yuan, a year-on-year increase of 2147.93%, attributed to increased customer demand and order volume [4] Group 2: Industry Trends - The semiconductor and AI sectors, along with resource industries like rare earths and gold, are showing strong performance according to the statistics from over 1,570 listed companies [4] - The testing industry is experiencing a significant upward trend, with expectations for continued high growth in revenue driven by major customer demand and market expansion [1] - The demand for lithium cobalt and power battery materials is increasing, supported by national subsidy policies and enhanced AI functionalities in consumer electronics [2]

| TIX H 1243 . | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 名称 | 预计披露日期 | 剩余天数 报告期 | | Windfry | | 1 | 600415.SH | 小商品城 | 2025-04-08 | 2 11 1 | 2025-03-31 | 企业服务 | | 2 | 000655.SZ | 等龄的,不 | 2025-04-09 | 3 111 | 2025-03-31 | 有色金属 | | 3 | 300489.SZ | 光智科技 | 2025-04-09 | 3 === | 2025-03-31 | == 有色金属 | | 4 | 603517.SH | 绝味食品 | 2025-04-10 | A ll l | 2025-03-31 | 食品饮料 | | 5 | 000810.SZ | 创维数字 | 2025-04-10 | ব וויי | 2025-03-31 | = 硬件设备 | | 6 | 600312.SH | 平高电气 | 2025-04-11 | 5 = | 2025- ...