Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has achieved significant growth in revenue and profitability, driven by robust performance in consumer electronics and smart automotive sectors, with a revenue of 32.96 billion yuan, a year-on-year increase of 14.2%, and a net profit of 1.14 billion yuan, up 32.7% year-on-year [1] - The company is positioned as a leading provider of precision manufacturing solutions across the entire supply chain for smart terminals, benefiting from advancements in AI technology [4][9] Summary by Sections Consumer Electronics - In the first half of 2025, the company's revenue from smartphones and computers reached 27.18 billion yuan, a year-on-year increase of 13.2%, with a gross margin of 13.2%, slightly down by 0.56 percentage points [2] - The company has enhanced its market share and profitability in the fields of glass, ceramics, sapphire, and metal components, successfully launching several high-end models in collaboration with major clients [2] Smart Automotive - The smart automotive and cockpit business generated revenue of 3.16 billion yuan in the first half of 2025, reflecting a year-on-year growth of 16.5%, with a gross margin of 9.84%, a slight increase of 0.13 percentage points [3] - The company is deepening its product matrix technology and market penetration, with successful mass production of ultra-thin laminated car windows expected to significantly increase the value per vehicle [3] Emerging Fields - The smart wearable and head-mounted display business achieved revenue of 1.65 billion yuan in the first half of 2025, a year-on-year increase of 14.7%, with a gross margin of 23.3%, up 9.7 percentage points [4] - The company is making substantial progress in robotics and smart retail terminals, with revenue growth of 128.2% year-on-year, establishing partnerships with leading intelligent enterprises [4] Financial Forecast and Investment Advice - The company is expected to achieve revenues of 92 billion yuan, 113.1 billion yuan, and 133.9 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32%, 23%, and 18% [9] - The projected net profit for the same years is 5.24 billion yuan, 6.8 billion yuan, and 8.13 billion yuan, with corresponding growth rates of 45%, 30%, and 20% [9]