Investment Rating - The investment rating for the company is "Buy" [5][12] Core Insights - The company reported a revenue of 2.467 billion yuan for H1 2025, representing a year-on-year increase of 20.16%, while the net profit attributable to shareholders was 105 million yuan, down 40.59% year-on-year [3][9] - In Q2 2025, the company achieved a revenue of 1.383 billion yuan, up 8.14% year-on-year and 27.64% quarter-on-quarter, with a net profit of 63 million yuan, down 46.83% year-on-year but up 48.85% quarter-on-quarter [3][9] - The company is expected to benefit from the high demand in overseas new energy and data center construction [3][12] Summary by Sections Financial Performance - For H1 2025, the company experienced a revenue of 2.467 billion yuan, a 20.16% increase year-on-year, but a net profit decline of 40.59% to 105 million yuan [3][9] - Q2 2025 saw a revenue of 1.383 billion yuan, an 8.14% increase year-on-year and a 27.64% increase quarter-on-quarter, with a net profit of 63 million yuan, reflecting a 46.83% decrease year-on-year but a 48.85% increase quarter-on-quarter [3][9] Business Expansion - The company is actively expanding its AIDC-related products, with breakthroughs in product structure and market expansion, including sales to Japan and the United States [10] - The company’s global capacity construction is progressing, with the Dallas, USA production base at 94% completion, Mexico at 63%, and Thailand at 18% [11] Future Projections - The company is projected to achieve revenues of 5.711 billion yuan, 6.707 billion yuan, and 7.507 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23.11%, 17.45%, and 11.93% [12][13] - The net profit attributable to shareholders is expected to be 352 million yuan, 450 million yuan, and 562 million yuan for the same years, with growth rates of 20.31%, 27.82%, and 25.00% respectively [12][13]