Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the embedded computer module industry and expansion into UAV and AI sectors [4][6]. Core Insights - The company reported significant growth in its 1H25 performance, with revenue reaching 290 million yuan, a year-over-year increase of 84.8%, and a net profit of 38 million yuan, up 2147.9% from the previous year [1]. - The order backlog increased by 74% year-over-year, reaching 608 million yuan by the end of Q2 2025, driven by strong customer demand, particularly in the airborne and AI-related product segments [1][2]. - The company is focusing on enhancing its core competitiveness in various technology directions, including next-generation avionics and AI signal processing, which is expected to contribute to revenue growth in 2025 [2][3]. Financial Performance Summary - In 1H25, the company achieved a gross margin of 48.1%, a decrease of 1.9 percentage points year-over-year, while the net profit margin improved by 11.9 percentage points to 13.0% [1]. - The embedded computer revenue breakdown for 1H25 shows airborne revenue grew by 115.3% to 200 million yuan, while other segments like airborne and unmanned equipment saw declines [2]. - The company’s operating cash flow improved to 30 million yuan in 1H25, compared to a negative cash flow of 2 million yuan in the same period last year [3]. Earnings Forecast - The company is projected to achieve net profits of 120 million yuan, 179 million yuan, and 238 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 49x, 33x, and 25x [4][5].