Investment Rating - The investment rating for the company is "Buy" with a target price maintained [7] Core Views - The company is experiencing accelerated overseas expansion in its structural components business and is developing a second growth driver in the robotics sector [2][3] - The company reported a slight decline in profit in Q2 2025 due to increased R&D expenses and significant credit impairment [1][4] - The forecast for the company's net profit for 2025 and 2026 has been adjusted downwards to 1.75 billion and 2.12 billion respectively, primarily due to underestimated R&D costs and impairment impacts [4] Financial Data and Valuation - Revenue projections for the company are as follows: - 2023: 10,511.36 million - 2024: 12,029.68 million - 2025E: 14,796.50 million - 2026E: 17,755.80 million - 2027E: 21,306.96 million - The expected growth rates are 21.47% for 2023, 14.44% for 2024, and 23.00% for 2025 [5][12] - The projected net profit for 2025 is 1,751.61 million, with a growth rate of 19.03% [5][12] - The company's earnings per share (EPS) is expected to be 6.40 yuan in 2025, with a price-to-earnings (P/E) ratio of 21.53 [5][12] Business Development - The company is investing up to 5 million euros in Hungary to enhance the production capacity of precision structural components for power batteries [2] - The development of humanoid robot products is progressing well, with positive trends in customer development [3][11]