Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company reported a revenue of 3.707 billion yuan in H1 2025, a year-on-year decrease of 9.02%, and a net profit attributable to shareholders of 218 million yuan, down 34.66%. Excluding the impact of the wireless vehicle-mounted business, revenue increased by 23.49% year-on-year, and net profit rose by 6.54% [4][5] - The global IoT industry is recovering, with a projected increase in the number of IoT terminals to 21.5 billion in 2025, a year-on-year growth of 14.4%. The number of cellular IoT connections is expected to grow at a compound annual growth rate of 15% from 2024 to 2030 [5] - The company is focusing on high investment in AI, edge computing, and smart robotics, continuously enriching its product line to meet new industry demands. In H1 2025, R&D investment was 254 million yuan, with a total of 356 patents obtained [6][7] Financial Performance - The company expects net profits for 2025-2027 to be 553 million, 697 million, and 873 million yuan, respectively, with year-on-year growth rates of -17.3%, 26.1%, and 25.3%. The corresponding EPS is projected to be 0.72, 0.91, and 1.14 yuan [9][10] - The revenue forecast for 2025 is 9.056 billion yuan, with a year-on-year growth of 10.6% [10][13] Market Position and Strategy - The company has established a product line focused on AI algorithms and hardware solutions for the robotics industry, achieving mass delivery of smart lawn mower solutions in 2024 and onboarding several leading clients in 2025 [7][8] - The integration of AI algorithms, machine vision, and high-precision positioning technologies in the smart lawn mower solution positions the company favorably in the market [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company is accelerating its development in solutions and edge AI, particularly in the robotics sector, and maintains a "Buy" rating. The company reported a revenue of 3.707 billion yuan for H1 2025, a year-on-year decrease of 9.02%. Excluding the impact of the Ruilin wireless vehicle-mounted business, revenue increased by 23.49%. The net profit attributable to the parent company was 218 million yuan, down 34.66% year-on-year, but grew by 6.54% when excluding the same business impact. The company is expected to benefit from the rapid growth in demand for intelligent computing modules driven by the AI wave and the commercialization of robotics [4][5][6]. Financial Summary - For 2025, the company is projected to achieve a revenue of 8.621 billion yuan, with a year-on-year growth of 5.3%. The net profit attributable to the parent company is expected to be 545 million yuan, reflecting a year-on-year decrease of 18.4%. The gross margin is projected to be 19.9%, and the net margin is expected to be 6.3% [7][9]. Product Development - The company has launched multiple new AI solutions and products in H1 2025, including the FG390 series 5G module based on the MediaTek T930 platform, the "Nebula" series AI modules covering 1T to 50T, and various other AI solutions aimed at enhancing collaboration with ecosystem customers [5][6]. Market Position - The company is recognized as a global leader in wireless communication modules and AI solutions. With the acceleration of robotics commercialization and the growing demand for intelligent computing modules, the company is well-positioned to continue benefiting from these trends [4][6].