Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has turned a profit in the first half of the year, with a significant revenue increase of 24% quarter-on-quarter in Q2. The revenue for the first half of 2025 reached 731 million yuan, with a net profit attributable to the parent company of 15.76 million yuan, marking a turnaround from losses. The gross margin improved by 4.2 percentage points to 39.59% [1][4]. - The demand for LED lighting driver chips is under pressure, while high-performance computing power chips continue to grow significantly, with revenue for these chips increasing by 419.81% year-on-year [2][4]. - The company has successfully launched a smart automotive MCU and achieved breakthroughs in high-performance computing power chips, with several products entering mass production and significant sales to both domestic and international clients [3][4]. Financial Summary - The company's revenue for 2025 is projected to be 1.618 billion yuan, with a net profit of 92 million yuan, reflecting a substantial increase of 377.2% year-on-year. The earnings per share are expected to be 1.04 yuan [5][27]. - The gross margin is expected to improve to 39% in 2025, with a net asset return (ROE) projected at 6.8% [27][5]. - The company has a market capitalization of 7.898 billion yuan, with a closing price of 89.70 yuan [6][5].