Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to recover, and new business layouts are accelerating to open a second growth curve [1] - The company achieved a total revenue of 9.50 billion yuan in the first half of 2025, a year-on-year decrease of 17.77%, while the net profit attributable to the parent company was 330 million yuan, down 46.14% year-on-year [8] - The company is actively expanding into new fields such as humanoid robots and low-altitude economy, with significant orders received [8] - The company maintains a strong focus on R&D, having obtained 276 patents, including 39 invention patents as of the first half of 2025 [8] - The company is expected to achieve revenues of 26.2 billion yuan, 30.1 billion yuan, and 34.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.5 billion yuan, 1.8 billion yuan, and 2.5 billion yuan [8] Financial Summary - Total revenue for 2023 is projected at 2,422 million yuan, with a year-on-year growth of 31.96% [1] - The net profit attributable to the parent company for 2023 is estimated at 109.22 million yuan, showing a slight decrease of 0.27% year-on-year [1] - The latest diluted EPS for 2025 is projected to be 0.31 yuan per share, with a P/E ratio of 38.41 [1] - The company’s gross margin for Q2 2025 is reported at 14.63%, with a net profit margin of 5.04% [8] - The company’s total assets are projected to reach 3,852 million yuan by 2025, with total liabilities of 975 million yuan [9]