Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [12]. Core Insights - The company is experiencing short-term pressure on performance due to weakened demand in the photovoltaic sector, with H1 2025 revenue at 1.489 billion yuan, down 18.86% year-on-year, and net profit at 257 million yuan, down 42.90% year-on-year [4][5]. - Despite the current challenges, there is potential for growth in data centers and semiconductor sectors, driven by increasing demand for AI technology and related products [6]. - The company has a solid financial structure with a debt-to-asset ratio of 29.98%, indicating improved financial stability [5]. Financial Performance Summary - For H1 2025, the company reported a revenue of 1.489 billion yuan, a decrease of 18.86% year-on-year, and a net profit of 257 million yuan, down 42.90% year-on-year [4]. - The gross profit margin for H1 2025 was 35.02%, a decline of 5.43 percentage points year-on-year, while the net profit margin was 17.37%, down 7.26 percentage points year-on-year [5]. - The company expects revenues of 3.144 billion yuan in 2025, with a projected decline of 14.42%, followed by growth of 13.28% in 2026 and 18.92% in 2027 [7][10]. Earnings Forecast and Valuation - The forecasted net profit for 2025 is 616 million yuan, representing a year-on-year decrease of 28.54%, with expected growth of 21.66% in 2026 and 25.20% in 2027 [7][10]. - The projected price-to-earnings (P/E) ratios are 24.45 for 2025, 20.10 for 2026, and 16.05 for 2027, indicating a potential for valuation improvement over the forecast period [7][10].