Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a revenue of 2.579 billion yuan for the first half of 2025, representing a year-on-year growth of 7.64%, with a net profit attributable to the parent company of 384 million yuan, up 26.89% year-on-year [4][5] - The market share of AI products continues to increase, with a shift towards high-end product development. The AI and server products, along with energy storage and industrial control businesses, are expected to dominate future growth, while traditional consumer products may see stable or slight declines [5] - The company has made significant advancements in cutting-edge technologies, achieving mass production of various automotive electronic products and high-frequency PCBs for AI servers, which are crucial for smart driving and data center applications [5] Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 6.32 billion yuan, 8.05 billion yuan, and 9.78 billion yuan respectively, with net profits of 889 million yuan, 1.2 billion yuan, and 1.42 billion yuan [6][8] - The company’s earnings per share (EPS) are expected to be 1.23 yuan, 1.67 yuan, and 1.97 yuan for the years 2025, 2026, and 2027 respectively, with a price-to-earnings (P/E) ratio decreasing from 44.34 in 2024 to 21.12 in 2027 [8][11]