Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a record high revenue of 1.524 billion yuan in 1H2025, representing a year-on-year increase of 79.49%, with a significant narrowing of losses [7] - In 2Q2025, the company reported a revenue of 808 million yuan, up 65.83% year-on-year and 12.49% quarter-on-quarter, marking a historical high for a single quarter [7] - The automotive electronics segment is becoming the core growth engine, with a revenue share of 34.04% in 1H2025 [7] - The company is expanding its product offerings in automotive electronics, including chips for new energy vehicles and AI server-related demands [7] - The forecasted revenues for 2025, 2026, and 2027 are 3.009 billion yuan, 3.705 billion yuan, and 4.436 billion yuan respectively, with corresponding net profits of 21 million yuan, 272 million yuan, and 509 million yuan [7] Financial Performance Summary - The company’s revenue is projected to grow from 1.311 billion yuan in 2023 to 3.009 billion yuan in 2025, with a growth rate of 53.5% [6] - The net profit is expected to turn positive in 2025, reaching 21 million yuan, after losses of 305 million yuan in 2023 and 403 million yuan in 2024 [6] - The gross margin for 2Q2025 was reported at 35.97%, showing improvements both year-on-year and quarter-on-quarter [7] - The earnings per share (EPS) is expected to improve from -2.15 yuan in 2023 to 0.14 yuan in 2025 [6] Market Performance - The company’s stock has outperformed the market, with a 12-month performance of 127%, compared to the Shanghai Composite Index and the semiconductor sector [4]