Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.70 CNY based on a price-to-book (PB) ratio of 1.22X for comparable companies [2][4]. Core Views - The company's high-end products are expected to continue enhancing profits, with a robust dividend policy highlighting its long-term investment value [1]. - The company reported a significant increase in net profit for the first half of 2025, achieving 1.463 billion CNY, a year-on-year growth of 18.63% and a quarter-on-quarter increase of 52.94%, demonstrating strong performance resilience [10]. - The product mix is improving, with a focus on high-value steel applications, particularly in shipbuilding and automotive sectors, which are projected to maintain high demand [10]. - The company plans to distribute a cash dividend of 0.1186 CNY per share for the first half of 2025, amounting to approximately 730 million CNY, representing 50% of the net profit attributable to shareholders [10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 62.048 billion CNY, 61.393 billion CNY, and 60.871 billion CNY respectively, with a slight growth forecast for 2025 [3]. - The company's gross margin is expected to improve from 10.6% in 2023 to 14.1% by 2027, indicating a positive trend in profitability [3]. - The net profit attributable to the parent company is forecasted to grow from 2.607 billion CNY in 2025 to 3.306 billion CNY in 2027, reflecting a strong growth trajectory [3].