Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [13]. Core Views - The company's performance in the first half of 2025 showed slight pressure, with a revenue of 49.3 billion (up 1.4%) and a net profit of 2.077 billion (up 3%) [5]. - The second quarter of 2025 saw a revenue decline of 3% to 24.5 billion, with a net profit decrease of 8% to 0.95 billion, primarily due to pressures in the central air conditioning and three electrical appliances sectors [5][6]. - The company is focusing on enhancing its high-end brand positioning and reducing reliance on the weak renovation market by strengthening its product offerings in the construction and home decoration sectors [6]. Financial Performance Summary - The company's projected revenue for 2023 is 85.6 billion, with a year-on-year growth rate of 15%. For 2024, revenue is expected to reach 92.746 billion, growing by 8% [3]. - The net profit attributable to the parent company is forecasted to be 2.837 billion in 2023, with a significant growth of 98% year-on-year. By 2024, it is expected to rise to 3.348 billion, an 18% increase [3]. - Earnings per share (EPS) are projected to increase from 2.05 in 2023 to 2.42 in 2024, reflecting a positive growth trajectory [3]. Market and Competitive Landscape - The company is experiencing a mixed performance in its product segments, with air conditioning sales declining domestically while exports are improving. The overall market competition is intensifying, particularly in the domestic air conditioning sector [8]. - The company is expected to see a recovery in its ice washing segment, driven by structural upgrades and efficiency improvements in its Monterrey factory [8]. - The long-term growth of the company is anticipated to rely on improving profit margins in the white goods sector, which is currently at a low level of 3-4% [9]. Management and Strategic Changes - The company plans to change two board members, bringing in individuals with international marketing and air conditioning backgrounds to enhance overseas expansion and address domestic market weaknesses [9].