Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has a strong focus on industrial AI, with a comprehensive layout in industrial software, which serves as a new growth engine for AI [4]. - In the first half of 2025, the company achieved a revenue of 738 million yuan, a year-on-year increase of 4.91%, and a net profit attributable to shareholders of 111 million yuan, up 18.75% year-on-year [4]. - The gross profit margin improved to 52.40%, an increase of 4.22 percentage points year-on-year [4]. - The AI business is centered around the self-developed "Ling Series" AI agent products and solutions, which have become the core driver of revenue growth [5]. Company Overview - The latest closing price is 44.83 yuan, with a total market capitalization of 11 billion yuan [3]. - The company has a total share capital of 245 million shares, with a debt-to-asset ratio of 31.5% and a price-to-earnings ratio of 57.47 [3]. Financial Projections - The expected EPS for 2025-2027 is projected to be 1.00, 1.17, and 1.38 yuan respectively, with corresponding P/E ratios of 45.63, 38.92, and 33.09 [10]. - Revenue is forecasted to grow from 1.51 billion yuan in 2024 to 2.32 billion yuan in 2027, reflecting a growth rate of 7.41%, 14.24%, 15.73%, and 16.11% respectively [12]. - The net profit attributable to shareholders is expected to increase from 191.73 million yuan in 2024 to 338.14 million yuan in 2027, with growth rates of -15.17%, 27.87%, 17.26%, and 17.62% [12]. Strategic Initiatives - The company plans to raise up to 1 billion yuan through a private placement to fund projects including the "Lingqing" industrial AI empowerment platform and the "Lingzhi" embodied intelligent AI training platform [6]. - As a strategic partner of Huawei, the company is involved in the "Flying Sky Plan," which aims to develop industry-specific AI applications and solutions [8][9].