Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's performance meets expectations, with significant growth in revenue and net profit, driven by advancements in AI technology in the thermal power sector [2][4] - The company is actively integrating AI technology with traditional equipment, focusing on pain points in existing management systems within thermal power plants [4][5] - The company has developed an AI-based intelligent operation and maintenance management platform for slag transportation equipment, recognized as internationally leading [4][5] Financial Performance - For the year ending June 30, 2025, the company reported revenue of 1.19 billion yuan, a year-on-year increase of 130.8%, and a net profit of 110 million yuan, up 351.8% [2] - The gross profit margin for Q2 2025 was 27.96%, an increase of 4.76 percentage points from the previous quarter [2] - The company expects continued revenue growth in the second half of 2025, with anticipated orders in various environmental protection systems [5] Market Data - As of September 2, 2025, the company's closing price was 30.08 yuan, with a market capitalization of 4.062 billion yuan [4] - The company has a basic earnings per share (EPS) of 0.88 yuan and a return on equity (ROE) of 10.60% [5] Future Projections - The company forecasts EPS of 1.76 yuan, 2.29 yuan, and 2.95 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 17.1, 13.1, and 10.2 [6][9] - Revenue is projected to grow from 1.947 billion yuan in 2025 to 2.977 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 19.4% [9][10]