Core Viewpoint - Dongwu Securities report indicates that Yingliu Holdings' Q2 net profit attributable to shareholders increased by 57% year-on-year, driven by strong demand in the gas turbine sector due to AI advancements [1] Group 1: Financial Performance - The company has a backlog of over 1.5 billion yuan in "two-machine" orders as of mid-2025, with contract liabilities reaching 200 million yuan, reflecting a year-on-year increase of 270% [1] - The adjusted net profit forecasts for 2025-2027 are 410 million yuan (previously 450 million), 600 million yuan (previously 630 million), and 800 million yuan (previously 860 million) respectively [1] - The current market capitalization corresponds to price-to-earnings ratios of 45, 31, and 23 times for the years 2025, 2026, and 2027 respectively [1] Group 2: Business Outlook - The company is expected to benefit from scale effects and the ramp-up of its convertible bond project, which will enhance its high-margin "two-machine" business [1] - There is potential for the company to extend its operations downstream in the blade industry chain, significantly improving product quality and added value [1] - The ongoing improvements in profitability are anticipated as the company continues to leverage its strong order book and operational efficiencies [1]