Core Viewpoint - The company demonstrates steady growth with significant breakthroughs in its core business, particularly in the "two machines" sector, leading to a robust financial performance in the first half of 2025 [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.384 billion yuan, representing a year-on-year increase of 9.11% - The net profit attributable to the parent company reached 188 million yuan, marking a year-on-year growth of 23.91% - The net profit excluding non-recurring gains and losses was 187 million yuan, up 25.6% year-on-year [1][2] Business Development - The "two machines" business continues to make progress, with multiple models of gas turbines achieving breakthroughs, including the successful delivery of new products and securing orders from Siemens for gas turbine blades [2] - In the aerospace engine sector, the company holds a leading market share for a specific GE engine and has signed supply agreements with companies like Rolls-Royce [2] - The company has made technological advancements in nuclear materials and components, completing breakthroughs in neutron-absorbing materials and composite shielding materials [2] Industry Outlook - The industry is experiencing increased demand, with a strong order backlog that is expected to support continued growth - The company is developing 129 projects based on customer requirements, positioning itself as a key player in the global supply chain for the "two machines" industry [2] - In the nuclear power sector, the State Council has approved 10 new nuclear power units, maintaining a trend of approving over 10 units annually for four consecutive years [2] Order Growth - The company signed new orders exceeding 2 billion yuan in the first half of 2025, reflecting a year-on-year increase of over 35%, outpacing profit growth [2] - The growth in core business orders has led to a record high in the order backlog, providing momentum for sustained growth [2] Profit Forecast - The company is expected to maintain steady growth, with projected net profits attributable to the parent company of 392 million yuan, 474 million yuan, and 565 million yuan for 2025, 2026, and 2027 respectively [3] - Earnings per share (EPS) are forecasted to be 0.58 yuan, 0.70 yuan, and 0.83 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 47.7, 39.4, and 33.1 times [3] Valuation Comparison - The current valuation of the company is considered high compared to comparable companies such as Nuway Co., China National Nuclear Corporation, and Jiangsu Shentong, but the company is expected to enjoy a valuation premium due to its breakthroughs in the aerospace engine business and early-stage development in low-altitude economy-related sectors [3]