Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue of 1.113 billion yuan, a year-on-year increase of 14.71%, and a net profit of 55 million yuan, up 45.14% year-on-year [7] - The main business is experiencing steady growth, with a gross margin of 19.12% in the first half of 2025, slightly down from the previous year, but the second quarter showed an improvement with a gross margin of 20.03% [7] - The company is expanding its product offerings in the screw rod sector, which is expected to contribute to a second growth curve, particularly with the upcoming Tesla Gen3 model [7] - Effective control of period expenses has been noted, although cash flow is under short-term pressure [7] - The company forecasts a significant increase in net profit for 2025-2027, with expected growth rates of 70%, 66%, and 180% respectively [7] Financial Summary - Total revenue is projected to grow from 2.024 billion yuan in 2024 to 6.224 billion yuan in 2027, with a compound annual growth rate of 108.72% [1][8] - Net profit is expected to rise from 71 million yuan in 2024 to 565 million yuan in 2027, reflecting a strong growth trajectory [1][8] - The company's earnings per share (EPS) is projected to increase from 0.21 yuan in 2024 to 1.67 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is expected to decrease from 204.67 in 2024 to 25.86 in 2027, indicating improved valuation over time [1][8]