Investment Rating - The investment rating for the company is "Outperform" (maintained) [3][5] Core Views - The company reported a revenue of 1.099 billion yuan in H1 2025, a year-on-year decrease of 56.57%, and a net profit attributable to the parent company of 105 million yuan, down 67.3% year-on-year. Due to the current pressure in the photovoltaic industry, the profit forecasts for 2025-2026 have been revised downwards, with new estimates for 2027 introduced [5][6] - The company is actively expanding into the semiconductor sector, which is experiencing high demand, and is leveraging its experience in the photovoltaic industry to explore applications in other downstream sectors [6][7] Financial Summary - In H1 2025, the company achieved revenue of 1.099 billion yuan, with a gross margin of 30.89% from crystal growth and processing equipment, and 70.06 million yuan in revenue from battery and component equipment, with a gross margin of 40.20%, an increase of 17.15 percentage points year-on-year [6] - The company holds a total of 917 patents, 202 software copyrights, and 37 trademarks as of H1 2025 [6] - The financial projections for the company indicate a revenue of 4.158 billion yuan in 2025, with a year-on-year decline of 26.7%, and a net profit of 280 million yuan, down 17.7% year-on-year [9][11] Industry Insights - The photovoltaic industry is entering a phase of accelerated capacity reduction due to increased competition and losses, leading to a slowdown in capacity growth and the exit of some companies. This will create a demand for upgrading photovoltaic equipment to improve product efficiency and reduce energy consumption [7] - The global semiconductor market reached a size of 346 billion USD in H1 2025, reflecting a year-on-year growth of 18.9%. The semiconductor equipment market is projected to reach a record sales figure of 125.5 billion USD in 2025, with a year-on-year increase of 7.4% [7]