Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to see a performance turning point starting in Q2, with significant improvements in revenue and profit margins [1] - The data service segment has seen a doubling of new orders year-on-year, particularly in the U.S. market, indicating strong growth potential [2] - The industrial segment's revenue has nearly doubled, driven by substantial growth in the power and energy sector [3] - The specialty segment is anticipated to improve in the second half of the year following the launch of a new production base [4] - The company is well-positioned to benefit from the AI wave and ongoing investments in new energy sectors, with robust order backlogs [5] Financial Summary - In H1 2025, the company achieved revenue of 1.68 billion yuan, a year-on-year increase of 29%, with a net profit of 150 million yuan, up 36% [1] - The company forecasts revenues of 4.158 billion yuan, 5.520 billion yuan, and 6.886 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 282 million yuan, 385 million yuan, and 518 million yuan [5][13] - The projected P/E ratios for 2025, 2026, and 2027 are 75, 55, and 41 respectively [5]