Investment Rating - The report assigns a rating of "Add" for the company [2] Core Views - The company has shown strong revenue growth, with a 25.82% year-on-year increase in revenue to 1.337 billion yuan in the first half of 2025, and a 35.36% increase in net profit to 161 million yuan [5][6] - The company is actively promoting the launch of downstream application products, achieving rapid growth in various segments such as robotic vacuum cleaners, smart automotive electronics, and smart vision [6] - The company has upgraded its core technologies and completed the verification and mass production of several new products, including the A333 smart tablet chip and MR536 for robotic vacuum cleaners [7] Financial Summary - The company is projected to achieve revenues of 2.91 billion yuan, 3.59 billion yuan, and 4.25 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 351.65 million yuan, 495.08 million yuan, and 644.01 million yuan for the same years [8][10] - The company’s earnings per share (EPS) is expected to grow from 0.20 yuan in 2024 to 0.78 yuan in 2027 [10] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 239.65 in 2024 to 62.05 in 2027, indicating improving valuation [10]