Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance exceeded expectations, with a revenue of 4.047 billion yuan in the first half of 2025, a year-on-year increase of 29%, and a net profit attributable to shareholders of 211 million yuan, up 60% year-on-year [1] - The growth in revenue is attributed to scale effects and improved cost management, with significant enhancements in operational efficiency [1] - The lithium battery structural components segment saw revenue growth of over 40% year-on-year, with a gross margin of 14.83%, reflecting a 1.62 percentage point increase [2] - The company is positioned as a tier 0.5 manufacturer in the humanoid robot sector, focusing on hardware integration and product iteration [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 2.254 billion yuan, a 33% year-on-year increase, and a net profit of 138 million yuan, up 75% year-on-year [1] - The gross margin for Q2 was 16.16%, with a net profit margin of 6.12% [1] Revenue and Profit Forecast - The company expects to achieve net profits of 518 million yuan, 713 million yuan, and 932 million yuan for 2025, 2026, and 2027 respectively, representing growth rates of 103.94%, 37.62%, and 30.74% [3][4] - The projected revenue for 2025 is 9.584 billion yuan, with a growth rate of 34.45% [4] Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 47 for 2025, decreasing to 26 by 2027 [4] - The company’s return on equity (ROE) is expected to reach 14.85% in 2025, increasing to 18.55% by 2027 [12]