Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company benefits from increased automobile sales and new product launches, with a 63% year-on-year growth in net profit attributable to the parent company for the first half of 2025 [2] - Revenue, net profit, and net profit excluding non-recurring items for the first half of 2025 were 162 million, 31 million, and 30 million yuan respectively, representing year-on-year increases of 46%, 12%, and 63% [2] - The growth in performance is primarily driven by the vehicle replacement policy boosting terminal sales and increased demand from downstream customers [2] - The company has seen significant growth in its window systems and body electronics segments, with revenue growth rates of 73% and 402% respectively in the first half of 2025 [3] Revenue and Profit Forecast - The company forecasts total revenue of 383.20 million yuan for 2025, with a year-on-year growth of 34.08% [1] - The net profit attributable to the parent company is projected to reach 80.75 million yuan in 2025, reflecting a year-on-year increase of 29.18% [1] - The report estimates earnings per share (EPS) to be 1.22 yuan for 2025, with a price-to-earnings (P/E) ratio of 26.35 based on the latest diluted EPS [1] Business Segments Performance - All product categories achieved good growth in the first half of 2025, with precision transmission systems, automotive window systems, automotive vision systems, body electronics, and automotive thermal management generating revenues of 52 million, 54 million, 43 million, 4 million, and 9 million yuan respectively [3] - The automotive window system's rapid growth is attributed to the increase in both new and existing product models [3] Strategic Expansion - The company is expanding into military, robotics, and aerospace sectors, having developed high-precision components for flying cars and established partnerships for military aerospace component development [4] - The company has received certification for its weaponry quality management system, indicating its capability to enter the military market [4]