Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company turned profitable in Q2 2025, driven by product diversification and international expansion [1] - Despite a weak overall photovoltaic demand, the company is expected to see significant growth in net profit from 2025 to 2027, with projected increases of 146%, 102%, and 72% respectively [8] - The company is actively expanding its product categories and accelerating its overseas market presence, particularly in the photovoltaic power station inspection business [8] Financial Performance Summary - For 2023, the total revenue is projected at 1.80 billion, with a year-on-year growth of 35.42% [1] - The net profit attributable to the parent company for 2025 is estimated at 0.075 billion, showing a significant recovery from a loss in 2024 [1] - The earnings per share (EPS) for 2025 is expected to be 0.09 yuan, with a P/E ratio of 157.24 [1] Market Data Summary - The closing price of the company's stock is 15.55 yuan, with a market capitalization of 1,240.08 million [6] - The company has a price-to-book ratio of 4.30 [6] Product and Market Strategy - The company is focusing on developing new products such as 3D laser welding inspection equipment and drone EL inspection devices, which are expected to contribute to revenue growth [8] - The company has set up a trading company in Shanghai and is preparing to establish a company in Hong Kong to support its international business expansion [8]

Group 1: Investor Relations Activities - The company held an earnings briefing on May 12, 2025, via an online platform, with participation from key executives including the Chairman and General Manager, Mr. Wang Zhen [4] - The company emphasizes transparency and maintains multiple communication channels for investors, including a dedicated hotline and email [9] Group 2: Business Expansion and Market Strategy - The company is actively expanding its overseas market presence, participating in international exhibitions in Japan, the USA, the Middle East, and Germany in 2024 [5] - Plans for 2025 include launching international market promotions for photovoltaic power station detection services in the Middle East, Japan, and South Africa [5] - The company has established a trading company in Shanghai and is preparing to set up a subsidiary in Hong Kong to support its overseas operations [5] Group 3: Product Development and Revenue Projections - The company anticipates a decline in the photovoltaic industry but is developing new products for its traditional manufacturing business, including 3D laser welding detection equipment [6] - The company aims to enhance its second revenue stream from photovoltaic power station services, with ongoing development of a second-generation camera and drone cleaning systems [6] - The company is confident in revenue and profit growth for 2025, with specific figures to be disclosed in future reports [6] Group 4: Investment Projects and Stock Buyback - As of the end of 2024, the investment progress for the smart photovoltaic detection equipment project is at 88.65%, with completion expected in 2025 [7] - The company completed its third stock buyback plan in 2024 and currently has no ongoing buyback plans [8]