Investment Rating - The report maintains an "Accumulate" rating for Lingge Technology [1] Core Views - The company experienced a slight decline in revenue in the first half of 2025 due to project delivery timing, but is expected to see steady growth for the full year [7] - Lingge Technology is actively expanding into solid-state batteries and new fields while optimizing its customer and product structure [7] - The company has secured multiple orders from solid-state battery manufacturers, which is anticipated to drive future performance growth [7] - The report forecasts a significant increase in net profit for 2025-2027, with expected growth rates of 157% in 2025, 35% in 2026, and 30% in 2027 [7] Financial Summary - Total revenue for 2023 is projected at 265 million, with a decline of 18.38% year-on-year, while 2025 revenue is expected to rise to 290.84 million, reflecting a growth of 37.71% [1] - The net profit for 2023 is estimated at 17.17 million, with a significant drop of 61.16% year-on-year, but is expected to rebound to 24.83 million in 2025, marking a 157% increase [1] - The earnings per share (EPS) is projected to be 0.16 in 2023, dropping to -0.42 in 2024, and recovering to 0.24 in 2025 [1] - The price-to-earnings (P/E) ratio is expected to be 161.76 in 2023, decreasing to 111.81 in 2025 [1]