Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 37.8 CNY [6]. Core Views - The company is expected to open a second growth curve in consumables, with a strong order backlog of over 1.75 billion CNY, indicating potential revenue growth in the coming years [4][10]. - The company has experienced a decline in revenue and net profit in the first half of 2025, with revenue at 599 million CNY, down 18.16% year-on-year, and net profit at 93 million CNY, down 51.41% year-on-year [1][2]. Financial Performance - In the first half of 2025, the company's revenue from high-temperature alloys was 169 million CNY, down 39.62% year-on-year, while the revenue from deformed high-temperature alloys was 277 million CNY, down 0.24% year-on-year [2]. - The overall gross margin for the company was 27.92%, a decrease of 10.42 percentage points year-on-year, with a net profit margin of 15.53%, down 10.63 percentage points year-on-year [2]. Order Backlog and Future Prospects - The company has signed contracts worth 1.75 billion CNY that are yet to be fulfilled, with expected revenue recognition of 555 million CNY in 2025, 530 million CNY in 2026, and 665 million CNY in 2027 [4]. - The company is expanding its product offerings from raw materials to small and medium-sized components, with projects in the aerospace sector already yielding production capabilities [4][9]. Cost Management and Financial Health - The company maintained stable operating expenses, with R&D, sales, and management expenses at 26 million CNY, 6 million CNY, and 23 million CNY respectively, showing a mixed trend in year-on-year changes [3]. - Accounts receivable increased by 106.67% compared to the beginning of the period, indicating ongoing business activities, while inventory rose by 3.97% [3]. Profit Forecast - The company is projected to achieve net profits of 285 million CNY, 428 million CNY, and 589 million CNY for the years 2025, 2026, and 2027, with growth rates of 6.9%, 49.8%, and 37.6% respectively [10][11].