Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a net profit attributable to shareholders of 49.41 million yuan in H1 2025, representing a year-on-year growth of 27.18%. The total operating revenue for the same period was 375 million yuan, up 20.77% year-on-year. The growth is attributed to significant increases in electronic and electrical products as well as non-automotive products, alongside the commencement of production at the Thai subsidiary [3][4] - The profit forecast for the company has been revised upwards, with expected net profits for 2025-2027 projected at 123 million, 146 million, and 166 million yuan respectively, with corresponding EPS of 1.88, 2.22, and 2.52 yuan [3][4] Financial Summary - In H1 2025, the electronic and electrical systems revenue reached 85.47 million yuan, a year-on-year increase of 60.62%, with a gross margin of 29.76%. Domestic business revenue grew by 33.67% to 216 million yuan [4] - The Thai subsidiary has entered the production phase, with non-automotive product sales revenue reaching approximately 64.99 million yuan, a year-on-year increase of 183.18% [4] - The company's total market capitalization is 2.382 billion yuan, with a circulating market capitalization of 1.328 billion yuan [1] Financial Projections - The company is projected to achieve operating revenues of 900 million yuan in 2025, 1.076 billion yuan in 2026, and 1.197 billion yuan in 2027, with year-on-year growth rates of 19.6%, 19.6%, and 11.2% respectively [6][8] - The net profit attributable to shareholders is expected to grow to 123 million yuan in 2025, 146 million yuan in 2026, and 166 million yuan in 2027, with corresponding year-on-year growth rates of 15.9%, 18.2%, and 13.9% [6][9]