Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady revenue growth in Q2 2025, with a revenue of 250 million yuan, representing a year-on-year increase of 11.4%. The net profit attributable to the parent company was 70 million yuan, up 15.2% year-on-year, with a gross margin of 54.9%, an increase of 0.2 percentage points [4] - The automotive business is progressing well, with the SerDes chips expected to ramp up production. The company has seen continuous penetration in the smart cockpit sector, with 11 bridge chips certified by AEC-Q100, including 5 that passed Grade 2 certification [4] - The company is accelerating its R&D efforts, with R&D investment reaching 60 million yuan in H1 2025, a year-on-year increase of 22.9%, accounting for 23.1% of revenue. The products are increasingly integrated with AI, and the company has made progress in high-speed transmission protocols [5] Financial Summary - The company expects revenues of 670 million yuan, 960 million yuan, and 1.36 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 200 million yuan, 298 million yuan, and 426 million yuan for the same years. The corresponding EPS is projected to be 1.50 yuan, 2.23 yuan, and 3.20 yuan, with PE ratios of 46.92, 31.46, and 21.98 [6] - Key financial indicators for 2025E include a revenue growth of 43.1%, a net profit growth of 38.3%, and a gross margin of 55.0% [8]