Investment Rating - The report assigns a "Buy" rating for the company, predicting a net profit of 850 million yuan for 2025 [2]. Core Insights - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 4.02 billion, 480 million, and 460 million yuan respectively in the first half of 2025, representing year-on-year growth of 15.6%, 12.4%, and 12.7% [1]. - The company is experiencing high growth in net orders, particularly in the AIDC sector, with significant contributions from new energy and power equipment [1][8]. - The SST solutions have been successfully applied in direct current distribution network projects, enhancing the company's capabilities in the AIDC field [8]. Financial Data and Valuation - Total revenue is projected to grow from 5.751 billion yuan in 2023 to 11.639 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17% [3][20]. - The net profit attributable to shareholders is expected to increase from 627 million yuan in 2023 to 1.148 billion yuan in 2027, reflecting a CAGR of about 16% [3][20]. - The company's PE ratio is forecasted to decrease from 29.9 in 2023 to 16.4 in 2027, indicating improving valuation metrics [4][20]. Business Performance - The company reported a sales gross margin of 30.5% in the first half of 2025, a decrease of 2.9 percentage points year-on-year, primarily due to lower margins in the power plant and industrial automation sectors [8][10]. - New energy generation and secondary equipment orders have shown strong performance, with new orders in the secondary equipment segment growing approximately 15% [8]. - The company has made significant strides in new business areas, including power electronics and AI applications in the power sector, which are beginning to contribute to revenue growth [8].