Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company's overall performance is driven by the growth in sales of titanium silicate molecular sieves, with significant revenue increases noted in the first half of 2025 [2]. - The company is expected to see continued revenue growth, with projected revenues of 8.81 billion, 10.04 billion, and 11.22 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 32.1%, 14.0%, and 11.8% [9]. - The report highlights the successful expansion of the product matrix and market presence, particularly through strategic partnerships and new product developments [8]. Financial Performance Summary - Revenue for 2023 is projected at 5.50 billion yuan, with a year-on-year decline of 19.2%, followed by a recovery in 2024 with a projected increase of 21.2% [10]. - The net profit attributable to the parent company is expected to rise from 770 million yuan in 2023 to 3.06 billion yuan by 2027, with significant growth rates of 89.2% in 2024 and 53.6% in 2025 [10][9]. - The company's return on equity (ROE) is projected to improve from 2.9% in 2023 to 9.1% in 2027, indicating enhanced profitability [10]. Cash Flow and Operational Efficiency - The company reported a significant increase in cash flow from operating activities, with a net cash flow of 1.55 billion yuan in the first half of 2025, up 318.73% year-on-year [3]. - Accounts receivable increased by 21.00% year-on-year, while inventory decreased by 11.24%, indicating improved operational efficiency [3]. Market Position and Future Outlook - The company is actively expanding its product offerings and market reach, with ongoing projects expected to enhance production capacity and profitability [8]. - The report emphasizes the importance of the company's two major fundraising projects, which are anticipated to significantly boost production scale and overall profitability [9].