Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company turned profitable in H1 2025, with significant growth in bismuth materials and semiconductor equipment businesses [7] - H1 2025 revenue reached 699 million yuan, a substantial increase of 247.8% year-on-year, driven primarily by bismuth materials and deep processing business [7] - The company is expanding its semiconductor equipment segment, particularly in ion implantation machines, while also enhancing its bismuth materials business [7] Financial Summary - Total revenue forecast for 2023A is 964.61 million yuan, with a projected increase to 1,982.74 million yuan by 2027E, reflecting a growth rate of 40.18% [7] - The net profit attributable to the parent company is expected to rise from 151.15 million yuan in 2023A to 514.54 million yuan in 2027E, indicating an 81.80% growth in 2025E [7] - The latest diluted EPS is projected to increase from 0.16 yuan in 2023A to 0.55 yuan in 2027E [7] - The current market capitalization corresponds to dynamic P/E ratios of 74, 45, and 28 for 2025E, 2026E, and 2027E respectively [7] Business Performance - The company achieved a gross margin of 27.5% in H1 2025, although it faced pressure due to lower margins in new bismuth materials [7] - The net profit margin improved significantly to -2.6% in H1 2025, a year-on-year increase of 57.1 percentage points [7] - The company’s cash flow from operating activities was -3.294 billion yuan in H1 2025, indicating short-term cash flow pressure [7] Strategic Developments - The company is solidifying its position as a domestic leader in ion implantation equipment while expanding into larger market segments such as etching and thin film deposition [7] - The bismuth materials business is rapidly growing, benefiting from rising domestic prices and increased demand from downstream sectors [7]