Investment Rating - The report maintains a "Buy" rating for the company [6][3]. Core Viewpoints - The company achieved a revenue of 1.515 billion yuan in H1 2025, representing a year-on-year growth of 23.95%, with a net profit attributable to shareholders of 112 million yuan, up 5.83% year-on-year [1][2]. - The traditional energy-saving and environmental protection business has shown steady growth, while the electronic new materials segment, particularly the target materials business, has made significant breakthroughs [2]. - The subsidiary, Zhaoheng Technology, is expected to see promising developments in the military industry, with a focus on stealth materials and carbon fiber composite materials [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a net cash flow from operating activities of 99 million yuan, reversing from negative to positive [1]. - The energy-saving heat exchange equipment segment generated 543 million yuan in revenue, a growth of 11.90%, while the water treatment business saw a revenue increase of 41.56% to 228 million yuan [2]. Business Segments - The electronic new materials segment, including target materials and ultra-high temperature special materials, achieved a revenue of 408 million yuan, marking a 49.44% increase [2]. - The stealth materials and products are anticipated to become a new growth driver for the company, with significant advancements in the development of low-indium and indium-free high-efficiency target materials for the photovoltaic sector [3]. Profit Forecast and Valuation - The profit forecast for the company is set at 220 million yuan for 2025, 280 million yuan for 2026, and 341 million yuan for 2027 [3]. - The company is positioned as a platform-type new materials company, with multiple business areas contributing to growth momentum [3].