Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue for the first half of 2025 reached 3.33 billion yuan, a year-on-year increase of 10.42%, with a gross margin of 36.8%, up 1.43 percentage points [7] - The company's product mix optimization has driven gross margin growth, while scale effects have improved net profit margin [7] - The company has received domestic and international orders for its 8K chips, indicating strong market recognition and technical capabilities [7] - AIoT products are rapidly expanding, with Wi-Fi chip sales significantly increasing, reflecting enhanced market penetration and product competitiveness [7] - The revenue forecast for 2025-2027 is adjusted to 73.1 billion yuan, 88.32 billion yuan, and 103.91 billion yuan, respectively, with net profit expectations slightly raised [7] Financial Summary - Total revenue for 2023 is projected at 5.371 billion yuan, with a year-on-year decrease of 3.14%, while net profit is expected to be 498.04 million yuan, down 31.46% [1] - For 2024, total revenue is expected to rise to 5.926 billion yuan, a 10.34% increase, with net profit forecasted at 821.92 million yuan, a 65.03% increase [1] - By 2025, total revenue is projected to reach 7.310 billion yuan, a 23.34% increase, with net profit expected at 1.06093 billion yuan, a 29.08% increase [1] - The company's earnings per share (EPS) is forecasted to be 1.95 yuan in 2024, 2.52 yuan in 2025, and 3.35 yuan in 2026 [1]