Investment Rating - The report maintains a "Strong Buy" rating for the company [5][11]. Core Insights - The company achieved a revenue of 402 million yuan in the first half of 2025, representing a year-on-year increase of 10.01%. However, the net profit attributable to the parent company decreased by 94.93% to 2.09 million yuan [1][2]. - The gross profit margin for the company was 32.15%, down 8.76 percentage points year-on-year. The decline in profitability is attributed to increased investments in technology innovation and management personnel, which have not yet generated scaled revenue [2][3]. - The company is focusing on the development of lightweight materials such as titanium alloys, magnesium alloys, aluminum alloys, and carbon fiber, aiming to meet the lightweight requirements of new intelligent terminal components [3][4]. - The company is gradually ramping up production at its new factories in Hunan and Vietnam, which have passed audits from key clients and are in the process of equipment procurement and phased production [3][4]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 402 million yuan, a 10.01% increase year-on-year, while the net profit attributable to the parent company was 2.09 million yuan, a significant decline of 94.93% [1][2]. - The company’s R&D investment reached 50.15 million yuan in the first half of 2025, an increase of 5.77% compared to the same period last year [2]. - Contract liabilities stood at 6.86 million yuan, reflecting a year-on-year growth of 29.63% [2]. Future Outlook - The company is expected to gradually recover its profitability as demand for its products increases. The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.63 yuan, 1.07 yuan, and 1.54 yuan, respectively [11][13]. - The company is actively investing in new materials and technologies, including 3D printing, which aligns with industry trends and customer demands [11][13].