Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's four main products have seen both volume and price increases, with a continuous improvement in the product matrix [5] - In H1 2025, the company achieved operating revenue of 279 million yuan, a year-on-year increase of 24.61%, and a net profit attributable to the parent company of 77 million yuan, up 31.54% year-on-year [4][5] - The high-end product revenue grew by 71.92% year-on-year, increasing its revenue share to 30%, while mid and low-end products accounted for 48% and 22% respectively [5] - The overall gross margin for H1 2025 was 60.06%, a slight decrease of 1.94 percentage points year-on-year, while the net profit margin improved by 1.45 percentage points to 27.57% [5] Summary by Sections Recent Performance - The company's stock performance over the last year shows a 71.0% increase compared to the CSI 300 index, which increased by 25.7% [3] - As of August 15, 2025, the current stock price is 40.30 yuan, with a 52-week price range of 20.36-45.11 yuan [3] Financial Forecast - The projected operating revenues for 2025, 2026, and 2027 are 607 million yuan, 764 million yuan, and 987 million yuan respectively, with corresponding net profits of 146 million yuan, 191 million yuan, and 257 million yuan [8][9] - The expected price-to-earnings (P/E) ratios for the same years are 44, 34, and 25 times [8][9] Product Development - The company launched 8 new products in H1 2025, enhancing its product matrix and showcasing its innovation capabilities [5] - The domestic high-resolution digital oscilloscope revenue increased by 65.71%, and the revenue from domestic RF microwave products rose by 43.58% [5]