Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][47]. Core Insights - The company specializes in the field of electronic vacuum devices, experiencing rapid revenue growth and has a stable shareholding structure with the controlling shareholder holding 30.71% [3][21]. - The company has been deeply engaged in the electronic vacuum device sector for over 60 years, with products widely used in military, aerospace, semiconductor, and new energy sectors [3][18]. - Revenue increased from 332 million to 792 million yuan from 2019 to 2024, with a 70.49% year-on-year growth in the first half of 2025 [3][25]. - The company is increasing its R&D investment, which has grown from 44.87 million yuan in 2020 to 86.51 million yuan in 2024, reflecting a commitment to technological advancement [32][36]. - The domestic integrated circuit industry is expected to drive growth in the vacuum device sector, with the sales scale projected to reach 1.35 trillion yuan by 2025 [4][37]. - The global semiconductor equipment market is anticipated to reach 139.82 billion yuan by 2025, benefiting the company as a manufacturer of vacuum devices [4][40]. - The rapid expansion of the new energy vehicle market is expected to provide significant market opportunities for the company, particularly in high-voltage relays, which are critical components in electric vehicle systems [5][43]. Summary by Sections Company Overview - The company focuses on the R&D, production, and sales of electronic vacuum devices, with key products including DC contactors, vacuum relays, and vacuum capacitors [6][23]. Financial Performance - The company's revenue is projected to grow significantly, with expected net profits of 143 million, 216 million, and 314 million yuan for 2025-2027, respectively [5][47]. - The company’s revenue is forecasted to reach 1.21 billion yuan in 2025, with a growth rate of 53.03% [10]. Market Potential - The semiconductor and new energy sectors present vast market opportunities, with the demand for vacuum capacitors and other vacuum devices expected to rise due to the growth of the integrated circuit industry [4][37]. - The new energy vehicle market is projected to see sales increase from approximately 1.376 million units in 2020 to 16.5 million units by 2025, driving demand for high-voltage relays [5][43].