Investment Rating - The report maintains a "Buy" rating for the company, with a projected net profit of 1.52 billion, 2.18 billion, and 3.04 billion for the years 2025 to 2027, corresponding to PE ratios of 40, 28, and 20 respectively [3][5]. Core Insights - The company reported a revenue of 284 million in H1 2025, representing a year-on-year growth of 25.65%, and a net profit attributable to shareholders of 54.43 million, up 27.57% year-on-year [1]. - The automotive sector showed strong performance, with the company's core products such as ePTFE micro-permeable products, CMD, and gas management products driving steady growth. The domestic automotive production and sales reached 15.62 million and 15.65 million units respectively in H1 2025, marking increases of 12.5% and 11.4% year-on-year [2]. - The company has enhanced its high-end cable layout by increasing its stake in Lingtianda to 51%, focusing on high-end cables for aerospace and high-energy physics applications, which are expected to establish a long-term growth foundation [2]. Financial Summary - The company forecasts revenue growth rates of 25.39%, 27.16%, 26.36%, and 27.03% for the years 2024 to 2027, with net profit growth rates of 176.08%, 14.58%, 53.75%, and 43.25% respectively [4][10]. - The projected earnings per share for 2025, 2026, and 2027 are 1.68, 2.40, and 3.34 yuan, with corresponding price-to-earnings ratios of 40.35, 28.17, and 20.23 [4][10].