Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance exceeded expectations, with a focus on the high-end testing machine 8600 benefiting from the demand for computing power SoC [1] - The company achieved a revenue of 530 million yuan in H1 2025, representing a year-on-year increase of 41.0%, with overseas revenue growing by 141.7% [7] - The gross margin for H1 2025 was 74.7%, with a net profit margin of 36.6%, indicating stable profitability despite a slight decrease in gross margin [7] - The company plans to issue convertible bonds to fund the self-research of ASIC chips, which is crucial for overcoming bottlenecks in high-end testing machines [7] - The forecast for net profit for 2025-2027 is 4.6 billion, 5.4 billion, and 6.0 billion yuan respectively, with corresponding dynamic P/E ratios of 51, 44, and 39 [7] Financial Summary - Total revenue is projected to grow from 905 million yuan in 2024 to 1.494 billion yuan in 2027, with a compound annual growth rate (CAGR) of 11.70% [8] - The net profit attributable to the parent company is expected to increase from 334 million yuan in 2024 to 604 million yuan in 2027, reflecting a CAGR of 12.20% [8] - The latest diluted EPS is forecasted to rise from 2.46 yuan in 2024 to 4.46 yuan in 2027 [8] - The company's cash flow from operating activities is expected to improve significantly, reaching 686 million yuan by 2027 [8]